Learn how to use data to develop a successful marketing strategy with these tips.
Marketers are constantly plagued by an inability to truly understand their customers’ wants and needs. Why? Because exact insight into clients’ purchasing habits is hard to come by, even with the abudance of software tools at our disposal.
In order to run a successful marketing campaign, it’s imperative you send your customers the right messages in ways that are easily translatable to them. Nowadays, messaging can be tested for quality at a much higher rate, thanks to marketing automation and the ability to deliver multivariable testing on a much more regular basis.The information we are able to distill from statistical insights tell Marketers who a customer is, what they think about and most importantly, what they want.
You don’t need statisticians to start a data-driven marketing organization. For most organizations, it’s more about investing in the tools and practices that enable data to drive your business forward.
Don’t know where to begin? Here are four easy steps to help you use data to approach to your marketing efforts:
Build KPIs for your Products
KPIs stands for Key Performance Indicators. The first step in getting started with data-driven marketing is to establish what you need to know about your users. If you’re a B2B software company, you’re probably concerned with how to nurture a business lead to the point of sale. If you’re a consumer goods company such as Walmart or Target, you’re trying to get people to purchase from your store or website as often as possible. Understanding what you need to measure is an important first step in getting better connected to your users.
Invest in Marketing Automation
Keep up with the pace of your business by automating key marketing tasks. Marketing automation software allows you to free up your time by automating tasks like email sends when users interact with or perform certain actions on your website or mobile app. Hubspot, an inbound marketing and sales tool, has a great overview of marketing automation for those who are curious. If you’re looking to add more software to your marketing stack, consider tools like Marketo and Eloqua that offer sophisticated lead nurturing and campaign reporting. For those who also want to monitor Mobile apps, Appboy offers you the ability to segment users based on their activity, personalize messages and their newsfeed.
Tune into Your Customer’s Voice through Social
Social media is an essential tool for building stronger relationships with your customers. To kick it up a notch, build sentiment analysis into your social media strategy to better understand their wants and needs. Tools like Little Bird and Brandwatch allow you to build custom searches to get insight into what your communities are talking about and how their perceptions are of your product. This insight will help you understand how certain shifts in your marketing strategy affect the general sentiment of your customer base.
Meet Weekly to Review Key Metrics
Once you start actively collecting data, you’ll need to sync up regularly as a team to reflect on outcomes and build a strategy for next steps. Add a 15-minute weekly stand-up to your team’s calendar to go through the results of your current campaigns and delegate which products to optimize. Having dedicated time to go through these results as a team will help make data-driven activity a core competency of your campaign.
Example: Target’s Stragety Towards Expectant Mothers
In the early 2000’s, Target was on the hunt to optimize the lifetime value of their customers. The company estimated that if it could get expectant mothers to start buying at Target, they could make over $6,000 the first year. If this strategy worked across the United States over the course of five years, it would produce $1 billion outcome.
Target reached out to their statisticians to see if they could determine, based on a woman’s buying habits, when she was in her second trimester to trigger coupons for diapers, strollers and other baby items. By noticing patterns of their customers purchases, Target optimized clients’ experiences and built stronger relationships with them over time.This is why data-driven decision making is so critical.
Incorporating data-driven practices into your company’s marketing strategy will help you build relationships with your customers and create compelling campaigns that drive results. These small changes will ensure you will spend more time optimizing your existing workload and less time getting the grunt work done.
How are you implementing a data-driven approach to your marketing organization? Tell us below in the comments!