Data Driven Marketing
For the majority of companies, Marketing is now a quantifiable, data-based function vital to the company pipeline. ROI is key and in order to achieve that ROI, Marketing needs to be data-driven.
These days, Marketers are able to collect more data than ever before. Customer interactions are being recorded at a much more granular level. There are huge amounts of data flowing between our smartphones, tablets, desktops and social media profiles. The question is how many companies are able to use all this information to their advantage?
In fact, it’s not just that using data improves a campaign, the truth is that not using data correctly may be detrimental to your efforts. Ignoring your customer data will likely mean that your messages fall on deaf ears and that all important marketing budget will go to waste.
The holy-grail of data driven marketing is personalisation. One of the main objectives when collecting and analysing data is to develop buyer personas. When armed with data intelligence, you know your target user’s behaviour, goals, pain points, and challenges and you can therefore develop the best possible strategy and most relevant content to engage them with. Ultimately, this will allow Marketers to deliver more qualified leads and generate more ROI because they are able to connect with decision makers with relevant content.
However, personalisation relies on accurate data and many companies we encounter are not at all confident in the accuracy of their data. This is, and always has been the key to the success of any marketing campaign. It’s nothing new. But with the increasing demand for a seamless and relevant experience, even in the B2B world, it is now more important than ever.
Contact data expires at a rate of 25% a year. We’re all used to the high bounce rates in our email campaigns. But this doesn’t need to be the case. By ensuring that your contact data is accurate and then enriching it with in-depth information, you can achieve the personalisation and ROI success you’re looking for.
For many companies we work with, there will be an abundance of first party data that has been collected directly from interactions they’ve had with their customers. For example, web enquiries, purchase history or history of which whitepapers they have downloaded or campaign emails they have opened or responded to. This kind of data is great but it’s important to not only regularly refresh this data to ensure that their information is up to date, but also to augment this data with third party data in order to better understand your customer’s needs and build more accurate personas.
When combined with first party information, third party data can be a powerful tool to better understand your customers wants, needs and buying behaviours. This will allow you to build more accurate personas based on demographics, psychographic characteristics, buying motivations, preferred channels and overall buying behaviour. This will in turn increase your chances of conversion.
The overall message here is how important it is to unlock the power of the data we have access to, ensure its reliability, make sense of it and turn it into something we can act on to improve ROI in all our marketing campaigns.