Marketing is the process of creating value for your customers. The value in the product, prices, promotions, and even distribution channels. Marketing happens in all points of business. From the packaging you slap on the product to the social media tagline you use and the essential web design we choose, it is all part of marketing. The importance of marketing is the value in the message you deliver to your customers across all touchpoints. It speaks to the needs of your consumers, it satisfies them and it attracts them towards you. It also brings business awareness, recognition, and more revenue. To satisfy all is no easy task.
And as technology evolved and globalism accelerated, the way we approached marketing and forms of marketing increased.
One of the more prominent methods of marketing in the 21st century that is used by almost all businesses across the world is data-driven marketing. The success in any marketing campaign lies in the personalization and the value we provide to customers. And without actually understanding our customers, how can we cater to them? Hence, comes in data-driven marketing.
Data-driven marketing is the targeted use of data in the business to personalize its marketing strategy. It is used in our advertisement, customer journey, web design, social media, and even sales promotions. Data can give insights into how customers react to you, what their attitude is towards you, what they perceive, and how they can be satisfied is analyzed with this data. But of course, many businesses have gone and survived without the use of large magnitude of consumer data backed up in the alpha backup system, right?
Well, this might be a slight misunderstanding. In the long-gone days, there was no access to data for all businesses. But does this mean they did not use some form of data-driven marketing? Data-driven marketing may have not been done digitally but they sure as well did it much more traditionally. They used experiments, focus groups, studies, control groups, surveys, and questionnaires to understand the customer. Coming forward to 2021, the data collection is now automated, easier, and much more versatile.
But even so, data was always used, the data was analyzed and turned to knowledge. And this knowledge was used to solidify the business’s marketing strategy. The businesses that survived hurdles of economic downturns, financial downhills, bankruptcy, and all were businesses who understood what their customers wanted from them.
And in today’s world, our need for businesses to understand us has heightened to a level we did not fathom. We expect personalization at all points. We know the power businesses have with data and we also understand how much they actually know us. The burden of having tech-savvy consumers is the amount of personalization in our marketing messages and integrated marketing communications has to go through. But the personalization pays in revenue.
Data-driven marketing allows businesses to understand their target audience, what they need, and who the business’s ideal customer is. It helps businesses save money and time, all while boosting up the morale and motivation of employees. You get to engage with the right people, customize towards them and help them with your business. Which is an incredibly rewarding benefit that businesses should reap.
Marketing is bleak without the use of data, and we can surely say that the future of marketing lies in the hand of data-driven marketing.