How Data-driven Marketing Delivers Growth
The world’s data usage is insane but important. Big data just keeps getting bigger. Our appetite for data is insatiable and our usage insane. By 2020, researchers are estimating that for every person on earth 1.7MB of data will be created every second. Why, is our data usage so vast and what is its value in B2B marketing?
The opportunity to make data-driven decisions is key to any successful business. Every digital interaction creates an audit trail of valuable information on interests, preferences and patterns that can inform future behaviours and client relationships. Being connected to and aware of this data trial provides companies with the ability to make marketing and sales decisions that have real impact.
Big data fuels business growth and marketers are using customer data to drive smarter, more creative storytelling. Efficient leveraging of big data makes organizations more competitive and more compelling to their target audience.
Spending on big data is enormous and here’s why:
It improves business decision making. Companies can track, measure, and analyse customers interactions with products/services. Patterns of behaviour are analysed facts, not feelings.
It enables companies to analyse market trends based on customer activity and enables them to modify products/services accordingly.
Clever spending on big data can prevent needless expenditure. Tracking customer activity could show products/services in planning could be unpopular. If so, you can choose to scrap such plans and refine current product range instead. Or if there is a pull from the market for a particular product type, company strategy can be changed to include it.
Use customer data to test ideas and new products by analysing current trends, buying patterns and behaviours.
Define your target market through close examination of customer demographics, patterns, and behaviours. Understand their preferences, learn who they are, what they want and how they tick then respond to these needs and requirements with relevant, personalised messaging.
Meeting consumer demand is vital in growing your business. Data science and data-driven marketing are the most current tools in achieving this.
Data science isn’t based on judgment, instinct, and feelings, it’s based on fact. Actual patterns of behaviours and trends that the analytics reveal. It is these facts that should drive business decisions and planning. By using data to inform your approach you’ll save resources and time, and, perhaps most importantly, future proof your business through informing your product planning and strategy.
Data drives smarter, more creative storytelling and more intelligent marketing. You can never have enough insight into your customer base. Their preferences, requirements, needs and wishes will help inform your current and future product portfolio and, consequently, develop a healthy future pipeline.
A key factor in data-driven marketing is making sense of the vast amount of data available. It’s essential to separate the valuable data from the rest and put the right infrastructure in place to capitalise on it. This is where an intelligent data management platform comes in. Such a platform enables you to analyse the data, segment your target audience, tailor your communications, and create the ultimate serendipitous moment that will meet that audience’s need.
The Internet of Things (IoT) is helping to fuel this marketing revolution. Simply put, the IoT is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction (TechTarget, 2018).
IoT devices are sophisticated data gatherers and are ubiquitous in our daily lives. Our cars, our refrigerators, our heating systems, and our computers are continuously gathering data which can be used to enhance and improve our lives. This data can be used to monetise products and services and to market to individuals based on data specific to the individual in a more meaningful way than has traditionally been possible. B2B marketers can use real-time data collection and analysis to better understand customer preferences and deliver personalised experiences.
Using all the data at your disposal combined with a multi-touch marketing approach puts businesses in the best possible position to meet customer needs by creating and delivering personalised online experiences. Such experiences will grow brand awareness, strengthen customer/brand relationships, and deliver ongoing brand loyalty.
Get driven by great data!