Using Precision Marketing to Drive the Data-Driven Decision Process
Precision marketing is making waves in the world of data-driven decision making. With evolving consumer trends and numerous advancements made in marketing technology, new opportunities for data-driven commercial strategies are opening up. Living in an age dominated by data, marketers can gain a competitive advantage by following a smart approach to data management.
Up until relatively recently, the main focus was placed on big data. The problem with this sort of monolithic information is that it's not that useful for companies that don't have the capacity or comprehensive strategy to collect, analyze and utilize these vast amounts of data effectively.
With more recent developments such as the data breaches at Equifax, the whole Cambridge Analytica debacle and with Mark Zuckerberg appearing before Congress, it's becoming increasingly evident that big data may be on the way out. New data privacy laws such as in California or the European Union's GDPR show a developing trend.
Instead, companies should develop a more strategic approach to data management. It should be aimed at identifying and using the data that's really needed to address the specific challenges of that business.
Using Smart Data for Precision Marketing
So-called smart data refers to the kind of information that's able to drive specific actions. To this end, it's not only about the content that's being generated but also about the right context that it is being delivered.
It is something that consumers today expect from brands. In a way, this is the combination of data and creativity, working together to deliver a much better customer experience across multiple channels. It is a customer experience that's not only relevant but also highly personalized and engaging.
And in today's digital environment, brands can now deliver this sort of relevant and targeted messaging to both known and unknown consumers across paid media and direct, one-on-one communications. It is what's known as precision marketing, and unlike what it could deliver in the past, namely to niche audiences, today it can be delivered on masse.
Types of Smart Data for Precision Marketing
Depending on what you hope to achieve with your marketing campaign, there are several different types of smart data to consider. On the one hand, there are baseline data, which refers to such things such as the type of device or operating system that consumers are using. It can also include information that tells you whether they are first-time or repeat visitors. This type of data is particularly essential for those just starting, as it can help them encourage users to modify their behaviors.
Also, there is activity data, that shows the time users stay on your site or in your store. Also, what products they are interested in, what web pages are they looking at, what ads are they clicking on, etc. Lastly, there is behavioral data which makes use of both baseline and activity information to determine where in the purchasing funnel every customer is, what content or products they prefer, as well as what kind of visitor they are.
Depending on what each company hopes to achieve, this smart information will help them drive better data-driven decision processes. If you want to learn more about smart data and precision marketing, let's connect. Contact us today!