Understanding the importance of data in marketing is very important. The stiff competition among businesses, in this current digital environment, demands that businesses take advantage of data precisely to identify the right audiences using the right voice. The acquisition of data continues to grow each and everyday day which make data an integral part of today marketing process (Digital Marketing). Analytic tools are being used to collect, analyse, and provide reports (information) on collected data. This allows businesses to create campaigns that may potentially increase product or service awareness among prospective customers.
Proper use of analysed data can significantly affect the outcome of any marketing efforts. I can tell you with much belief that DATA-DRIVEN MARKETING is the future of marketing. It might not come as a surprise that 81% of digital marketers state that they expect most of their decisions to be data driven by 2020. However, there’s a dire situation during all that glorious data, the ability to turn it into actionable insights.
How and why Data is being collected
Performed transactions Data – This form of data usually helps businesses to understand the buying behaviour of their consumers, when and the steps being taken during the buying process. This enables the business to understand which sales or marketing strategies are driving their sales success.
Captured Data – Data which has been captured as result of user behaviour is called captured data. A good example is how businesses are using analytic tools (such as Google Analytics or Hotjar) to collect data on their websites. These tools capture behavioural data such as impressions, clicks, demographics among other forms of data to show how users are behaving when they visit your website.
This type of data allows businesses to know, for example, which areas on their website they should put more marketing efforts on to generate more conversions.
Collect Data – This is the data on individuals collected from online survey forms or contact forms. This type of data includes demographics, emails, contact details, likes or dislikes among etc. This type of data is useful when targeting certain group of prospective customers. Let’s say for example i’m selling adult female shoes. I will use the data to target maybe women between the age of 18 and 45, who lives within my region (Africa) or specifically in Zimbabwe.
Created Data – This is a market research related form of data which businesses collect from customers online to evaluate consumers, their likelihood to buy a certain product or service, messaging preferences or any other specific piece of information.
The most interesting part of all of this is how data is being used to personalize products and services. I’m sure we all have instances where we ask ourselves how an e-commerce website know which product or service to recommends for me. It’s amazing isn’t it?
They (companies) collect data (using cookies) and analyse how we interact with their websites. That way they can be able to know what we usually search for and make recommendations for us. Well, i don’t know about you, but every time this happens, i feel very important. It really feels like they really do understand my needs and i will be persuaded to even buy something from them. That’s the power of Data my friend.
In conclusion, there’s no denying the fact that data has become the magic bullet of modern marketing. The digital landscape and customer demands are in a constant state of flux. This place a lot of pressure on businesses to meet and understand new demands or even the pressure to surpass expectations.
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