Data-Driven Strategies Will Improve Your Marketing
Companies who use data-driven strategies to drive their digital marketing campaigns are 6 times more likely than the competition to be profitable year-over-year. This is because those organizations are able to leverage that data to better understand their customers and how to engage them. Here’s how a data-driven strategy can improve your marketing initiatives and some tips for implementing one for your business.
The benefits of a data-driven strategy
It’s easier to find and engage prospective customers
Brands driven by data find it easier to track how their customers move online. They know the platforms where their customers interact the most and the types of content that elicit the best responses. This data makes it easier for them to attract more leads into their sales funnel.
It delivers a more personalized experience
The data collected through digital marketing allows organizations to track how customers move through the sales funnel. They can see the type of information that customers look for at each stage, as well as the type of content that encourages them to move to the next stage of the sales process. As they better understand how customers engage, they can tailor the material they offer to prospects and leads throughout the funnel. This creates a more personalized experience and a more positive impression of the brand.
Brands use their budget more efficiently
Highly-targeted campaigns tend to be more efficient because you aren’t wasting time and money on initiatives that don’t lead to sales. Instead, smart businesses leverage their data to determine which avenues are resulting in the greatest return on their investment. This allows for greater investment in the most successful strategies, producing higher returns and better use of the budget.
Building a data-driven marketing strategy
Outline the customer journey and personas
To create a data-driven strategy, the first step involves developing a concrete understanding of who your target customers are and what their journey looks like. If you don’t already have a firm idea of your buyer, consider for whom you first developed the product or service. You can also look at your existing customers or do some market research.
Next, outline their typical journey. Work with the sales team to see the types of questions that people have as they get closer to making a purchase. Use keyword research to better understand the keywords they might use at different stages of the sales process.
Determine KPIs for each stage
KPIs, or key performance indicators, allow you to measure important metrics at each stage of the funnel. Here are some basic KPIs to get you started:
Top of the funnel
- Number of social media likes, shares, and followers
- Clicks for top-of-funnel keywords
- Main traffic sources
- Number of unique visitors
- Rate of top funnel conversions, such as signing up for an email list or webinar
Middle of the funnel
- Number of returning visitors
- Email click-through rate
- Rate of engagement with the sales team
Bottom of the funnel
- Number of revenue-driving conversions
- Revenue per conversion
Throughout the funnel, make sure you also track the most common touch points for your prospects at each stage.
Calculate the most successful initiatives and improve your campaigns
Now, compile your data and start to create campaigns driven by your new information. The platforms and types of content that drive the most conversions should also see the most investment.
For more information about how we leverage data for businesses of all sizes, reach out to the digital marketing experts at Chair 10 Marketing, one of Seattle’s premier digital marketing agencies.