Speaking of What you Need to Know About Data in Marketing, the use of data to make marketing decisions is indeed a new strategy. The truth is that companies are blind without big data analytics. Marketing data is an indispensable tool when it comes to improving customer loyalty and engagements, make pricing decisions, or optimizing your performance. With so many platforms and services on the internet today, the internet is cluttered with competition.
In this case, you need a strong marketing strategy so you can stand out from the crowd. If you are aware, it is no longer enough to just have the best products and services at the best price, you also have to reach the eyes of the right customer and convince them of the reason they need your product. (What you Need to Know About Data in Marketing)
What You Need to Know About Data in Marketing
Imagine a situation where you would be advertising baby diapers to individuals or internet users who are searching for generators. This would prove to be futile and this is only caused as a result of little or no marketing data. Marketing data goes a long way from infographics to intent data.
With huge marketing data at your disposal, there is a decent chance you could stand out from the crowd and at least catch your audience’s eyes. Before we go further, it is very important you know what data marketing is. Stay glued to this article for more information. (What you Need to Know About Data in Marketing)
What is Data Marketing
According to AccuData Data marketing in simple terms is the practice of basing your brand’s marketing and communications strategy on the quantitative information you’ve gathered on your audience. According to Wikipedia, Data-driven marketing is a process by which marketers gain insights and trends on in-depth analysis informed by numbers. If you were aware, traditional marketing was based on long help assumptions, Data marketing on the other hand is based on quantifiable facts. These facts are simply your consumer’s data.
It works in a very simple way. Rather than just hoping a customer would come and buy a product, you’ve already collected data and found out that in a certain location, your products are needed and all you have to do is go there. Studying your consumer’s data, you can find out what they love most about your product, what time they purchase or use it, your best-selling days, and so on. (What you Need to Know About Data in Marketing)
Types of Data You Need to Operate a Successful Data-Driven Marketing Program
Below, you will be discovering a list of the data you need to operate a successfully Data-Driven marketing program.
- Demographic Data.
- Technologic Data.
- Behavioral Data.
- Firmographic Data.
- Performance Data and Analytics.
- CRM Data.
- Industry Benchmarking Data.
- Psychographic Data.
- Intent Data.
There you have it, the types of data you need to operate a successfully Data-Driven marketing program. Let’s take a quick look at some of not all of them. (What you Need to Know About Data in Marketing)
Demographic data is one of the commonly used types of marketing data. It includes data points that are related to a specific socioeconomic attribute of a general population. These could include age, fender, religion, marital status, and so on. (What you Need to Know About Data in Marketing)
This data is made up of information regarding the essential tools and technologies a company uses to conduct business. In the world of B2B marketing, this data is valuable. It included everything from payroll software to marketing automation tools to auto-dialers. (What you Need to Know About Data in Marketing)
This is sometimes called engagement data. This data refers to the data points collected when a customer or prospect interacts with business away. These include metrics related to website activity, content downloads, purchase history, email clicks, and so on. (What you Need to Know About Data in Marketing)
This is similar to demographic data. In this case, instead of describing a particular group of people or audience, it is used to describe businesses. This data is useful in the world of B2B business. (What you Need to Know About Data in Marketing)
Performance Data and Analytics
This is all about getting analytics from how all customers businesses and firms respond to a particular marketing strategy or campaign. Let’s say, for instance, there are people who are likely to get goods and services from their emails, some from just advertisements on the internet and others from phone calls or radios. (What you Need to Know About Data in Marketing)
The introduction of the CRM software has allowed marketers to gain deeper insights into their prospects and customers. This data is mostly used and analyzed by marketers to uncover patterns and commonalities among buyers. (What you Need to Know About Data in Marketing)
If you want to really take your business to the next level using data marketing, then every piece of data you acquire is important. Of course, one can say this is not an entirely comprehensive list but it is the basics to begin and go into the world of data marketing. You should know, the key to marketing success lies in the breadth, depth, diversity, and quality of data you have at your disposal. As a marketer, you should no longer rely on instincts when you have the resources to collect data. (What you Need to Know About Data in Marketing)