How to Turn Data Into Marketing Strategy

In this article, we will be talking about how to turn data into marketing to be successful in a data-driven marketing strategy. A marketing strategy refers to specific strategies for target markets, positioning, and marketing mix. The basic idea is to create value for target customers to capture value in return. Data shows each part of your business’s strengths and weaknesses and helps you make strategic decisions to be more successful in your industry.

There is also one more term; data-driven marketing. It is a marketing method to use data through relationships between companies, customers, and third parties to better understand customers’ satisfaction and preferences.

How to Create a Data-Driven Marketing Strategy

Here are some of the points that you need to take into account if you want to create a data-driven marketing strategy for your business.

Team

One of the most important parts of collecting and analyzing data is to build a team. The team members should come from different departments because you should focus on your company’s big picture. If you create a successful team, you will have the collaboration between these various departments.

Gather Your Data

Marketing and your target customers are vital factors in achieving your business objectives. Before developing your marketing strategy, focus on the target market’s data, competitors, marketing and social media analyses, and customer data. Ask each different member of your new team. Some specific questions help you obtain these complex data and understand what is going on around your business. Here are some guiding questions.

• Who is the target customer?
• How do you know this is the target? What do you know about them?
• What do they think about your brand and business? How can you understand what your customer think?
• Do you have current customer feedback? ( Do you have online reviews, messages, or comments on social media platforms, such as Twitter or Facebook pages, questionnaire that you review?)
• What is going on in your field?
• Do you have a competitive analysis?
• Is there any missing data to develop your strategy?

After these questions, you will be able to determine the data you have and the data you wish to reach.

Define Your Strategy and Goals

You might already use a marketing strategy to attract your target customers’ attention. However, your target who you’re trying to reach may not be clear. To obtain the most efficient marketing strategy, think about assumptions. You have already had different types of data from different kinds of departments in your business. At this point, the time is to turn data into marketing. For instance, think about a new submarket. You wish to build a new submarket for your existing products and services. You don’t have to change your brand. The overall goal is to identify the basic target because your new submarket will be shaped by your main business strategy, even if the submarket is slightly different than the main market. Here are some questions to identify your strategy and goal.

• What are your target customers looking for? What do they want?
• Can you help them with your offerings?
• What should you do to reach your targets?
• What is the position of your business across the other companies in the industry in which you operate together?
• How can you be unique in your selling position?
• How will you determine the prices of your offerings to reach more people at the same time?
• What are the most important marketing tools to be effective and efficient in your marketing strategy?

Analyze Your Data and Take Action

Now that you’ve reached relevant information, it is time to observe and analyze them. At this point, you should be very careful. Try to be objective and focus on the big picture. Don’t be wide of the mark, and never look for consistencies in the data you have. 

As you know, your business is operating in an unstable environment. A perfect SWOT analysis becomes a hero to turn data into marketing. You’ve already considered the strengths and weaknesses of your business. Now, you should consider opportunities and threats. Note that there are multiple competitors in your industry, and your potential customers will make a choice. How can you get them to make the purchase? To drive your marketing strategy, start using the data!

Test Your Data 

Data can be often manipulated, so you should test your current data at regular intervals. Well, another goal of your marketing strategy is also to collect valuable data fastly. 

FAQ About Turning Data Into The Marketing Strategy

Why is data important for your brand and business?

Data will help you improve your brand and business. Improving your business is the most important element in order to survive in your industry. An effective and efficient data system will provide a high quality of life for your business, even if your business’s size is small.

How much data do you need to be successful in your marketing strategy?

If you pay peanuts, you get monkeys. Meaning that the more data you gather, the more successful you will become.

What causes poor data quality for your business?

Many factors may lead to poor quality data. For example, you may collect too much data, or the data may not be correct or unnecessary. These some reasons will cause duplication of your data analyzing process. 

What types of data can be collected in the marketing strategy?

You can collect everything about your business, your competitors, and third parties.

How can managers meet their data needs?

There are two basic data types. Managers can gather secondary data or primary data. Secondary data means that the information already exists, such as search engine results or online databases. The biggest advantage of secondary data is that you can obtain information more quickly at a lower cost than primary data. On the other side, primary data refers to some information collected for a specific purpose.

Turning Data Into The Marketing Strategy In Short

In this article, we talked about how to turn data into marketing effectively and efficiently. Data and analytics are the foundation of marketing, and everything in your business life depends on the data. Build a team, define your business goals, analyze, and then test your data. If you want to delve deeper into the topic, you can start by developing a digital content marketing strategy.

The post How to Turn Data Into Marketing Strategy is republished from Dopinger Blog