Marketing Data in 2016
Data driven marketing is engaging the marketing departments of companies now more than ever because it offers a much more targeted approach, in the way you can attract customers to your business. Towards this end, big data is the buzz word for the way in which this data works – businesses are accumulating it, storing and organising it within databases and deploying that data in the best way possible. They are using it to send out to the right audience at the right time.
It is because of this need for data, whether business or consumer data, that businesses have adapted in the way that they capture and respond to data, using tools that can give marketers the detail they need in real-time and then taking concrete action on those results to deliver what your business needs.
Big Data For The Bottom Line
The reason that data is good for your business’s bottom line is because it helps you to understand your prospects and customers. If you don’t understand your customers, you can’t give them what they need and that could test your credibility as a potential supplier as customers like to know where they stand and that you know what they want. Secondly, from that deduction you can then get more of an understanding of your customer’s journey, prepare for future customer acquisition and reduce the cost of that acquisition. If you analyse your data currently, then it makes sense to create actionable ways that you utilise this data to make your business’s campaigns run more efficiently.
By having more targeted options from this data, your campaign will have a better success rate and because these insights will offer greater conversions and save money. It will also help to offer you further insights down the road when that prospect has become a customer and you find out more about their needs and wants, and this will help you to better organise/segment your data in ways that you see fit to make for improved marketing campaigns. You will be able to optimise your offerings as and when needed and retain customers. Big data goes beyond much more than email marketing lists but it definitely provides a great start to direct marketing.
Residential Consumer Data For Campaigns
Following on from big data, we can look at consumer data and more specifically residential data. This type of data covers prospecting of: homeowners, those with particular hobbies, those with an interest in credit and so on. If you had an online shop that sold goods for the home for instance, you might want to target homeowners who are of a certain age and income who can not only afford to buy your products but also have an interest in using them on a regular basis. Having such data is crucial for the success of your campaign. Instead of sending out promotions to those who may not want what you have to offer, you will instead be sending out to those who have a genuine interest and therefore more likely to become loyal customers.