Data is a key factor in analyzing consumer behavior and data driving marketing strategy decisions. Marketers can learn a lot from the huge amounts of data available and help create a better customer experience and drive customer acquisition. But that’s self-evident. Let’s look at the specific challenges in the marketing world that can be solved by leveraging data properly.
For instance, one of the major challenges is that the detailed reporting of the actionable items that are directly related to business problems is not 100% efficient. Marketers are dependent on their suppliers for better forecasting and recommendations that speak clearly to them and the business stakeholders. Being able to develop a behavior model based on the data available could prove to be more useful for marketers. Thiswill allow them to work on consumer feedback and enhance customer experiences.
Another perennial problem is not being able to generate enough leads and traffic. This happens due to challenges in reaching and engaging the target audience or not knowing the target audiences.An analysis of the data available could help in identifying how and where to engage the target audiences to drive upleadgen. That apart, problems like strategy implementation, finding the right KPIs, bringing all means of marketing together, etc., present opportunities for being solved with data.
Let’s look at some of the challenges of marketers that can be solved using data driven marketing.
1. Insufficient impact fromcommunications and content -Producing content is easy but producing impactful content is difficult. Using behavioral data of customers, marketers canidentify actionable insights like triggers and motivations. They can identify patterns, correlations, drive content and communication strategiesthat deliver success and ROI.
2. Growing Competition- The attention economy is not growing.Marketers need to grab their share of attention fromanother brand. This can be achieved by personalization of messages and targeted content marketing. That, in turn,can be driven by analyzing the data on consumer needs and how consumers respond to different types of content marketing.
3. Identifying the buying persona- Customers expect personalized experiences. Data is the key to delivering this. Customer records will reveal accurate, relevant, new details of the consumers when put to the Analytics test. This process will help marketers better define buyer personas and create experiences that matter to them.
4. The trend of product performance in the market – In the traditional marketing world, the product performance was analyzed based on the suppliers’ feedback and the sales stats of that product. In the modern world, marketers can use consumer behavioral data, social media information, supply chain analytics, and surveysand customer feedback.Marrying that with previous performance data and history can deliver near-real-time insights into how the product is faring in the market. This can drive greater agility in the response to market conditions, especially when a pivot is required.
5. Customer Sentiments Analysis and Predicting Future Products-Sentiment analysis using consumer data can predict the type of product features consumers want.Sentiment analysis can also provide inputs into the design of future products that satisfy customer expectations. The automotive industry relies on such insights to design future cars. Walmart also uses sentiment analysis to find out the experiences of customers in Walmart stores to curate future experiences.
6. Using data keeps users from hanging up calls – Telemarketers can use the huge customer database for targeted tele-calling. Having relevant information of customer allows them to personalize the call and increases the chance of it getting converted to sales.
7. Customized Advertising and Offers-Data from various platforms can be collated, analyzed, and refined to help predict the relevant customer sets for various products. This can help to target and send customized advertisements over personal channels like email and Whatsapp to the right audience to drive more conversions.
8. Monitor and provide suitable social media responses- Using social media to monitor and respond to customer feedback is not an easy task. It is as much about engagement with people as it is about responding to what the community is saying about the brand. Scraping the relevant data and responding to it appropriately will help drive up customer satisfaction and engagement. This can be achieved by different types of data analysis and modeling and triggering automated response, guided workflows, and agent-led responses to help satisfy consumers.
9. Market awareness- Are you aware of your competitors and the new products being launched in the market?Will analysing consumer feedback and responses to various products tell you more about what trends are likely to rule or, maybe, even disrupt the market? Data driven marketing can help you derive those meaningful conclusions about the state of the market, your current competitors, and likely future competitors too. In conclusion, let’s just say that data can bring in a new era in the marketing world. Marketing’s impact and efficiency are always under question. With data in the marketer’s arsenal, that may no longer have to be the case.