To understand the data-heavy marketing landscape, you need to know what to look for. Consider our partners at ADMA the path to gaining that knowledge.
Every minute our society churns out 350,000 new tweets, 700,000 Facebook logins, 2.4 million Google searches, 38,000 posts to Instagram and 150 million emails. These digital data stores are the platinum mines of the internet, sketching for a demographic map of consumer trends, tastes and impulses for marketers to follow.
A cutting-edge, data-driven approach to marketing understands the value of such information. It removes the fallibility of human guesswork from self-promotion, replacing it with cold, hard figures: a low risk-high reward strategy.
This quantitative approach to human behaviour is about to don a more sophisticated persona in 2018, and it’s vital that you and your business are ready.
Step One: Fresher data
Ad Age voices this well: ‘The inherent power of data lies in its ability to precisely connect brands with the consumers that demonstrate the greatest propensity to convert, and thus deliver a return on ad spend’. The fresher your data is, the less likely consumers are to see the same ad for a product that they’ve already purchased three weeks ago, thus the less likely you are to drain your finances. In 2018, we expect to see the businesses with the most current data sources, and more thorough algorithms deliver the most return.
Obtaining a bird-eye view of consumer activity is just as crucial as maintaining these ripe, multiple data stores. This year marks a new era of tidy, consented data forces with both a short-term and long-term focus – naturally advancing predictive analysis.
Step Two: Thinking outside the box regarding data collection
How do you define your threshold of “in-market”? Today there are hundreds of angles from which data can be applied to paint a potent picture of each potential buyer. Is it an isolated visit to your website or an algorithmically informed portrait? Particularly with the unprecedented growth of online shopping in the past decade, the latter is vital. Shoppers’ activity is anticipated to become much more refined and extensive, thus your data-collection points should be too.
Infusion of AI into marketing efforts can aid in this acquisition of newer data. As mentioned at the recent Teradata Partners conference in California, ‘analytics on analytics’ or ‘meta-analysis’ is expected to be popularised in 2018. The principle behind this process is simple: the plethora of technological marketing software & single-purpose tools make integrating data difficult. New meta-analysis can be used to streamline these outputs and generate a clear picture of consumer behaviour.
Data-driven marketing allows companies to tailor the right message to the right demographic at the right time to maximise conversion. It eliminates the guesswork behind consumer profiling, a multi-channel experience which makes it simpler to segment audiences and align messages across all platforms. Such analytics-based marketing will also drastically refine customer experience, elevating product development almost to an art.
However, this innovative marketing front doesn’t come without its challenges. Mobilising the right team with both a solid theoretical and practical understanding of predictive analysis and data science is both vital, yet difficult. Likewise, data must be integrated and of high quality to produce tangible results. Different departments within your business must set goals which are perfectly aligned to avoid internal problems.
Step Three: Learn how to leverage technology and data to drive actionable results, advancing your work & career
Confidence is vital in every enterprise. Marketers, Brand Managers, Analysts and Sale Managers must be competent and confident with the concepts surrounding data to stay relevant. ADMA’s Data-driven Marketing Certificate pools resources and advice from global experts, creating an easy-to-digest collection of tools which will distinguish you from other professionals.
Data-driven advertising has matured from a ‘nice-to-have’ strategy to high table stakes – the question is, what are you doing to plan ahead?
Learn more about ADMA Data-driven Marketing Certificate here.