10 Components of an Effective Data Driven Marketing Strategy

Data Driven Strategies Should Touch the Outcomes

In today’s highly competitive economy across the globe, normal marketing is not enough for a business’s exposure and success. Experts have found new ways of marketing the company by way of data driven marketing strategy. However, there are certain issues that come up during the making and implementing of such marketing strategies, such as disconnected systems, data from unrelated sources, differences in the internal teams, incompatible answerabilities etc. Due to these, business does not reach the target customers, and fails to deliver the relevant message to the market.

Here are 10 things that you need to create a successful data-driven marketing strategy.

Create a diverse team:

First of all, you need to involve team members from different departments of your company, and collect data from everywhere. For this, people from all departments will have to work in sync with each other, and be informed about each other’s workings.

Have an inner look at your company

Sometimes, you need to look at your company’s dealers, resellers, sales force, IT vault and other hidden places to find the data you are looking for. Give attention to your customer service department, so that you can find out more information about your service calls, dealer channel, recommendations, enrollments, referrals, renewals, purchases and warranties.

Treat data beyond numbers

The data that you collect is not just numbers, but an insight on your business goals and success rate. They work as indicators of your progress towards those goals.

Sort the right channels

Before posting your business messages, you need to identify the right channels that will be most effective in reaching out to the target customers. For instance, if you are a baby products supplier, you will gain most benefit if you post your ads on parenting websites, and not on news blogs.

Predict and optimize

To gain a competitive edge in your business, you need to analyze your models and allow prediction and optimization of the outcomes. In this way, you will be able to identify your business scope, thus improve performance and productivity.

Identify the matrices to evaluate success

Once you have set the goals of your marketing strategy, you need to know the matrices that will determine its success rate. Once you have posted an ad, you need to find how many people have clicked on it, how many times it was shared, how much time an average user spends browsing through it, etc. Keep these numbers in mind and find out how they affect your business.

Ensure accuracy of the data

As you are relying on your data for creating your marketing strategy, you need to make sure that it is as correct as practically possible. Once you have collected your data, get it cross-checked by a professional industry analyst, data scientist, or any other expert in the field.

Understand your customers’ needs

With the data you have collected, try to find out what your customers demand more, what they want to buy and search for, what they are interested in, and what affects them the most. Once you know this, you will be able to create an ad that aims at convincing your customers and meets their expectations.

Focus on the entire company

While creating a data-driven marketing strategy, you need to keep all the departments of your company in mind, including finance, CRM and marketing departments.

Keeping an eye on the strategy

Once you have created your marketing strategy driven by data, you can’t sit back and relax, and wait for it to grow fruit. You need to monitor it constantly, and see how it is benefiting your business. If any changes and improvements are required, don’t hesitate to incorporate them there and then.

With these 10 components in place, you will be able to create a perfect data-driven marketing strategy that will be highly effective in taking your business to new heights of success. Work in conjunction with all your departments, and create an all-round marketing strategy for the success of your business. Just make sure that your data is correct and has come from the right sources, and the strategy that you create works for all, including all departments and customers.