What Is Data Driven Marketing?
Data driven marketing. You’ve probably heard the phrase floating around. But what does it really mean?
Essentially, it’s using cold, hard, figures to shape your marketing campaigns. You might think you know what your audience likes, or what’ll make them click. But if it’s not backed up by data, you’re still just guessing.
Not to mention when you start looking at big companies with huge marketing budgets, even a single decimal point improvement can translate into big money.
Incredibly, a survey Dun and Bradstreet survey found that around half of B2B companies are doing just that – creating campaigns using intuition and guesswork instead of cold data.
So why are so many marketers disregarding the data that’s available? And how can you make use of data to boost your campaigns and grow your business?
Businesses have access to so much data and information that they’re overwhelmed. The sheer volume of information that’s available is a problem, with most businesses saying they struggled to keep up with the variety and velocity of their insights (Dun & Bradstreet).
On top of that, 42% of businesses said they struggle with taking the data and translating it into actionable insights that they can share with the relevant people.
The information is there, but people still need training and tools to be able to use it.
Of course, some campaigns will succeed based on intuition or luck. But without the focus and insight brought by data, businesses risk:
- spending more money to get the same results
- marketing to the wrong audience
- making the same mistakes again and again
For decades, marketing was all about soft skills – understanding the psychology of consumers and creating material to appeal to them. Gathering and interpreting data is a completely different set of skills that most traditional marketers simply haven’t mastered quick enough.
What can you do about it? Don’t just throw money at the problem and hope it goes away. These tips will give you a systematic approach to start using data for your marketing – the right way.
Understand reporting and analytics tools
Tools that help you understand and analyse the effectiveness of your online presence are everywhere. Learning how to use the following platforms is a great way to start using data to improve your marketing:
Search Engine Management
Search Engine Management is what you do to get yourself (or your clients) found by Google (or Bing, or any other search engine). To be proficient in SEM, take the time to become familiar with Google analytics, Google search console, and Moz local listing score.
Most social media platforms have inbuilt data-collection and analytics tools for businesses looking to better interpret their market. Understanding these is essential to effective social media marketing. You can dig directly through your platforms inbuilt analytics, or use a managing tool like Hootsuite to help you.
There are countless platforms that help you manage, measure, understand and adjust your email campaigns. Few are as effective as MailChimp, which can help you automate, target and and adjust your email campaigns using data.
Website and Customer Journey
Using tools to understand a consumer’s journey through your site and adapt to improve it is the next step. Hotjar is one of our favourites as it allows you to view heat maps to understand how users interact with your site, identify usability issues and shape conversion funnels.
Now you’ve got a good foundation of data sources to drive your marketing. Don’t forget though: while knowledge is power, only action bring real change.
If you need some guidance setting up all these tools for your business and learning how to use them – or even if you just want someone else to do it for you, the Pounce team can help.
Get in touch today to start using data drive marketing to grow your business.