Data-driven growth marketing analytics has allowed smaller firms and agile startups to reach their target audience easily.
Outsiders mistakenly believe that growth marketing experts and growth marketers target these channels because they are inexpensive, but the main reason is that they are trackable.
Data analytics is the key to targeting and optimizing your marketing approach and is your most valuable resource during the growth marketing framework. Data driven marketers are six times more likely than non-data-driven marketers to get a competitive edge.
What is meant by data-driven growth marketing?
Data-driven marketing is a strategy for increasing the effectiveness of B2B marketing by providing it with more facts. This information comes from previous campaigns, marketing technologies, and third-party sources. It then gets utilized as a foundation for driving efficiencies and optimizations.
Understanding how data-driven marketing works can start with looking at the many ways that consumers have changed in the last year. Using a data-driven marketing strategy helps identify the best marketing purchases and crafting unique, personalized marketing campaigns.
Other ways to improve customer engagement
Adding a data-driven marketing strategy and other analytics can be difficult for marketing organizations, and using different information sources is essential. Almost all figures get needed for use, the MarTech series reveals.
This new customer engagement technology formula allows marketers to compare available technology in 3 categories:
1. Techniques that enhance the customer experience
A survey conducted in conjunction with Accenture SAS identified the need to provide customers with real-time customer experiences for every contact point in the business. The study presents three interconnected tools to help companies improve their customer journey.
One prime example of personal marketing is Amazon customer recommendations and customer feedback. Social Media Today defines hyper-personalized digital marketing spend as the combined use of Internet technology with smartphones.
2. Customer Value Analytics
Customer lifetime value - analyses get designed to determine which customers are profitable and not profitable. Value analytics is one of the metrics used to calculate the value of customers in a business.
3. Omnichannel marketing strategies
Marketing messages from companies should be uniform across the platform and device. MarTech Advisor outlines four elements to implementing effective omnichannel marketing.
What is the role of data?
Growth driven marketing is impossible mainly if it does not exist with increasing statistics. Consumers' preferences and actions have gotten traced using several channels, including social networks, search ads, and web and mobile apps.
Understanding the marketing funnel is vital for any company preparing to invest in marketing performance. Marketing is part of the arts and part sciences. Data-driven marketing strategy is now shifting more into science.
How do you do data-driven marketing?
Organize your data into a cohesive picture.
Getting rid of the multiple data silos built on for years is the first step toward a data-driven culture. Your return on investment will pay dividends down the line if you invest now in solutions that will provide your staff with priceless customer facts insights.
Use the information to create personalized communications.
This is where you'll see a return on your investment. Your customers or supporters want the same level of service from your firm as they do from their Netflix account, which anticipates their subsequent viewing preferences.
After understanding your customer's journey or constituents, they feel seen, heard, and understood due to a spectacular customer or supporter journey. As a result, a tailored trip from beginning to end gets created, leading to a new supporter or customer.
Five data-driven marketing strategies
The greater the knowledge of potential customers for their product, the greater its marketing data effectiveness. Data driven growth marketing aims at converting data into revenue. This lists five ways marketers can exploit data sources for their target audience
1. Coordinate marketing across channels
Identifying resolution can be an effective way to improve omnichannel advertising, sales facts, and sales effectiveness. Identity resolution is the ability of people of all shapes and sizes to be identifiable by physical or digital attributes.
The technique combines marketing programs efforts across different channels based on customer characteristics, interests, or technology footprints. Marketing Evolution explains the process for automating omnichannel marketing.
2. Data onboarding
Data onboarding is the transfer of offline figures based on mail, phone, and other offline facts on a website. It requires anonymization of the facts before they are shared.
The use of offline figures helps marketers better understand their clients. Using this technology, marketers can target customers and craft customized messages using customer information.
3. Create an ideal customer profile with predictive analytics.
Integrating predictive analytics into account-based marketing allows companies to target customers based on ICP and target the desired product and services based on the desired profile. ICM aims at improving lead generation and marketing strategy efficiency.
4. Apply Big Data to Track Marketing ROI
Converting significant figures into insightful data is essential in understanding big data and translating its insights into actions. TechGenyz says companies can expect an annual ROI of $13.01 per dollar invested in analytics solutions and an ROI of 1300% from these services a year.
5. Personalize the customer experience
How does someone gain the attention of a visitor? DirecTV has developed a personal marketing program targeting people who recently moved.
DirecTV knows people will use the services of new providers if they move to an alternative location. The company also combined postal figures from applications for a new address with a personalized version for users.
