In a shifting world where data is one of the most prized commodity in the developed markets, it wouldn’t come as a surprise that many huge impactful institutions are reaching new heights using debatable business strategies. This gold mine we are still uncovering is titled Data-Driven Decision Making. A Proper definition to this concept would be, a business strategy built on insights pulled from the analysis of big data, collected through consumer interactions and engagements, to form predictions about future behaviour.
The following concept extends to every department in an organisation, all the way to digital marketing. Data-Driven Digital Marketing Strategy is defined as a micro level strategy that is driven by the insights drawn from data which are used to make predictions, run tests and optimise marketing activities to match the consumer demand.
We have to face it, the human population was lured into a Data driven culture; that believe it or not, we are opting to take part of and also contributing to it for free. The Spray and pray method used a decade ago as a marketing strategy; briefly meaning to maximise the reach of a campaign as much as possible until the right target is touched upon; is almost extinct now.
These strategies are purely built on the power of data, insights illumination, and mainly used to take us beyond intuition. All the strategy is based upon helping us make data empowered decisions. Interactions around the world, have been mediated around as data, for better allocation of resources. Almost everything can be tested, measured and improved and this is truly bringing about a quite but fundamental cultural transformation in how we make decisions.
How is Data Driven Digital Marketing is taking form?
Data Driven Digital Marketing is a people first marketing strategy. Strategies using Data Driven resources are showcasing considerable return on investment. Decisions are made only upon data, shifting the decisions making from people and management. The main objective of using it is collecting customer data and using it to personalise the messages, reaching the right people with the right information at the right time. This type of strategies are highly successful and tangible results are almost always being induced with 75% of companies seeing increased engagement when they use data-driven marketing. As well as, businesses with data-driven strategies five to eight times as much ROI as businesses without.
What are the main steps towards this concept?
Data driven marketing strategies are brought to life through a specific set of steps. First, collecting the data to achieve a marketing objective. This data needs to be specific, attainable, relevant, measurable, and time-bound. The most crucial part is the reliability of the data. Secondly, understanding and making sense of the data, once data has been filtered and sorted is has to be evaluated, hypothesised, and experimented. Finally, communicating and reporting the data collected. Testing the data is the only way to make sure the data used is helping achieve the marketing objective.
Why do we need it?
Targeting the right consumer, in the right place, at the right time, is the best method to achieving any set of marketing objective to push in parallel the achievement of the business objectives. For example, seeking higher sales for your new collection of shoes, needs to be communicated to the right target audience by gender, age, interests and behaviour.
Genesis Digital Group has only used the following strategy in order to induce tangible results to its clients. Data Driven Digital Marketing has overachieved the expectations of our clients such as SegaFredo KSA. The following project’s main objective was inducing physical footfall to the branches extended all over the Kingdom of Saudi Arabia. Using the following business objective, the marketing objective induce was to push the local reach towards our target audience. Gathering data was the main challenge,
