Role of Data in Marketing
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It is said –
If you don’t have data, you’re just another person with an opinion.
And, result-driven strategies cannot be devised mere with opinions. Especially, when it is about creating marketing strategies, you cannot just go with opinions, and rather require something concrete data, basis which you would create a rock solid strategy and generate great results.
Data helps businesses understand their customers, their behaviors, attitudes, expectations and lot more. It allows them to know about them accurately without any assumptions. So, the strategy that you develop, won’t be based on assumptions, it will be based on accurate facts. Well, extracting and understanding data certainly requires effort and investment.
The businesses that invest in data for understanding their customers, are able to formulate well targeted marketing strategies and thereby find great opportunities for selling. Those that don’t work on the data, cannot build impactful strategies and therefore miss on those opportunities that would otherwise have helped them grow exponentially.
While bringing in the market a new product, the businesses need to highlight their features that the customers had been expecting. To know about customers’ expectations, it is important to first analyze the series of data that had been collected from previous instances of the cycle. Once they are able to draw conclusions out of extensive data analysis, they are able to connect well and better with their target customers. This allows them to improve customer experience, thereby increasing the probability of conversion and customer retention.
Quite impactful this data driven strategy can be, isn’t it? Want to explore about exactly how does it make such a huge difference for businesses? Let’s dive into how can you utilize the data to make such a great difference for your business with improved customer experience, increased conversion and customer trust in your brand name.
Personalized Marketing
Every individual loves personal attention, which can be used as a tool by marketers, for connecting with potential customers. Personalized emails, messages and calls connect better than the regular mass messages. The prospective customers develop hope and trust that the brand that’s approaching them is there to address their pain points and not market themselves, and so they are very likely to convert and stay loyal.
So, how would you know what would make them feel more connected to you. Yes, that’s data! By collecting customer data, you can understand their various needs, and accordingly approach them, in a way that the relation between customer and the brand proliferates.
Ample Attention to Loyal Customers
It’s good to strive hard for new customers and expand your customer base. But, what if you keep getting the new ones but lose your old fellas? Well, your customer base won’t expand and neither would you progress. While making efforts for acquiring new customers, make sure that you don’t lose focus from your existing ones. They are the precious souls who motivated you to stay on the ground. In fact, they still are more important to you as they already know your brand and so retaining them won’t be as difficult as looking for new ones. Again, it’s data that would help you to find who all are they who have been loyal to your brand. You can use this data to lay your focus even more on them, as they’ll keep buying from you, and spreading your name by word of mouth too.
You can even perform experiments on them, implementing your marketing strategies. By analyzing their response, you can draw conclusions about your strategy or any activity, and accordingly devise new, to approach the new ones.
Therefore, customer data helps by a great deal, in determining what your next strategy or plan should be. It allows you to understand the entire scenario and then move ahead according to that.
Enhance the Customer Experience
Whatever new you do, whether it is about creating a new strategy, working on your latest action plan, introducing any service or launching any product, you should make sure to provide what is better than the previous. The customer should be able to find value in it with an improved user experience.
Well, to create that ‘better’ product or service, you need to now about the areas of improvement in your previous product or service offering, and that can reveal that better than data?
By collecting the data through surveys you can determine the areas of improvement in what you had been offering. Accordingly, you can devise the marketing strategy, in which those sorted pain points should be talked about, and a better user experience is ensured by your marketing team. By doing so, you will be able to target new customers better in anticipation of more conversions and of course, serving them better. Better user experience leads to loyal customers.
Focus on Every Audience Segment
Every customer is different – from different demography, behavior, age and gender. There has to be a different way to approach them individually. So, it is better to segment them on the basis of these factors.
Now the question arises, how would you do that?
Well, data helps you do that too. The data is recorded through their online interaction, analyzing which, you get to know them and group the similar ones. So, it becomes easy to approach them with right focus on each group or segment. The messages are designed and delivered better, with more convincing power. Even the customers are able to relate better as they get personal attention. The results come out to be far better than usual marketing tactics based on just assumptions.
More Customer-Oriented Production
With the help of data that you receive and analyze, after conducting campaigns digitally, you understand the customers better, their likes, dislikes and expectations are better understood. This helps in developing and implementing great marketing strategies and campaigns.
Campaigns help you to get the customers’ point of view as they share what they were expectations and what could you present them. So the gap between these two most crucial components of a sales cycle are understood, and easily filled in the next strategy.
Data-driven conclusions help tremendously, in developing more possibilities, rather than assumptions, as they are fact-based. So next time, you create the products keeping in view, the customers’ needs and expectations.
Know about The Power of Data Analytics – Some Interesting Revelations.
No product can sell as much as the one that is created according to the customer’s expectations. The sale happens effortlessly, as no convincing is required while marketing. Once the customer finds that the product is fulfilling their needs, it is sold. When they share the word among their circle, which usually has the members with the same thinking and attitude as you, the probability of sale increases further.
So, instead of developing products on the basis of assumptions, you create them according to their own needs, which eventually pays.
On Final Lines
Marketing works better with data!
It is however, important to be able to efficiently analyze the data that is extracted. In the words of Greg Asman, “we all need to be smarter about how to burn the data we have more efficiently and when it is worthwhile to gather more.”
A smart marketer is the one, who aligns the marketing strategy according to the conclusions drawn from the data. Instead of revolving the strategy around assumptions, its better you do it with data, as it will navigate you towards what exactly your customers want. Try to divert yourself from what you want to what you customers want. You will be able to eliminate the uncertainties that pose obstacles in the path of informed decisions. The team of digital marketers at Tarika Technologies implement data-led strategies to ensure they provide customers a reason to stay loyal to the brands they had been following.
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