How You Can Use Data to Better Strategize Your Marketing
Modern marketing is a data-driven business. Not only can data-driven campaigns help you reach a highly targeted audience (and a wider one, too) — they also yield a higher ROI than more traditional initiatives.
In fact, one classic study found that businesses who use data see 5-6% higher profitability than businesses that don't. How can you use data to optimize your marketing efforts? Let's discuss four suggestions that can help.
Keep Up With Buyer Persona Insights
One of the most important ways to improve your marketing campaigns is to target high-value prospects more efficiently. After all, spending your ad dollars on prospects that aren't likely to buy from you anyway is a recipe for low-ROI campaigns.
In this regard, it's vital to periodically review your customer profiles and buyer personas. Have any significant changes occurred since the last time you checked them?
- Have customer pain points changed?
- Are your demographics shifting (e.g., your ideal customers are getting older or younger)?
- Do your buyers connect with your brand in different ways or via other channels than they used to?
Of course, the only way to accurately answer these questions is to look at the user data you've gathered. Use data points to analyze your "ideal customer's" shopping behavior, interests, pain points, goals, and other key motivators. Then, use the information gathered to create tailored campaigns that play to the preferences of your consumer base.
Moreover, you can also use data points in social media marketing. For example, you can create custom audiences on Facebook using a set of "identifiers" that will match your ads to your intended audience.
Revisit and Enhance the Buyer's Journey
To optimize your marketing efforts, you need to understand your typical buyer's journey. Just how vital is such an understanding? According to one survey, almost 90% of marketers across all industries agree that "understanding user journeys across channels and devices is critical to their success."
As you review your buyer persona data, allocate some of your resources toward gathering insights on your buyer's journey. For instance, track metrics like website traffic, clicks, views, shares, and bounce rate to see where your customers are interacting with your brand and where "bottlenecks" in the buyer's journey may exist. Then, focus on ways to improve your buyer's journey, whether that's making your website more "mobile-friendly" or beefing up your social content marketing strategy.
Use Data to Cultivate a Competitive Edge
You can also use data to identify weaknesses in your competitors' strategy and exploit those gaps as efficiently as possible. In terms of digital marketing, this often involves understanding how you rank against your competitors and which keywords to target in your strategy moving forward.
For example, in social media marketing, you can leverage analytics tools to learn how your social engagement stacks up to the competition. You can also learn about your competitors' audience demographics (e.g., who they're targeting with their marketing mix).
Moreover, search engine data can be used to improve your website's rankings for specific keywords. You can use keyword analysis tools to determine which keywords and search phrases your top competitors are ranking for and where opportunities exist to beat them out for the top spot in Google's SERP (Search Engine Results Page) ranking. Suppose a keyword you're currently targeting doesn't have sufficient search volume to be valuable anymore or is associated with too much competition. In that case, you can adjust your tactics to improve your upcoming campaigns.
Improve How You Measure Your Marketing ROI
Data is also critical in terms of measuring your campaign's ROI. Data collected from analytics tools can show you how your campaign is performing both on a granular level (e.g., in terms of specific metrics like click-through rate, impressions, the total number of visitors, etc.), and overall (that is, in terms of the impact on your bottom line).
Of course, you should always adjust your campaigns as needed according to the data you collect. Fortunately, it is easier to know when and how to pivot a weak campaign with hard data close at hand.
Additionally, it's important to measure success in terms of the buyer's journey. You can create data-based milestones or KPIs that will help your team track campaign performance and identify key areas of opportunity. Data-driven KPIs can serve as solid benchmarks for success and help you to clearly spot which aspects of your campaign need to be improved.
It’s good to note that the process of gathering and analyzing data requires patience and time. Remember not to react too fast, and instead, steadily observe so your team can make wiser decisions based on the data collected over time.
Leverage Data to Create a Better Marketing Strategy
Data should inform just about all of your marketing decisions, including which demographics to target, which keywords to rank for, and which KPIs to use. When hard data is "baked into" your overall marketing plan, then your efforts are all but guaranteed to yield a higher ROI than they would otherwise.
Find a trusted agency with advanced data solutions that allow you to reach the right prospects, at the right time, through the right channels. The proper use of customer data is absolutely essential to an effective marketing strategy. If you want to take your marketing efforts to the next level, explore your data collection and analysis options today.
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