As preparations are being made to enter into the new business year, businesses need to review and assess the economic landscape and make decisions surrounding their marketing strategies.
With the amount of competition popping up everywhere, an effective marketing strategy is one of the proven ways to stand out from the crowd. Especially now that most businesses have operated online since the onset of the pandemic, a data marketing strategy will target the customers most likely to take an interest in your product.
Data-driven marketing uses all the quantitative information collected on your audience to drive your business’s marketing strategy.
Instead of relying on assumptions and feelings, data marketing combines all the data collected from the brand and various third-party sources to create a consumer profile that details the customers’ lifestyles and interests.
This is done to create an effective marketing campaign that appeals specifically to your intended target market.
Here is a knockout post that detail how to create a data marketing strategy step by step.
However, this article will discuss the essential elements of a compelling strategy as you navigate the business landscape in 2022.
1. Assemble A Reliable Team
The world produces over 2.5 quintillion bytes of data every day. That is an astonishing amount of data to sift through. Assembling the right team to handle your data is the first crucial step to a compelling strategy.
It is not as simple as finding the best IT people and salespeople and lumping them together in a group. It would help if you had IT people interested in sales and salespeople who know a little about IT coming together.
This combination brings together the know-how of the right data collection and advertising tools and the ability to drive these tools in the right direction.
Once you’ve got the right people into the room, all roads lead to the next point.
2. Collecting Relevant Data
When collecting data for your consumer profile, you manage large amounts of internal and external data from third-party sources. Internal data includes customer reviews, buying habits, and the like.
At the same time, external data refers to platforms such as social media. Knowing what is necessary and what is irrelevant is essential with all this information at your fingertips.
There is no need to be collecting data on eating habits when you are in the automotive industry, for example. Ensure the data you are retaining is relative to your business.
3. Having Clear Marketing Objectives
You need to place your marketing objectives in clear hierarchical order to collect the right data for your business. This helps speed up your data analysis process and keeps you from stumbling in the dark.
You need to identify the areas you are struggling with within your marketing campaign and address them. Are you failing to generate leads? Analyze what your target audience is plugged into and target them through that avenue.
Are they not responding to your call to action? Assess whether they are responsive to the method you are using and perhaps change it up.
This is where the advantages of data-driven marketing shine through. Your consumer profile needs to have your consumer behaviors compiled and analyzed so that you can respond and adjust accordingly to their whims.
4. Clean Your Data
One of the disadvantages of a data marketing strategy is the risk of using outdated or riddled with errors. Before acting on the data you have collected, it is essential to ensure that it is cleaned to the best of your ability.
It is very easy for your Customer Relationship Management (CRM) software to have errors due to data duplication. Hence, you need to identify those errors and eliminate them as they may skew statistics incorrectly. It may also cause you to waste time forwarding information to no longer use contacts.
In-house data must be cleaned regularly. When collecting external data from third-party sources, ensure as much as possible that the data comes from publicly acknowledged sources to ensure credibility.
You can have the best marketing strategy but miss the mark completely because of erroneous data.
5. Assess Your Campaign After
Customer preferences and information will constantly change, meaning the data involved will also experience change. Constantly revisit your data. Then, assess the effectiveness of the strategies you employed.
Analyze what worked and what didn’t. This helps you understand your consumers better and create more intuitive strategies in the future.
As you begin to prep for the new year, study the trends and stay ahead of the curve. Tailor your strategies to your target audience and employ the few principles listed in this article. You are guaranteed to see an increase in lead generation and revenue for your business.