Marketing in the modern era, or commonly known as digital marketing, has transformed into something you can track and measure.
Being measurable means you will have a pool of data available during or after your campaign.
These data include your campaign result, audiences, and many other demographics.
So, what does data-driven marketing mean?
To put it simply, data-driven marketing is the used of available data to make marketing decisions.
It does not only limit to your marketing campaigns data, but existing data like sales figure and the frequently purchased product can also be used too.
Many businesses, SMEs or MNCs, are using data-driven marketing. This proves that it is useful and important even in this constant world of change.
The benefits of data-driven marketing include:
Digital marketing is already cost-effective. So, using data to drive marketing campaigns is sure the ultimate move.
This is because you run campaigns based on facts, avoiding irrelevant audiences. Thus, generating higher conversions and in turn ROI.
By targeting relevant audiences using data, your marketing message makes more sense to your audiences.
A frequent irrelevant ad may cause people to perceive your business negatively. So, avoid spending money aimlessly.
Businesses from all around the world are using data-driven marketing strategy to further reduce marketing cost and effectively drive sales up.
Some of the common data-driven marketing examples are leveraging of:
Demographic is statistical data relating to the population and groups within it.
Common characteristics that are used in data-driven marketing are gender and age, which can be easily extracted from your online campaigns such as Google Ads and Facebook.
If you are selling adult to teenage female apparel, then you should define your audiences correctly in your campaigns.
During the progress or at the end of your campaign, you might even find out that your apparel might not attract who you intended to.
You can track and review your sales and campaign activity by locations.
For instance, a location having much more sales and campaign activity than another is something you should look into. Again, investigate why.
Then reinforce your business strategy and marketing campaign in these areas, don’t miss out any potential sales.
You should keep track of your monthly sales record, right?
Investigate into the lowest and the highest sales month. What are the causes of a low sales month? What are the driving factors for a high sales month?
Implement the driving factors into the low sales month. If it is something out of your control such as government grants, things you can do for that month are running a promotion campaign and remarketing.
You need certain tools to study and come up with a data-driven marketing plan before you execute.
These data-driven marketing tools, paid and/or free, enable you to easily study and make use of your data to drive your campaigns:
Crazy Egg can see what’s hot including what’s not, and over 300,000 websites are using it.
With this data-driven marketing software, you can know what your web visitors are doing with heatmaps, recordings, A/B testing & more.
This is a tool to know more about your site visitors behaviour so you can make improvements to it, increasing your conversion rate.
Price per month: Basic $24 / Standard $49 / Plus $99 / Pro $249
Facebook Insights is a powerful tool for those wanting to track users interactions and understand page performance on their Facebook Page.
You can track and measure followers, likes, reach, posts, and many more.
This is free as well, available once you create a Facebook Page in the admin panel.
GA is a web analytics service offered by Google that tracks and reports website traffic data.
You can also link up GA with your Google Search Console and Google Ads.
In short, GA can show your linked Google platforms statistic.
This is a free data-driven marketing analytics tool that is widely used and every marketer must use.
Google Data Studio is a reporting solution for users who want to go beyond the data and dashboards of GA.
Again, this is a free data-driven marketing software developed by Google. In GDS, you can preset the data in different types of chart you want to study.
GA requires you to click in the individual menu to browse the data, it’s a great tool but not as convenient as GDS when it comes to reporting.
Looking to track your email marketing campaigns? Mailchimp is one of your solution.
Mailchimp is a data-driven marketing automation platform and an email marketing service.
With Mailchimp, you can send emails to your desired segments and follow up with remarketing emails.
Price per month: Free for up to 2,000 subscribers / Essentials $9.99 / Standard $14.99 / Premium $299
Microsoft Excel is a spreadsheet developed for features like calculation, graphing tools and pivot tables.
There is so much you can do with Microsoft Excel and almost everyone knows how to use it today.
A simple sort and filter allow you to find out more about your data, typically used for demographics and data you already have on hand.
This is one of the most essential data-driven marketing analytics tools that are easily available in the market.
Now you know what is data-driven marketing and its examples, you can start implementing it in your business.
I am sure you can come up with several data-driven marketing solutions after reading this. Remember, you can achieve your goals easier than before at a lesser cost by using the right data-driven marketing tools.
Images are taken from: