Data is the fuel that powers modern marketing. As a result, we’ve formed 5 data marketing essentials that will guide you to create better customer experiences and drive more sales.
In this blog post, we will share with you some of the key concepts and best practices of data-driven marketing, such as attribution, optimisation, real-time marketing, and predictive analytics. And, if you’re not sure about the capabilities of your current Martech, we have a Martech Review that can help you evaluate your current tools and data quality. Continue reading to learn more…
Attribution
Securing a sale isn’t simply about the final touchpoint; it’s a culmination of multiple interactions. Our first data essential is attribution. Understanding the intricate web of communications that your customers encounter stands as a pivotal step in placing the customer at the epicentre of your marketing strategies.
Attribution, an indispensable component, holds the key to the impactful use of diverse campaigns on distinct customer segments. Identifying the key touchpoints that wield influence over customers is fundamental in crafting a cohesive marketing approach.
Optimise your data
While leveraging tools like Customer Data Platforms (CDPs) can optimise your customer data, their effectiveness relies on the quality of inputted information. Our second data essential is optimising your data. The accuracy, utility and insights drawn from your data play an instrumental role in the success of your marketing efforts.
When dealing with what data should be used in your CDP, think about:
- The accuracy of the data
- The usefulness of the data
- The insights that can be drawn from the data
We’ve seen companies with the right tools but their data set up all wrong, making their campaigns slow, manual and, at times, misused.
With over 11,000 Martech tools available to you, not all of them can produce best-in-class marketing results. To help you understand whether your business has the right tool for the job or not, discover what our Martech Review can do to help instill confidence in your data actions here.
Personalisation and Real-Time Marketing
Personalisation is no longer optional, it is a data marketing essential. We’ve found that customers not only want tailored communications and promotions but expect them.
Make customers feel valued by incorporating their data into communications. Understand what the customer’s wants are and serve that to them. This can be done from the customer’s previous purchasing and browsing actions, and can even be predicted through getting to know who your customers are through data.
You can take personalisation to that next level by doing it in Real-Time with your website or call centres. Real-Time can enable your call centres to efficiently identify customers and allow them to act upon what the customer has been browsing on your website or left in their basket. The sales results of this enhancement are often staggering.
Predictive Analytics
Analysing your customer’s past actions can greatly impact how you segment your customers. But analysis is only as useful as the actions that come after it.
Product preferences, engagement patterns and customer demographics are key data fields that can give you a clearer view of your customers.
Segment, Analyse and Prioritise
Data-driven marketing should be exactly that, driven by data. Segmentation, analysis, and prioritisation are the keystones of data-driven marketing.
You should identify who your customers are and prioritise your most valuable customers.
Customers that are good to contact can be determined, at a simple level, through:
- Recency
- Frequency, and
- Value
The Pareto Principle suggests that roughly 80% of sales are from 20% of a customer base. We’ve found this to be true countless times, segmentation and prioritisation of your Super Customers is a great way to get more from less.
