Back in the mid-50s and in the 60s, marketing mainly focused on grabbing the attention of the masses. Today , things have changed. With the advancement in digital technology, marketers must now navigate the barrage of ads that consumers are hit with (up to 10,000 everyday) as they focus their efforts on a target niche.
At the center of any marketing strategy today is the consumer data. Information exists for nearly any consumer behaviour that a business needs to better understand the habits, shopping, browsing patterns and interests of their target audience so there is no excuse for not providing what customers are searching for.
With this data, a business can develop a targeted marketing campaign that caters to the needs and desires of its customers.
Here are more reasons why data is so crucial to any successful marketing campaign.
Providing Useful Information
Customers are always searching for information about their next purchase withover 70% of all searches for new products or service beginning on Google. They don’t want to waste their hard-earned money on poor-quality products or services so reviews are imperative!
They want to understand the product before committing their money. Ultimately, it provides an opportunity for businesses to grab customer attention but also gain their trust. This is through offering quality information that adds value to their lives.
Information should help them make the best purchasing decisions. Through data, marketers can find out what customers are most interested in. They are also able to learn the pain points and the difficulties that customers are going through.
With this information, marketers can provide reliable content and offer solutions to problems. This content will go a long way to sending customers through the sales funnel.
Remember what we said about marketing being more niche and target-focused? This is all thanks to the data that allows businesses to identify similar characteristics of individuals in the market and similar interests.
It is how businesses can identify a niche and cater to the niche.
Through data, marketers will know what the target audience needs and is looking for and will therefore tailor marketing campaigns and products towards the fulfillment of that niche.
More Customer Engagement
Since the business can create more personalized marketing campaigns, it can enjoy greater engagement with customers. They see and find the content is relevant to their needs and helps them solve their problems and issues.
Because of this, customers can trust the brand. This in turn results in more purchases and a more loyal clientele.
Speaking of loyal customers…
They serve as the benchmark for any successful marketing strategy. By implementing retention strategies aimed at nurturing your already loyal customers you can gather information on buying patterns, interests, and behavior.
You can find out what makes them loyal to your brand and then use this data to generate new leads and gain more loyal customers.
If you were to spend your resources generating more leads, you may gain more customers but you could also end up losing the old loyal customers as they feel neglected.
Thus sending your loyal customers a token of appreciation such as a gift certificate or an appreciation email may be all it takes to solidify your brand in their minds.
Utilize customer feedback
If there is one thing about any data-driven marketing strategy, it is that it takes time. You will need to set the campaign in motion to collect data. You will then need to analyze and evaluate that data taking an even longer time.
But what if there was a faster way to find out exactly what customers wanted? It’s called customer feedback. By creating surveys that are accurate and precise, you can find out exactly what customers are looking for.
Granted customers may not be willing to spend their time filling a form, however, you can always entice them with a reward for their time such as a coupon or gift card.
Data is the most important component for any successful marketing strategy. Without it, it would be difficult to identify a target niche and to cater to the needs of the market. This ultimately means that you will lose customers. Data helps you not only cater to the needs of the target market but develop a loyal following.