Data Drives Marketing’s World Around
When data is harnessed correctly and used in tandem with company-specific KPIs, data-driven marketing efforts can produce a higher ROI. Companies now can harness data to drive their marketing tactics, make better-informed decisions, and drive achievable goals.
There’s a stark difference between b2b marketing and b2c marketing, which highlights the first major difference. In both cases, marketers are selling a product, service, or experience. Buyer intent explains why a B2B purchase is typically based on logic and why a consumer’s purchase is driven more by emotion.
Moreover, data-driven marketing offers a competitive advantage, allows for better-informed decisions, creates a positive customer experience. This can also increase overall customer loyalty, retention, and satisfaction.
It’s All About The Customer: In-House Digital Agency Insight
Distinguishing your KPIs and using data that aligns with these goals will have a significant impact on your digital advertising success. Any in-house digital agency requires a solid game plan from the start, and it must include achievable and measurable goals.
Instead of just focusing on the obvious conversion goals, such as a customer purchasing a product, consider adding a lead generation or brand awareness to your list of KPIs. Moreover, this approach requires marketers to be innovative and flexible to help guide the intent of the campaign, and the results needed to show a successful campaign.
- Reach: Impressions are how many times an ad has been seen, where reach is, and how many unique people have seen it. Marketers use these metrics to gauge how effectively they are in reaching their target audience.
- CPA: Cost-per-acquisition shares the overall cost-effectiveness of the campaign, and whether it made the client money. CPA is the amount spent on the campaign divided by the number of conversions it created.
In the digital advertising world, marketers must set goals as a road map to gauge success. Real success requires you to set specific goals that can be measured over time.
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Data can benefit businesses by confirming marketers’ predetermined notions about their target demographic. Businesses can deliver highly targeted ads to the right audience at the right time and in the right place which is why they invest in a digital marketing executive search.
A data-management platform (DMP) is software that absorbs, sorts, and stores any information about users and segments it into useful information for marketers.
- First-party data: Data collected through a direct relationship with a consumer or business. This data is critical because it is user-specific information, such as email addresses and online behaviors of existing users.
- Second-party data: This is data already accumulated by a similar company and then bought to be brought into a database. These lists provide data already segmented into similar audiences, which allow for a more productive strategy.
- Third-party data: This is data collected without direct consumer relations based on behaviors, demographics, and contextual targeting online. This massive amount of data is not unique to one company and can be bought by many different competitors.
Gathering data from DMPs enable marketers to unlock insights about their audience members and target them in various ways. The other aspect of harnessing data to further your business goals is to analyze accurately and report on that data. After all, your marketing efforts are only valuable if you measure the results. Data-driven marketing offers a competitive advantage; increases customer loyalty, retention, and satisfaction; and allows marketers to deliver a more relevant message to their audience.
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