Are you looking for new and innovative ways to market your business? If so, you’ll want to check out these five data-driven marketing strategies. Using data to inform your marketing decisions can help you reach more customers and achieve better results. So read on to learn more!
Data-Driven Marketing Strategies
Marketing decisions are no longer just based on mere intuition and expertise. However, contemporary marketers continue to rely on tried-and-true performance metrics, such as the return on investment (ROI) ratio, which has been in use since 1914, to assess the effectiveness of their lead generation initiatives. The simplicity of ROI is one factor in its enduring popularity. A high ROI indicates that the returns on the investment outweigh the costs. On the other hand, a low score indicates that there was a mistake in the audience, message, or product selection, or perhaps the time of the email blast was incorrect, or the advertisement wasn’t clear enough.
B2B Data driven marketing is the strategy of enhancing your B2B marketing campaigns with quantitative metrics. For B2B businesses in particular, data-driven marketing adopts a research-based strategy to improve client outreach. In the B2B industry, data-driven marketing is swiftly rising to the top of the list of methods for generating leads. According to a Forbes report, 64% of the executives who participated say they strongly believe that success in a fiercely competitive global economy depends on data-driven marketing.
DDM – Benefits vs. Challenges
As they are continuously exposed to generic marketing messages, prospective customers are now pickier about which CTAs they choose to respond to. A data-driven marketing strategy is tailored, so the recipients are more likely to respond favorably to emails, material, and advertisements that are intended to address their concerns.
In contrast, for B2B firms that are not accustomed to functioning via such complicated decision-making processes, an internal data-driven marketing agency can represent a drastic revolution.
Here are the benefits and challenges of data centric marketing:
|Greatly enhances customer experience.
Data-driven marketing solutions can be used to create customized messages for particular target audience groups and quicken the process of developing a prospect’s confidence in a company.
The enormous volume of data pouring through your organization’s many channels puts a strain on your collaborators’ skills in knowledge management, time management, and energy consumption. Separating the important information from the rest is difficult.
Marketers can base decisions more on real-world use cases and less on assumptions by using data analysis. This translates into more customized marketing initiatives centered around the prospect’s interests.
|Avoiding invasive data collection.
Visitors to your website have a right to know how their information will be used and what advantages it offers if they choose to share data with you. Companies must gather information in a clean manner and use it responsibly.
|Enhances targeting initiatives.
Ideal customer profiles, which contain detailed information about which media, devices, channels, and platforms perform best for specific targets, are created by marketing teams with the use of DDM.
|Applying the insights.
By incorporating data into their brand’s structure, executives and managers commit to a responsibility that includes putting the resulting recommendations into practice.
B2B Data driven marketing strategies
Here are some instances of how a data driven business strategy and marketing initiatives can be used to improve your website’s performance.
Tracking Website Interaction Data
Every website has a variety of ways for users to give feedback, submit inquiries, or obtain contact details. Nevertheless, if properly handled, all interactions can result in insightful data-centered discoveries.
The most typical uses for data in data-driven growth marketing are:
- User Experience: This involves in-page clicks, spent time, mouse movement, navigational patterns, and bounce rate, among other behavioral traits. Making your website more suitable for user retention is possible with the help of this data.
- Content effectiveness: Every type of content, including webinars, blog posts, white papers, etc., has a specific goal in mind. It is feasible to create more authoritative content by researching the themes and styles that are most popular with users.
- Engagement: Although websites should turn visitors into buyers, their first objective should be to inform potential clients. Live chats and chatbots are excellent tools for understanding user needs and the buying process.
Filtering Potential Client
With enough experience, marketers learn that not every lead is worth pursuing. The fact that it makes it easier to determine which leads are more valuable to the business and which are also the most likely to make a purchase is another reason why data-driven marketing is so crucial.
Demographic classifications like location, age, gender, company size, etc., are just a few examples of critical data that can help you better understand what your prospects are looking for.
Sorting your prospects’ profiles into the following categories is an excellent data-based practice:
- Top-tier: These are the most lucrative leads who have already made it clear they want to buy from you.
- Mid-tier: Although they have expressed a strong interest in your goods, these prospects have not yet reached the end of their buyer’s journey.
- Bottom-tier: At this time, these prospects do not have the desire to make a purchase.
Personalizing Email Campaigns
Every email viewed or responded to in the B2B domain is a modest step in the right direction, and data driven statistics may be quite helpful in convincing readers that you are familiar with their circumstances.
The success of a data driven business strategy campaign can be determined by simple yet significant factors like an understanding of their industry, presenting fascinating concerns or relevant solutions, and sending the email at the appropriate time.
Additionally, data-driven strategies help marketers fully comprehend the most effective email sequences, the most popular content, the most popular CTAs, and the emails that were answered and for what reason.
All of this information helps to produce email templates that are more complex and have higher open and click rates.
Integrating Data-oriented Technology
Customer Data Platforms (CDPs) are interactive databases that gather pertinent customer purchase and activity data, building comprehensive and dynamic individual data profiles.
By cutting down on the amount of time, money, and effort needed to collect transactional, firmographic, psychographic, and demographic data, a data-driven solution like this can increase the conversion rate for the most qualified prospects.
While B2B enterprises with little experience in data integration might not be able to fully utilize the data provided by a CDP, most data partners will offer advice on how to set up the best settings based on the metrics you want to track.
Refining Marketing Efforts
Remarketing activities must be carried out after a person leaves your website to keep your brand in their heads so they will return once your offer has been processed and is viewed as an appealing option.
Data is a vital factor in deciding when and how to run targeted advertising based on the kind of interactions that were used on the landing page. B2B prospects, however, should be contacted using more tactful strategies.
Data-driven marketing solutions for B2B
Here are some data driven marketing solutions for B2B:
Change the message
Design an ad structure that is multi-layered and nurtures leads with organic information about your product, experience, success rates, and other convincing elements. The majority of B2B prospects will need numerous interactions with businesses before making a decision.
Change up your content
A brand can increase its reputation by using various landing sites with distinctive angles, social media posts, and remarks on topic-related panels. A/B testing is a good way to understand and filter different types of content.
Convert with gentle, yet firm data
Once the awareness and interest phases of the buyer’s journey are over, be prepared to trigger more hard-selling ads because B2B prospects don’t have much time to waste.
B2B Data Driven Marketing Partner
In the fast-changing world of digital marketing, it is important to stay updated on innovative and efficient marketing techniques. Data-driven growth marketing is the optimal method for the B2B sector. With solutions that are derived from accurate data, you can ensure the growth of your business seamlessly.
Get in touch with Vajra Global to learn more.