Data: A Crucial Part of Any Marketing Strategy
It’s estimated that individuals in the US are exposed to between 4000 and 10,000 advertisements per day. Despite all that input, however, people generally retain a maximum of 3 messages .
If you’re a marketer, you know how challenging it is to craft the perfect message for your audience – ensuring it is both authentic and personalized. In fact, Salesforce indicates that 52% of consumers, and an even greater number of B2B buyers, say they’re likely to switch brands if a company doesn’t personalize communications to them.
The Problem with Traditional Marketing
Knowing your audience is the key to effective communication, but a lot of businesses still produce broad, blanket messaging in a ‘one-size-fits-all’ style. The issue with this is that not everybody wants the same thing for the same reasons – you wouldn’t describe a smartphone to an 18 year-old the same way you would to an 80 year-old, even though they both have a use for them.
Research by AppNexus shows that 97% of campaigns lack a targeted creative component for each audience segment. The majority of businesses are using generalized campaigns with the hope that their messaging will stick across individualized groups.
According to Hubspot , over 60% of global consumers have changed their shopping behaviour for reasons such as value, availability, and convenience during the pandemic. Brand loyalty is decreasing among consumers, and the risk of losing a customer to another brand is at an all-time high. In fact, 78% of customers will only engage with offers if they are personalized to their previous engagement with your brand.
To succeed in today’s volatile business environment, your organization can no longer rely on reactive or opinion-based marketing. You need to adopt data-centric marketing practices that put personalization at the forefront.
What is Data-Driven Marketing?
Data-driven marketing essentially helps you become more strategic and pointed with targeting, processes, and tailored messaging by leveraging data. Rather than guessing, going off a gut feeling, or even using some specific market research, you can determine ideal customer personas, become predictive around future audience targets, and use a science-backed approach to create messaging that will resonate with a specific target.
And we’re not just saying these things based on a guess or gut feeling either – Gartner predicts that by 2025, 60% of B2B sales organizations will transition from experience- and intuition-based selling to data-driven selling.
The Benefits of a Data-Driven Strategy
Personalization
According to Invesp , 83% of marketers with data-driven campaigns enjoyed more than 5x the ROI on marketing spend and exceeded revenue goals. Personalized marketing provides your consumers with an improved experience in the form of relevant content.
Targeting & Segmentation
You wouldn’t talk to your grandma the same way you’d talk to your best friend (unless, of course, your grandma is your best friend). With data steering the ship, you can tailor your messaging to the appropriate targets and ensure optimized segmentation.
Time & Clarity
With automated, data-validated processes, your organization’s increase in internal efficiency can give you more time to put your customers first. In fact, Digital Authority states that 67% of marketers believe that speed and accuracy are the primary benefit of data-driven marketing.