Is data a problem in growth marketing?
While marketing experts acknowledge facts as necessary, unfortunately, organization figures are subject to several problems, including the need to analyze and extract value.
1. Set it and forget it
Most businesses still view data analysis from a specific interaction with defined end-to-end dates. The issue with this approach, especially in growing marketing efforts, is that the data model continues to change. When figures aren’t continuous, companies could easily fall into the "Data Wheel of Death 5".
When information cannot continue to get preserved, it can quickly become irrelevant. This leads to stakeholders putting less emphasis on gaining data-based insights. Consequently, facts protection is not a priority.
2. Siloed data teams
Data analysts and engineers can easily be accessed and utilized in most organizations. Data analysts and engineers often work in specialized groups isolated from others.
Other companies were looking to “decarbonize data” by giving marketers a better opportunity to do self-serving analytics without the help of data analysis experts. This can shorten analysis deadlines; however, it can often cause inaccurate information.
3. Being unable to respond to the questions you wish to ask
Historically, data analytics software was developed to provide departmental dashboard information and reports about business intelligence solutions for the company. However, these approaches limit a decision's ability to answer questions outside the one originally thought of in the design process.
4. Data in multiple places
In recent years, marketers have been increasingly adopting tools of superior quality. Then you can get specific tools for social marketing, SEO, web analytics, marketing data, and marketing automation. Marketing information gets found in different tools.
5. The volume of data
Information has grown dramatically. 90% of global data is produced every two to five years. It is difficult for organizations to collect, keep, and manage such figures from a specific source. Analyzing the plethora of information becomes much more complex.
Optimizing Your Organization for Data-Driven Marketing
The rapid changes that happen today in businesses are unprecedented. Take the shocking statistic that Twitter has gained 200,000 new users in less than two years - the most significant number ever. The time it takes to achieve such milestones has only gotten much shorter when compared to everyday items.
Marketing organizations evolve. Marketing companies use customer-centric strategies to evaluate customer engagement, acquisition, and retention costs over customer satisfaction metrics.
Using a data driven approach for growth driven marketing is likely challenging for many companies; however, there's good news: organizational structures and processes are an excellent way to prepare for success.
Organize for agility through collaboration
As the analysis progresses, further experimentation is possible. If your business operates using the same central statistics organization as the marketing organization, you can adopt agile data analytics methods to increase the marketing growth rate.
Although it's essential to enable marketer decision-makers to direct interaction with the information instead of using self-serving analytics to create siloes, information should also get democratized through a strong collaboration with data engineers, analysts, and decision-makers.
Treat data as a product rather than a project.
Successful marketing businesses grow through experimentation. Instead of allowing information as one-time projects you create and forget after completing the first set of dashboards, the facts you need to evolve as product requirements change.
As you learn about the product, market, or channel, you'll have to add new questions and sources that will help you understand figures better. Data gets treated as a product that requires changes and allows for continuous improvement.
All your data in one place
The information you collect will be combined and analyzed to complete the results. Instead of analyzing data directly in the source, figures get centralized in a data warehouse. This allows you to build relationships with different marketing systems and applications from this information.
The combination and blending of data-driven marketing strategies can provide the insight you could never have imagined.
Design for flexible analysis
Although your information models change over time, the questions you are analyzing must change with every marketing channel or experiment. Flat figure modeling will help you analyze questions you didn't consider previously.
In addition, your business must provide the tools and the personnel required to undertake the deep analysis of questions for effective business performance, not simply to understand what changes are occurring but also how they get caused.
Why is data-driven marketing so important?
This may never appear obvious, but a fact-driven approach supports all business activities. Often, growth marketing campaigns cannot work unless the information base is solid enough.
Growth is an ongoing strategy for performance optimization through experiments, client relations, and analysis when discussing growth driven marketing. We focus on incremental steps to achieve a directional change. Growth marketing skillset differs from growth hacks, focusing on short-term targeting tactics.
The Final Note
There is a need to navigate change, particularly the kind we saw in 2020. One thing we can count on because of this catastrophe is exponential development, growth, and evolution in the years ahead.
Today's investment in digital tools will position your company for the necessary growth as we go beyond the "new normal." Growth driven marketing sets your company or organization for long-term success and provides the groundwork for a data-driven organizational culture that will thrive in the future.
We at AI-bees hope this post shows that you look at sustainable success by leveraging growth driven marketing. This web blog article provides best practices to make the most successful and seamless growth marketing framework.
Contact us if you want to start your growth marketing, our team of experts is more than willing to help.