What is data driven marketing? Definitions can vary and depending on where you sit within the marketing sphere, can mean different things to different marketers. However, in essence data driven marketing refers to the analysis and application (and in many instances acquisition) of data gathered from studying customer and prospect behaviours, motivations, needs and wants all in order to do one thing; help drive more successful, targeted and engaging marketing campaigns and programmes to increase ROI.
What we need to remember is that in order to develop a data strategy, firstly you must collect demographic and behavioural data on your prospects and customers. When doing this it is vital to think about what data to actually gather and how you will then use this data to communicate to your audience on more of an individual basis.
Ensure that no time and effort is wasted trying to obtain data that will never be used or is simply not important for your ongoing campaigns. For instance, if you are a B2B technology company do you really need to know your target contacts shoe size, whereas to a B2C fashion company this data could be invaluable.
Similarly, it is important to understand how you can gather data and where you can find it. Valuable data often already exists within your organisation.
The key is to ensure that the data you gather is going to be relevant to how you want to segment and target your audience, whilst ensuring that you are gathering other pertinent pieces of information that can be used to ensure more personal and relevant communications will be sent.
There are many different ways to gather data and the approach can vary depending on the data you are looking to obtain.
To obtain company and contact data for prospects based on a predefined brief with the inclusion of demographics such as job title, first name, last name, email address and phone number, a starting point can often be a data supplier. Ensure that the supplier is reputable and always ask how the data has been obtained.
If looking to enrich an existing data set, remember you normally have to give to get back. For example, you could provide a white paper or a thought leadership type of enewsletter full of rich content that would be of value to your target audience and in return ask for some relevant data regarding areas of interest or job role and responsibilities.
To capture multi-channel and cross-channel behavioural data, you can often track prospect and customer interactions with your organization through the use of analytics contained within your internal systems and platforms both on a financial and marketing level. For instance, collate data on those who have:
- Opened, clicked and converted in response to your emails
- Purchased specific products
- Visited your website
- Downloaded white papers or participated in a webinar
- Signed up for your newsletter
- Read your blog
- Interacted with you on social media
Once you have decided what data you want to gather, how and where the data can be obtained the next thing is to create a centralised marketing database. Creation of a central repository for all marketing data will allow you to segment your list based on demographic and behavioural information. It allows you to run counts of potential target groups or segments based on any available data fields.
Similarly, if responses to marketing campaigns are added to the centralised marketing database then the success of different campaigns, data sources, segments and groups can all be analysed and measured. Through this analysis inferred profiles of those most responsive to campaigns can be used to develop ongoing data acquisition or cleansing projects.
In conclusion, there are many different strategies that can be developed for data driven marketing success but without the data to support them there is no point in developing the strategies at all…