Leveraging data for better marketing performance
As an agency, we always promote data-driven marketing. This includes advising our clients to give their marketing campaigns some time to gather precise data before making any snap decisions.
After all, how will you know the key to success if you don’t collect and monitor the data? And it’s not just campaign data that’s important, but also maintaining accurate customer data.
Marketing based on poor quality or outdated data is doomed to fail. This article will highlight how making data-led decisions leads to success.
Real examples of how being data-driven can lead to success
Have you ever thought about how Netflix became the world’s largest entertainment streaming service? Initially, they offered an online subscription service where they posted out DVDs to paying customers. That’s quite different to their service now.
So what prompted the change?
Netflix has an abundance of data and analytics providing insight into the viewing habits of millions of international consumers. They used this data to commission original programming content that appeals globally.
Their collected data showed what people wanted, and they used this data not only in their service offering but in their marketing too.
The advantages of making data-driven marketing decisions
1. Improved accuracy and precision
Have you ever made marketing decisions based on your own gut? Some businesses might opt to rely on their experience, intuition, or personal opinions to guide them in the right direction. However, in a world of constant change and unpredictability, this approach is risky.
That’s not to discount the importance of experience and intuition. They’re valuable tools in a business’ belt, especially when it comes to analysing your marketing and customer data.
Data can provide insights that are more accurate and precise than those obtained through personal opinions. This allows your marketing to be more informed and objective.
2. Increased efficiency and productivity
Success happens faster when you have the information you need to make good decisions. Rather than guessing multiple times based on instinct, you can make informed decisions quickly.
This is why data-driven marketing helps you:
- streamline processes,
- reduce inefficiencies,
- and predict outcomes.
All of these lead to increased efficiency and productivity in not only your marketing but your business too.
3. Enhanced customer experience
You can use data to better understand your consumers. For example, you can use customer service data you identify the most cost-effective way to address customer questions and issues.
It also gives you a better understanding of your customer’s needs and preferences. This data reduces problem resolution times and improves customer experiences overall.
4. Identify Potential Risks and New Business Opportunities
In every threat, there are always opportunities. Utilising data in not only your marketing but business as a whole can help identify potential risks and opportunities. This enables you to take proactive steps to mitigate risks and capitalize on opportunities.
Data can reveal insights that help businesses innovate and develop products and services that meet consumer demands. For example, new data shows that vintage clothing is making a comeback. Businesses in the clothing industry can then swiftly respond and tailor their products and services accordingly.
5. Competitive advantage
Additionally, identifying new business opportunities enables you to stay ahead of your competitors. Data can help you respond to market changes faster than your competitors. By utilising precise data, businesses can predict future trends and identify consumer behaviour.
Data-based marketing provides your businesses with the capabilities to generate real-time insights and predictions to optimise performance. It enables you to measure and evaluate your performance, refine strategies, and optimise processes. This leads to better outcomes and improved results over time.
How Copper Bay Digital can help you with your data-driven marketing
We pride ourselves on being expert and precise, this starts with data analysis. This is why all of our marketing services come with a regular report so that we can monitor key performance indicators (KPIs) together.
The first step is to get in touch. Our digital marketing team will then work with you to ensure your marketing goals align with your overall business objectives. We will help identify the channels needed to achieve your aims and encourage real business growth.