Competition is an inseparable part of every industry today: there are countless businesses offering products and services, regardless of their type or name, and if you want to stand out from the crowd and grab consumers’ attention, you need to tailor your marketing campaigns accordingly. A data-driven strategy can make a big difference in this regard, allowing you to make decisions based on hard information rather than “gut instinct”. Let’s take a closer look at what this means and how it can be done.
The Difference of Data-Driven Marketing
Traditional marketing campaigns often don’t go beyond performance assessment. In other words, you analyze the metrics of a campaign, see what worked, and focus on those in the next campaign. That’s not a bad strategy, but it’s just not good enough for the modern world because:
- Standard communication channels such as email and SMS are now using stricter filtering. Channels that allow direct customer access are no longer useful in traditional strategies;
- The analyses performed, and the results obtained are always the same in the long run. Marketers have nothing new to learn from them: they already know what the results will be;
- New regulations on data privacy are also reducing the effectiveness of traditional marketing strategies. For example, Google now has much stricter policies regarding what third-party cookies can contain.
Data-driven marketing involves much more than just analyzing the results of a previous campaign. You can create a campaign by gathering and leveraging comprehensive data, taking into account consumer demographics and behaviors, and reach targeted consumers directly. This means you have the opportunity to reach the right audience, through the right channel, at the right time. This will predictably increase your engagement and conversion rates.
Essential Components of a Data-Driven Marketing Strategy
To develop a data-driven marketing strategy, you must first start with the four Ps (product, price, place, promotion). You must create a roadmap that determines what these will include in advance and create a foundational framework. Do not focus on the details because you will create them based on data. At this stage, all you need to do is create a roadmap that includes general ideas and goals. Clearly defining these four elements will ensure that your data collection and analysis efforts do not lose focus and are, therefore, important.
If you have trouble doing this, use the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) principles. Your goals should always fit these criteria and be divided between different channels. In other words, do not plan a campaign that only includes email, for example: a campaign that includes social media, influencers, and cold calls is much more likely to be successful. Once you have created your basic roadmap, you can start filling it in, that is, working on the details. This is where the importance of data comes into play because, from now on, every decision you make will need to be guided by hard info. Keep in mind that this will apply to any type of business. For example, you will need to do the same for an online casino and sportsbook like Verde Kasyno.
Doing Research & Identifying Your Target
It’s time to do some market research. At this point, it’s best to use a program, as this is not something you can do manually. An AI-powered platform is your best bet, but you should consider your own needs and budget when making your choice, so we don’t recommend a specific platform/program. However, you can check out Pecan, Brandwatch, SEMRush Market Explorer, and Appen as a starting point.
In any case, you need to continue by doing an analysis of your target market, competitive landscape, and industry trends. At the end of this analysis, you will have very useful information about your target audience’s preferences, habits, likes, and pain points. This research will also help you see gaps and opportunities in your industry. Remember, research won’t prepare your marketing campaign for you, that’s still your job. But now you have more data than ever to create it correctly.
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Once you’ve defined your target audience in this way, you can start creating very detailed buyer personas. These will be multi-dimensional personas that will help you understand not only who they are but also how they make decisions. By now, you have more data than you could ever get with traditional techniques, but we’re not done yet: you also need to separate buyer personas into different categories.
Continue with Further Segmentation
Data analysis will help you see which buyer personas are more valuable and more likely to make a purchase decision. In other words, you need to continue by narrowing your focus: you need to appeal to those who are most likely to buy your product or service, not to everyone you find as a result of your research. This will allow you to focus your marketing efforts on the right audience.
After this stage, you can start creating the content of your campaign using data insights. You have a multi-dimensional buyer persona, and your best option is to create content that focuses on solving their problems. Remember, you are no longer addressing a broad audience as in traditional marketing. You have extremely valuable information on who you are addressing, what your target audience expects from a product/ service, and which communication channels they prefer. Using these, you can:
- Make short videos and try to maximize visibility and engagement;
- Prepare emails that directly address the problems of your target audience;
- Determine which influencers you can work with on social media.
We could go on and on with examples, but what we mean is that a data-driven strategy will show you how, when, and with what message to reach your target audience. You can focus on multiple communication channels at once and share something that will interest the potential buyer on each. In any case, a data-driven marketing strategy will help you reach your goals much more easily and quickly, both in the short and long term.
