To achieve success in today’s market, companies have to rely on clear and correct data instead of assumptions. Many marketing teams focus on strategies that are based on assumptions.
That means their personalized media campaigns are completely founded on outside factors such as brand knowledge, consumer surveys, consumption data, and demographic data.
Although focusing on these factors might be a good way for companies to create broad marketing campaigns, it’s not nearly enough regarding what current consumers are expecting.
Consumers these days are expecting a lot of customization in terms of the marketing messages and efforts they receive from companies. But moving from assumption-based to data-driven marketing strategies isn’t always easy, because it requires companies to mobilize a lot of resources and maintain coordination amongst them.
To make this change, businesses also have to focus on individual customer data instead of the various external factors they may have been tracking. Fortunately, with the right strategies, companies can easily adjust their marketing campaigns to support data-driven marketing.
Data-Driven Strategies
For many people, data-driven marketing strategies might sound common, but these types of strategies are actually relatively new.
Traditional marketing strategies used to rely on assumptions regarding what the consumers wanted.
These days, with the help of the latest marketing technologies, companies can make marketing and overall business decisions that are based on real-time data from the customers.
Many companies have already started to innovate data-driven marketing by putting data at the core of the entire marketing process. These innovative companies are putting three types of data together: first-party, second-party, and third-party data. In some cases, they’re also expanding their reach by using technologies that incorporate open-source data too.
Shifting Marketing Operations
Marketing campaigns that are centered around data focus on a very large segment of untapped opportunities for companies, but they also require a lot of innovation and new capabilities.
Plenty of companies have a tough time classifying their audience segments based on general market insights, because they lack a data-driven approach.
Those companies end up targeting different segments of their audience arbitrarily, which results in a disconnect between their marketing segmentation and the actual audiences.
Audience Management
To scale their data-driven marketing efforts, companies also have to implement audience management systems.
With an audience management system, companies can centralize all of the aforementioned data types.
Then they can build their different audience segments, integrate those segments into the current operating marketing model, and generate new insights from those audience segments.
This way, companies can generate a constant flow of information, and learn more about their consumers.
Then they’ll also be able to automate many of their marketing tasks too.
Since the way companies get data from consumers is changing, businesses have to find new ways to take advantage of all of their customer data. This is the best way to deliver personalized experiences to audiences and improve campaign efficiency.
Ronn Torossian is the CEO and founder of NY based PR firm 5W Public Relations. Torossian is also the founder of the Ronn Torossian Foundation, and a lifelong New Yorker.
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