Data Driven Marketing
Data driven marketing: It’s the way of the future. But isn’t all marketing data-driven?
Modern data-driven marketing takes into account significantly larger volumes of data than ever before. Whereas once marketers had to rely upon self-reported surveys and focus groups, today a tremendous amount of information is collected from every interaction between a company and a buyer. Marketers are able to track a buyer’s journey through multiple channels — and have detailed information about buyer demographics.
Most marketing campaigns will meet the basics of a data driven marketing definition — data is being used to influence marketing decisions. But that doesn’t mean every data-driven campaign is made equal. When it comes to data-driven marketing, there are two key factors:
- The amount of data being used.
- The accuracy of the data given.
Marketers today encounter two major problems. First, they collect far more data than they can reliably use. They are unable to utilize and analyze the data because there’s just too much of it for a single person to reliably go through. Second, they are collecting data from a variety of sources — and it’s not always possible for this data to be consolidated accurately.
For data-driven marketers, it’s essential to invest in marketing data analytics software, so marketers know they are making apples-to-apples comparisons between channels and platforms used in marketing campaigns — and that they are utilizing all their data without any substantial gaps. At the end of the day, data-driven marketing is centralized around producing better results. The better the data, the better the end result.
1. Data Driven Marketing Strategy
Companies are using data-driven marketing strategies to optimize their performance across a wide range of marketing platforms and channels. Mar-tech platforms are key in gathering, understanding, and utilizing this data. A data-driven marketing strategy doesn’t just collect data; it also needs to analyze this data and provide key insights into how each piece of data relates to the bigger picture.
Every organization is different; consequently, their data-driven marketing strategy will be different. Organizations may have different demographics, marketing channels, and key performance indicators. As a consequence, there’s no one-size-fits-all strategy that can be developed for data-driven marketing. More important is having the right tools for the job.
Mar-tech platforms are able to consolidate data from disparate sources, making sure that organizations are able to compare data in meaningful ways. By providing consolidated dashboards that include all marketing channels, they also make it easier for marketers to take a look at their performance at a glance — and adjust their performance accordingly.
Platforms such as Lumenad give marketers the information that they need to fine-tune their marketing strategies — and thereby optimize their marketing spend. With the right data, marketers aren’t just able to reach their audience faster, but they’re also able to do so more affordably.
2. Data Driven Marketing Process
What does a data-driven marketing process look like? Data-driven marketing processes change based on the marketing program.
Consider a marketer who is operating on a single platform — Google Analytics. Our theoretical marketer may log into Google Analytics and see that their traffic is increasing, but their sales are down. They’re building visibility, but not within a demographic interested in their product. They do see that sales are up in the 29 to 39 demographic only. They decide to target their sales to that demographic. Easy.
But now consider a marketer who is operating on Google Analytics, email newsletters, Facebook marketing, Instagram, Twitter, and even physical mailers. How does this marketer even begin to track whether their “traffic” is increasing? They can log into each platform individually, but that only gives them a small part of the picture. They may see, for instance, their Facebook marketing is going up in value — but not realize it’s because of the paid advertising exposure they’re getting through Instagram.
Ideally, a data-driven marketing process will have a central hub — a platform that brings in all marketing data from all channels. Once marketing data is collected, comparisons can be run between channels and as a whole, so marketers can glean more important, effective insights.
Instructions: Data driven marketing processes change based on the marketing program. What are some key steps that might be common across all of them?
3. Data Driven Marketing Companies
Data-driven marketing companies are companies that provide data and insights for marketing professionals. There are some data-driven marketing companies that focus on a single platform, such as companies that focus on Twitter. There are others that try to consolidate multiple channels.
Organizations need to look for platforms that will support all the channels they use. Otherwise, it’s easy for data to fall into gaps. When you don’t have complete data, you can easily make mistakes. You can make false assumptions, and you can double down on the incorrect marketing spend.
Because there are so many data-driven marketing companies out there, it’s important to know what you’re looking for. Accessibility, ease-of-use, and intelligent advertising solutions are critical to getting the big picture from your marketing data. When looking at data-driven marketing companies that provide great reviews and good support. Look at companies that are leaders within the industry, provide key marketing information, and otherwise appear to be knowledgeable about the channels you work with and focus on.
While there are many one-off utilities, most marketers are going to benefit the most from a single, unified ecosystem. This system makes it easier to administer marketing campaigns and easier to strategize effectively.
4. Data Driven Marketing Examples
What is “Advertising Intelligence”? Let’s take a look at one of the leading data-driven marketing companies that offers a way to get the most out of your paid advertising campaign data, Lumenad. The Lumenad Advertising Intelligence process is simple. Let’s take a look at these data-driven marketing examples:
- Connect. Connect all your siloed advertising data to a single dashboard. Lumenad helps your organization save time and money, while also ensuring that you can be confident with the data you have.
- Transform. Ensure that all your siloed advertising data is standardized. When you import data from multiple sources, the data may not be imported 1-on-1. Advertising intelligence ensures that you’re running the right comparisons with the right data.
- Organize. Data that isn’t focused isn’t data that’s useful. Lumenad makes it possible to organize your data in a variety of ways to move toward your goals.
- Apply. Once you’ve aggregated and organized your data, it’s time to act. Lumenad makes it possible to track your data in a consolidated, real-time dashboard, so you can adjust your strategies on the fly.
Data-driven marketing companies make it possible for you to collect your data and glean actionable insights. Without it, you’re not going to be able to tell how your campaigns are functioning — and you won’t be able to improve things. Take a look at data-driven marketing case studies and data-driven marketing examples to see broader ways in which marketing intelligence can help.
5. Data Driven Marketing Benefits
How do both marketers and businesses benefit from data-driven marketing? There are numerous data-driven marketing benefits for all parties involved, even customers:
- For marketers. Marketers are able to determine whether their campaigns are working effectively or not. They are able to compare multiple marketing channels at the same time. They can do their work much faster and can ultimately perform their job better. Marketers are going to know everything that’s going on within their marketing strategy. They don’t need to keep track of multiple platforms and they can get all the data they need in a single dashboard.
- For businesses. Businesses will be able to optimize and improve their advertising spend. Rather than having to spend a lot of money for middling results, they can focus on the avenues that are going to generate the most interest. They can identify and respond to issues such as marketing saturation faster and they can therefore improve their ROI and their revenue generation without additional investments of time and money.
- For customers. Customers will get ads that are more likely to be valuable to them because marketers will be able to more effectively promote their products and services. Customers are more likely to get things that they’re interested in when marketers are able to more effectively advertise.
Essentially, data-driven marketing just makes sense. It makes marketing campaigns more effective and it makes long-term strategies more compelling.
6. Future Of Data Driven Marketing
The future of data-driven marketing is a bright one. Companies are learning that they have to rely upon their data, but also that their data has to be both thorough and correct. As new marketing and advertising platforms come out to fill the gaps, it becomes even easier for companies to run highly effective, highly affordable marketing campaigns.
And this is necessary. Modern consumers are very savvy to advertising and they’re very hesitant to fall prey to it. Marketers must respond by giving customers exactly what they need, which is something that’s only possible by having the right marketing and advertising data.
Many organizations are going through the process of digital transformation right now, but though they have the data, they have no capacity to analyze it. There’s often patterns and information hidden in these large volumes of data that simply cannot be unlocked without the help of advanced, advertising intelligence.
Solutions such as Lumenad are constantly improving and continuously building upon what’s available. Marketers need to start taking advantage of data-driven marketing before they fall behind.