I can’t stress enough the value and importance of data-driven marketing and decision making.
But what is data-driven marketing?
Data-driven decision making is a process that involves collecting data based on measured goals or Key Performance Indicator’s (KPI’s), analyzing facts from these insights, and utilizing them to develop strategies and activities that benefit the business in a number of areas.
In the marketing field, data-driven marketing makes it possible for us to monitor the performance of our marketing efforts and campaigns on a regular basis. We formulate strategies around insights collected through our marketing campaigns to optimize our processes and strategies to change and adapt our marketing efforts to meet the needs of our target audience. Leveraging the data we generate allows us, as marketers, to personalize your campaigns, enhance customer experience, optimize marketing channels, increase customer engagement, improve content, increase customer retention, embrace marketing automation, enhance your brand image, and so much more.
Nearly everything can be measured and tested, especially now that most marketing efforts are done digitally. These insights help us to develop personalized marketing strategies with the highest ROI in mind. Without the use of data, marketing decisions are essentially made by guessing. But why make a guess and risk the chance of failure and wasting money when you can use the data your digital campaigns produce to gain insights into the preference, behaviors, tastes and habits of your audience? This data provides marketers with all (well, almost all) the necessary data to make changes that can improve your conversion rates and generate leads.
Data-driven marketing is highly effective in determining whether a marketing campaign was worthwhile. As demands for marketing results increase, data generated from marketing activities will become heavily relied on for making marketing campaign decisions.