How to create a Data-Driven Marketing Strategy
The Data-Driven culture has taken over corporate strategies in all sectors. In 2020 alone, 40 trillion gigabytes of data were generated in the world. In this scenario, it is important for business leaders to adopt Data Marketing, to guide them on decision making through reliable information.
To understand this concept, the first step is to consider the relationship of the business with Digital Transformation.
After all, without embracing innovation companies are less likely to survive amid so much competition.
But don’t worry about it. With data-driven marketing it will be much simpler to implement the necessary tools and changes to stay competitive. Keep reading and learn more!
What is DataBase Marketing?
For many years, leadership experience has been considered the most relevant factor for business orientation. Even if it plays a key-role in management, it is undeniable that consumer behavior changes all the time.
This way, not even the most experienced leaders are able to follow the flow and invest in the right initiatives to ensure consumer satisfaction.
Database marketing came to fix this issue. It uses innovation, that is, technological tools such as software and automated systems to deliver general and social data from the customers to the team. This data can be divided into three categories:
- structured, which as the name implies, have a rigid and planned structure. An example is databases;
- semi-structured, which are not limited to a structure, but still have defined and consistent characteristics; and
- unstructured, which are not organized in a defined way, such as the many pixels that exist within a photograph.
In marketing, the most interesting data tends to be structured. However, this does not mean the others do not bring good results. You need to have a keen eye for creating strategies and use every possible resource at this moment.
What is the importance of data in the Marketing Strategy?
Leadership that guides their teams through solid and reliable data is not only just bringing security to talents. It also monitors market movements, ensuring the understanding of the pains of its customers and, consequently, of a satisfactory solution.
We listed some advantages that data-driven marketing brings to the business. Check them out!
Understanding the personas
Defining the personas is a fundamental step to structure the operation of the company. This action helps the team know who they are talking to. Therefore, they know the language to adopt, the problems to be addressed and the ways to solve them.
Although there are tools capable of facilitating the creation of these personas, such as automated generators, it is essential to base the formulation on data. They will bring accurate information about customer behavior, which will help in the development of strategic plans that really touch the leads.
Setting realistic goals
Every leader knows that the business goals and objectives need to be aligned for the organization to grow in a healthy way. But it is not always easy to define them among so many priorities, right?
Data Marketing can help in this sense, as it shows directly which data to use for decision making and what are the best methods to define the priority steps.
Tracking the sales funnel
When a customer enters the sales funnel, it is essential to follow their path, understanding the reasons for each action they take. Doing this with the help of reliable information is essential because it prevents the customer to slip away to the competition.
Better performance Media Analysis
With so many new social media popping up, how do you find out where your audience is? The right answer is through studies and research. Data analysis tools and technology are key parts in this process as they correctly indicate the channels your business should focus on.
Better budget planning
Keeping a balanced budget is one of the main aspects of good management. Today, it is no longer necessary to count on hundreds of files, shelves and cabinets to accomplish this task.
Besides being old-fashioned, these items slow processes down – going against the need for speed in the digital era. By using data marketing, the company understands exactly how the strategy budget was defined and can optimize it.
Anticipation of market trends
Another important point in the growth of any business is to remain relevant. The fact is that it is not always simple to create actions that anticipate market trends.
By using data marketing, this analysis is facilitated, ensuring that all company planning, and actions are thought by placing the customer at the center of decisions.
How can your company implement this strategy?
Businesses that want to use data to guide their decisions must first adapt the company to Digital Transformation. That is, implement innovation not only in the customer’s routine but also in the culture of the company.
Everyone should think disruptively, ensuring that agile and efficient processes are maintained. Some ways to accomplish this include:
- using specialized tools that fit the demands of the company and are intuitive;
- prioritizing the data to be analyzed by avoiding the large volume of collected information that diverts the attention of the core business. Currently, the delimitation of clear objectives is essential;
- fostering insights, not ignoring the feedback that talents and even customers may bring;
- constantly train the team, allowing it to conduct the best possible use of the implemented functionalities; and
- making partnerships with qualified companies which can contribute to the technological evolution of the business.
Data makes the market increasingly more competitive and marked by customization. This demands that organizations of all sizes follow the movement, meeting the expectations and needs of the public precisely. In order to do that, proper use of data marketing is essential. Did you like this content? Do you want to understand how Data-Driven culture and Digital Transformation are related? Download BRQ’s complimentary e-book and expand your horizons to make decisions oriented by data!