How to Create a Successful Data Driven Marketing Campaign
Brands are taking this approach in pairing content with ane-commerce component in order to continue to grow. In this strategy you will startby using a cohort analysis which includes the brand’s advertising data in orderto study customer behaviors and trends over a period of time.
What is a cohort analysis?
Cohort analysis is a set of behavioral analytics that takesthe data from a given data set e.g. an e-commerce platform or online game,rather than looking at all users as one. It breaks them into related groupsthat usually share common characteristics or experiences within a specifiedtime for the purpose of analysis.
Building a data driven marketingapproach
The first step should be planning and documentationalthough, many marketers tend to skip this step. As a result of this, marketersend up making decisions based on guesswork, estimations and assumptions ratherthan real data which leads to poor ROI, underperformance and waste of resources.
Technology that made it easier to collect and visualize databecause you can make decisions and create a data driven marketing approach basedon real customer data. You can also generate customer insights that lead toincreased conversion rates.
It takes a willingness to experiment new things and a breakfrom the ‘this is how we do things’ mentality that often prevents growth andlimits opportunities.
Insights-driven organizations such as e-commerce retailerknown as weBoost, for example, who saw a 100% rise in year-over-year conversionrate by optimizing their site through experimentation.
Key elements of a data drivenmarketing strategy
- A strategy that promotes the Zen Marketing Mindset
Order of operations can be difficult when you need to makeyour customer data actionable. However, with experimentation, you can easily feedthe data into hypotheses and validate whether or not your ideas will work.
A recommended approach is the Infinity Optimization processwhich helps add logic to testing efforts which means accurate experimentoutcomes and validated marketing messages.
This approach is highly effective because it covers the mainparts of marketing which include the qualitative, intuitive, exploratory, potentialinsights, quantitative, data-driven, logical and the validating side.
- Exploration to power experimentation
Exploration in this context is the information gathering anddata collection. For this to be effective, it’s important to consider bothqualitative and quantitative data.
In this process, all information collected is centeredaround the LIFT Model, which is a framework for understanding your customers’needs and barriers to conversion.
NOTE: Illustrative data and a structured approach helpsbusinesses to get a deeper understanding of what customers want or need andbuild stronger emotional connections with customers.
How to make data marketing work foryou
When we look at brands like SpearmintLOVE, who are seeing successful,we see customer obsession and data-centric decision-making as the common themesof what is happening behind the scenes.
By depending on data to give customers what they want or need, SpearmintLOVE was able to grow its revenue by 100% in just one year.
This story can be read in full detail with charts and graphs at the WiderFunnel blog by click this link: Leveraging data driven marketing to gain a competitive advantage like retailer SpearmintLOVE