To one extent or another, marketing strategies have always been based on data. In years past, that data had to be collected from focus groups, books written by marketing experts with a lot of experience, census information, and other sources. In other words, collecting the data you would need to create an effective marketing strategy was labor-intensive, and it took some time. Perhaps that’s why we’ve seen so many failed marketing strategies over the years.
Today, though, thanks to big data, we’re constantly getting new data points on customers and customer trends, and we’re getting them in real-time. At the same time, all too may business owners and managers are basing their marketing strategies on old theories instead of new information. If you let go of these old practices and create a data-driven marketing strategy, though, you can experience a number of benefits for your business.
Lower Your Marketing Budget
First of all, you don’t have to rent a giant billboard in Times Square to get people’s attention, and you don’t have to buy a million dollars worth of commercial time on primetime TV. After all, most of your customers probably aren’t wandering around in Manhattan most of the time (unless you’re a local brick-and-mortar business in New York City), and if they’re watching primetime TV, chances are pretty good that they’re watching it on demand and/or fast-forwarding through the commercials.
In other words, you don’t have to spend a lot of money on advertisements and marketing efforts that aren’t guaranteed to bring in new leads and convert more customers. In fact, with PPC advertising, you can use data to specifically target your ideal customers and you won’t ever pay for advertisements unless those customers click on them.
See Where You Rank Against Competitors
Through social data, you can see where your business ranks against your competitors. This information can tell you where you need to focus your efforts to attract new customers and improve customer loyalty. It can also tell you whether or not you should roll out a competing product when another competitor makes one that’s very similar.
Create a More Effective Lead Nurturing Process
With the data you have for your leads and customers, you can create a personalized experience for them from the moment they first visit your website until they make their first purchase and beyond. Thanks to big data, you can tell who’s visiting your website and create a personalized experience for them every time they click over to see your products or make a purchase. At the same time, through email marketing, you can send them personalized messages that start with, “Hi, Jen!” instead of a generic opening. Customers respond well to these personal touches, and when you add them to your lead nurturing process, you can be sure to see more conversions and more return customers, as well.
For more information on data-driven marketing and how you can grow your business without blowing your marketing budget, contact us at Peppersack today.
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