In the old days, data played a major role, but business decisions often had to be based on intuition. But data technology has improved so quickly in the last few years, businesses have had to revamp the way they think. Although marketing experts cannot afford to leave their intuitive skills at home, even the smallest decisions are expected to be backed by data.
Big data analytics has become pivotal for driving decisions. Companies need to rapidly respond to market changes, understand customer preferences, and focus on targeted efforts. This calls for technology to channel customized marketing campaigns to the right users at the right time.
Companies are excited about data-driven marketing. With Internet of Things and digital and mobile devices, the amount of data making way into companies is huge, and going to be even bigger. But it’s not just about gathering data; it’s about using it effectively. Although sales, online surveys, and consumer feedback produce boatloads of data every day, not all are of equal value. Marketers need to separate good data from bad ones.
Here are three simple steps that outline how brands can build an analytical culture to reap more value from their repository of data:
- Set the objective of the business. It’s not about what data can do – it’s more about what the business goals are.
- Work out which questions need to be answered in order to achieve set business goals. This way, companies can focus on the kind of data required.
- After setting the questions, identify the data that would be needed to fill the gaps.
Tools & technologies
Programmatic solutions make extensive use of data to track and target customers. With immense brand proliferation, consumers don’t only want precise information, but content that is relevant. Ad-tech and content management solutions churn huge amounts of data to present valuable insights on consumer behavior, market conditions, and trends, and also automates what has to be done based on that data. Thus, with a programmatic platform, a brand needs to click just a few buttons to ensure the right people view the right ads.
Building relationships
Big data works great for reaching ideal customers, but it has the scope to take marketers beyond prospecting—building lasting relations is just a part of it. Analytics makes it possible to have consistently personalized marketing. Thus businesses can connect with prospects intimately, offer them services that blend with their lifestyles, and build a loyal network of satisfied customers.
While it is difficult to tell whether or not new technology will be prone to errors, programmatic software is designed to scan cloud and real-time data, and avoid the mistakes humans tend to make with large data. Programmatic solutions are also designed to automate buying, selling, and publishing of ads while keeping the accuracy of insights absolutely intact. That is why data-driven marketing is good enough to replace intuition.
