As technology continues to advance and throw an increasing number of exciting new platforms from which to reach audiences, it can be difficult as a marketer to know which lead to follow and what strategy to develop. Even if you decide on a brilliant plan, your business might not have the money to invest in the next big technology that is certain to boost your growth. So how do you decide which data-driven strategy is best for your business?
Experts have suggested applying the following key points to your marketing discussion to ensure you target the right strategy for your business.
Maintain high-quality data
Good data hygiene is paramount to controlling the quality of your information. Setting alerts for outdated lists and implementing SOPs for customer duplication checks are easy updates to ensure the quality of your data. This way you can ensure that your campaign is up to date and in line with your actual statistics.
Track the right metrics
Focus on KPIs that measure behaviours, engagement, conversion, loyalty or other goals, like efficiency. Having a diverse range of indicators from different areas of the business will allow you to assess the effectiveness of your campaign using a number of metrics. This strategy can help your business focus on the right areas for development and growth.
Define use-case data strategy and technology that scales
Following a limiting strategy, such as choosing the platform that is cheapest or one that serves the ‘now’ will likely cost your business more in the long term. When you combine all the data, analytics and resources from all your departments to understand the whole picture, you are better able to choose the right platform that suits your marketing needs as the business grows. The right technology will support your projected growth.
Select the right data resource platforms
Using a Customer Data Platform (CDP) over a Data Management Platform (DMP) is recommended. A DMP is designed to collect, categorise and segment data for marketers to target customers, whereas CDPs can gather data from across sources to help marketers create customized content.
Segment and target your audiences
First-hand data will always be the most valuable asset to your marketing campaign, however, it is more expensive than third-party data, which can be purchased at relatively low cost. However, both data sets allow you to segment your audience, and when combined will give you a good overall vision of your market.
Implementing a data-driven strategy need not become overwhelming. When you put aside all the jargon and focus on the reality of marketing, nothing much has changed, only the technology and accessibility-the core measures are still the same. If you feel confused, pick up your marketing 101 text and remember the goal of your work; creating relationships.