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6 Commandments of a Bankable Data-Driven Marketing Strategy

Much of investments in various organizations are going towards the maintaining and managing of big data. Since marketing is the function that helps you earn the revenue, its data-driven approach also becomes crucial to the success of the organizations.

Even though when data-driven marketing strategies have been identified as a great source of banking revenues, there are still hurdles out there that needs to be overcome. These hurdles may or may not include disconnected systems, dysfunctional teams, incongruous accountability and even disparate providers, all of which leads to a lack of better customer understanding and eventually leading to inability to provide relevant message regarding the product, hence losing customers.

In order to resolve these issues, in both the marketing contexts that is online and traditional, you can utilize the following points provided by a top-notch web design agency in creating a better data-driven marketing strategy.

  1.       Data is Beyond Numbers

Data and numbers need to be more than just numerical values. To be able to utilize them correctly, it is best that you know your goals and KPIs prior to defining the data or else most of it will seem meaningless. Your team must be able to see how each of the indicators are positively or negatively affecting the solid progression towards the set goals, only then these data points will act as tangible values than just being numbers on a spreadsheet.

  1.       Identify the Best Fit of Channels

Twitter has become quite a popular social network previously. Especially when it comes to TV shows, their related Tweets spread around like magic, attracting new viewers and transforming them into loyal viewers in a very short span of time as it compels them to at least watch. The rest is up to the quality of the TV show. Same is the case with companies having a responsive web design so that they can cater to customers on various platforms with just one website. Twitter is best for live event engagements, Pinterest is good for picture-based advices and ideas, while a website should be the home where everything else leads to. So choose the channels and platforms wisely.

  1.       Get the Measurable Metrics Right

It is of utmost importance to determine the strategy’s goals and that could only be done as you identify the metrics that you need to use in the process of determining the successful strategy. Results can be measured by evaluating the number of engagement rate on your shared posts, number of times link has been clicked, number of times a particular article has been shared on various social channels, average time spent on the article and so on. Be clear on goal evaluation and the metrics that can help in achieving the results.

  1.       Ensure Accurateness of Data

The data that you use to determine the results needs to be close to perfect, if not entirely. It is because it may be used as a source of creating major reports and sources later as they build case studies around it. The last thing you need is evaluating the incorrect data and then have competitors say that your data is not valid enough. Getting your data examined by a third party, like a researcher or a professor from a renowned institute, perhaps a data scientist or even an industry analyst, can help you in going forward with confidence.

  1.       Create Buyer Personas Followed by Customer-Focused Content

While you are down and dirty with the digging of data, one thing that is most often forgotten in the way is that there’s more to forming a marketing strategy than just data itself. From the data, the team needs to form hypothesis, validate it with the vision and take next steps from there only. Also, identify who the customer is, what are his likes/dislikes, what do they do in their spare time, what influences them, or perhaps answer more questions like these that helps to understand the customer better. Once through with buyer personas, you can now create customer-focused content, the base of which has been the data you have been digging deep into.

  1.       Test, Test and Test

The data can just be the beginning of developing an epic marketing strategy, there’s a long way that you need to go to from here. It needs to be frequently updated, manipulated and tested. You can test it by conducting an experiment of your new product/service on a small group of customers prior to going for mass production leading to a massive target market.

Data-driven marketing strategy could be the beginning of a new lucrative journey for you. The trick is to understand its importance and how vital it is for not only to survive but to strive. The sooner you understand this, the faster you will be able to test what works and better will be the chances of your business to grow. Good luck!

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