What is Data Driven Marketing?

By Vipul Tyagi, 3rd Eye Advisory Ltd
What is Data Driven Marketing?

What is Data Driven Marketing?

Data Driven Marketing is a form of optimal and targeted marketing using the customers' information. This radical rise in the use of data in marketing sphere has been due to the explosive growth in the technology for automation and creative production. This data centric marketing has led to the personalization of content for everyone. Data driven marketing thus leads to personalized people-first marketing strategy.

Origins of data driven Marketing

The concept began with the invention of Customer Relationship Management. Customer Relationship Managementallows the organization to keep track of the customers and their contact details. It enables direct mailing, and customer started receiving the relevant mails via direct marketing.

Customer Relationship Management gained a new ground when it was bought to the cloud. This came to be known as sales and marketing automation. This automation led to the profiling of customers to which direct mailing happened based on certain triggers and activities as well as scoring of prospects into segments. And this led to the formation of the inception of the data driven marketing.

Our experts at 3rd Eye Advisory® have provided a comprehensive list of benefits of Data Driven Marketing for your organization

  • Consumer Insight:
    Data can be used to help provide new levels of consumer insights either by considering singular source of data or by combining multiple streams of data together.
  • Right Audience:
    Ad spends and marketing messages are optimized to be shown only to the appropriate audience for the marketing campaign.
  • Relevant messaging:
    One size fits all is history. Messages should be relevant and be granular to resonate with the customer. This provides significant ROIs for the marketers.
  • Better Products development:
    Data driven marketing helps in reducing the product failure rates. Companies can establish a better understanding of their TG which can lead to the formation of better suited products.
  • Customer Experience:
    To enhance customer experience, many company uses Data driven marketing by getting the customer survey filled and find out the pain points in the service.

How to take data driven approach?

  • Automate and Integrate:
    New tools and technology in the marketing strategy can be overwhelming at times but help in avoiding the complicated results.
  • Collaboration Across Teams:
    Information must be shared across all the departments and teams. Thus collaboration among teams should be there.
  • Monitor Industry Changes:
    Staying up to date with what all happening in the industry and what your competitor is doing can help you with your brand strategy.
  • Measurement:
    Data driven marketing should be constantly managed and adjusted based on the success or failures that are evident from the campaigns.

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Article by: Vipul Tyagi, 3rd Eye Advisory Ltd