Devising and testing strategies for data-driven marketing
Today, technology and digital transformation have become multi-fold in almost every industry. Marketers have leveraged this fundamental transformation for most of their promotional strategies. When it comes to digital campaigns, every marketer’s aim is to let their campaigns run on autopilot, leaving them to focus on the creative side of testing, optimizing, and analyzing. Here’s where marketers can benefit from customer-based data, one of the most reliable sources of data.
Data-driven analytics is the translation of customer behavior into actionable business data. By gathering substantial amounts of data, marketers explore the trends and patterns of customers to build successful campaigns around it through data-driven marketing. It could be based on questions like when, where, and what message and putting those data in action. Marketers can enable digital analytics tools to examine the many online channels their buyers might interact with and identify new revenue opportunities from existing campaigns.
Here’s how brands obtain data.
We live in a digital era where consumer data is being collected by companies and brands in several ways. The technological disruption has enabled one to identify one’s voice, recognize your face, trace your internet browsing history or identify your location through GPS, and record your digital transaction payments. Through these sources, brands build accurate consumer profiles and understand their behavior.
Other ways in which brands collect this data include directly asking for it through registration or subscription forms, through website cookies or email tracking & other apps.
There are plenty of ways brands can dig into consumer data. Here are few basic tools every marketer can enable:
- Social Media Analytics
- Google Analytics
- CMR (Customer relationship management)
- Surveys
Strategies to devise data-driven marketing
- Consumer Segmentation:
To plan your next campaign, marketers can benefit from consumer data to understand their target audience. Incorporating this source can give your brand an edge in marketing your products and services. It also acts as a key channel in segmenting their customers based on shared qualities or characteristics. By grouping customers into segments, brands can make an informed decision and position their brand value accordingly.
For instance, if your brand curates Indian luxury clothing then you will consider the gender, income, age, and family size of the prospective customers to market your business. Segmentation can be done on the basis of demography, psychography, geography, and behavior.
- Location-based Marketing:
Using real-time location data in creating more relevant, personalized ads for your target consumers is a must. Location-based marketing isn’t confined to the country or state but also a consumer’s location at every moment. For instance, the data may show that a consumer is more likely to engage with an ad when they are on the train or commuting. Using real-time insights will help marketers determine when to serve an ad.
- Advertising Data:
In order to optimize conversion rates, marketers can use data from their previous or ongoing paid campaigns. This makes implementing strategies in accordance with the data generated through the campaign helpful. Brands can also identify which channels perform the best and evoke the desired behavior and plan their content accordingly. Apart from that, they can also find out which keywords are best suitable for their SEO campaign.
Importance of testing & tracking your campaign
For your campaign to succeed, marketers must implement testing methods to make sure if they’re on the right path and amplify their next move. A/B testing methods can help you identify which variant of your marketing element drives better conversion. This is done by showcasing a single channel’s dual variate to a target segment to see which variant works well.
As you proceed with your campaign, you can use the data you identified earlier to keep track of your campaign’s progress. This will help businesses figure out what is working well and what isn’t. You can keep daily track of your campaign with the help of Website Analytics, Ad network, conversion tracking, phone tracking, CMR tracking, KPI dashboard tracking, etc. This gives you a clearer view of behavior attributes present in consumer interaction and how these attributes impact the success of your campaign.
About the author:
Anoushka Adya, Founder, Grow Labs, Relier Connect and Lajja Diaries