Companies today use data gathered from the internet, payment systems, mobile devices and more to improve on their operations. Do you know that companies using data driven analytics are 23 times more likely to gain new clients? They are also six times more likely to retain these customers as compared to the less informed organizations. Businesses who use data analytics in their core operations are ten times more profitable as compared to their competitors.
What is data driven marketing?
Data driven marketing is a strategy where customer information is used for creative messaging and targeted media buying. Data driven marketing enables data driven decision making where the answers to questions such as when, who, what, where are made actionable.
Data driven marketing is a combination of strategies created on insights from analysis of data. The data is collected via consumer engagement and interactions whose aim is to predict future behavior. Data driven marketing is all about data analytics.
The aim of using data driven market depends on the organization. However, the core aim is to personalize and enhance customer experience.
Using data analytic tools, a company is able to collect data, process it and use it to enhance the customer experience. Some of these data analytic tools include Microsoft Excel, SAS, and many others.
Point of sale data is also important in data driven marketing. The POS picks up multiple bits of data that you can use as a business to grow your business. When a consumer makes a purchase, the POS collects information such as names, phone numbers, addresses and past purchases as well as their full order history. When doing pos data analysis, the data collected includes customer profile, inventory, order history, staff sales, sales trends, exchanges, returns and refunds. This data is collected and sorted using data analytic tools and used to predict the future behavior of the customer.
Ecommerce data is also used in data driven marketing. This consists of customer behavior, feedback, sales trend, product insights and marketing performance. With this data, you are able to create a marketing plan that works for individual customers.
Benefits of data driven marketing
The aim of data driven marketing is to predict future customer behavior and increase sales. Customers like information that is useful to them and you can use this information to produce targeted and personalized marketing. With the data collected an organization is able to clearly determine the most accurate and actionable data about the customers. The company is then able to separate the target audience they want to reach and group them ready for targeted marketing.
With data driven marketing a business can predict future market trends, customize shopping experience, increase sales, adapt to the customer expectations and do effective marketing.
