“Data-driven marketing refers to the marketing insights and decisions that arise from the analysis of data about or from consumers.” ~ Lexicon
This data is either primary (data collected by directly surveying consumers) or secondary (e.g. tracking online social interactions, web browsing behavior, online search behavior). Regardless of how it’s collected, it’s easier to do this today thanks to resources like Amazon Mechanical Turk and Survey Monkey.
Regardless of your budget, you can still use data-driven advertising to increase your sales. A great example of this lies in what Pretzel Crisps did recently. While we all know how much consumers love coupons, many companies complain they can’t tell how they’re benefiting from giving them out. However, Pretzel Crisps recently released a Buy 1 Get 1 Free coupon via Facebook without notifying anyone of it. They then tracked this coupon’s redemption rate via data-driven advertising. In doing so they discovered that their sales increased by 93%.
Coupons aren’t the only way of taking advantage of data-driving advertising. There are also some social media tools that any size business can put to work for them, including:
- Facebook’s custom audience allows businesses to target more people who are representative of your target audience.
- Google AdWords helps you stay on top of the search engine’s many algorithm changes by determining what phrases you should include in your content.
- Twitter analytics tells you how your audience is engaging with your tweet so you know what really does and doesn’t work.
- Hootsuite is a great social media tool that helps you decide when the best time to Tweet is.
“70 percent of today’s best companies say that data-driven testing is a priority, versus only 46 percent of the rest of the pack.” ~ Chelsea Segal, President of Targetwise
Once you have a handle on your goals and what you want to get out of your marketing analytics plan it’s time to execute a plan for achieving your goals. It only makes sense you want nothing less than the best for your business and with data-driven marketing, you can achieve it.