In marketing, it is important to know which people to target for a better conversion rate along with which, it becomes crucial to know whom not to target. How would we know things at such granularity? Data-driven marketing can help getting it.
In Marketing, data gives a clear picture of the facts from which appropriate decisions can be taken accordingly. For working on it, there are numerous tools that provide demographical characteristics from which users engage with the website. Thus, data-driven marketing can help in finding the perfect customer.
According to one of the Forbes surveys, data led to an increase in client acquisition for 66% of marketing leaders. Data-driven judgments, according to 2 out of 3 of top marketers, outperform gut instinct.
Following are a few reasons why data-driven marketing is crucial for all:
- Data can help measure the ROI of the campaign and help businesses have successful campaigns
- Data can help in predicting customers’ behavior.
- With the help of data-driven marketing, it becomes easy to see and understand which strategies were effective at what intensity, and if not then why not.
- With the use of data, the target places, target audience, effective means(platforms) can be identified, thus leading to better targeting for better performance of the campaign.
- Predictive analytics can be utilized to forecast trends of the consumer base.
- Data can be used to improve customer experience as well.
Nevertheless, there are downsides to everything, and Marketing Analytics is not exceptional on this.
- The prospect of gathering user information overwhelms new data-driven marketers.
- Sometimes the dataset may be incomplete or customers fill in wrong information due to which the analysis leads to a useless conclusion.
- When data is collected from multiple sources like LinkedIn, Twitter, Instagram, and others, combining the data becomes difficult, leading to a delay in the task.
- As the marketing trends keep on changing on a regular basis, thus, it becomes difficult to keep track of the marketing techniques.
These were some of the common problems faced in the field of analytics.
So, how do we start utilizing datasets? The first and foremost thing to do is to learn the basics and work on the data or you can get some help from Digital Marketing Experts as well to get work done effectively and efficiently.
In today’s world, data collection has become easy and from that data, the doors to understanding customers and target market have opened numerous opportunities to function well. To sum up, when marketing is implemented alongside analyzing the data collected, it becomes a more effective and efficient campaign with a high success rate.
Enthusiast Marketing Data Analyst with now more than a year of Analytical experience.