data marketing

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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Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 175 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, and a 2020 Top Crisis Communications Professional by Business Insider. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, was named to PR Week's "40 under Forty" list, is a contributing columnist for Forbes and the New York Observer, and his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations" is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities.