Developing a marketing strategy relies greatly on gathering relevant insight driven marketing, Many economists compare business to warfare; in every combat, knowing the enemy's army, terrain, and troops allows one company to plan better.
The general with the greatest knowledge wins the conflict;
similarly, the firm has a competitive advantage that will help them rise to the
top, That marketer's secret weapon is insight driven marketing: using data to
craft marketing plans that succeed in today's company and competitive climate.
Benefits for Insight Driven Marketing
When a company focuses on insight driven marketing, it reaps
several advantages.
According to MicroStrategy, a company's performance improves
because of focusing on the below:
● Increased effectiveness and output: 63%
● Decision-making that is both quicker and more precise: 57%
● A 51% increase in financial performance
● At competitiveness of 48%
● Improved customer satisfaction: 48%
● Forty-six percent more customers were acquired and retained.
● Forty-three percent of the time, new income sources are
discovered and developed.
Essentials of insight-driven marketing
Insight-driven marketing uses a variety of data sources to build
a more comprehensive portrait of the target audience.
Data-driven marketing vs. insight-driven marketing is discussed
in further detail in the next section).
Data-driven marketing is just fine; insight-driven marketing is
merely the next logical step.
As a result, what does an insight-driven strategy look like in
action? As an example, consider the following.
A healthy, Usable Customer Database
Data is essential for insight driven marketing. And to utilize
that data effectively and efficiently.
It must be easily accessible and centralized. Depending on your
business/industry, you'll require data like:
● Information about prior engagements, demographics (gender,
location), buying history, interests, and preferences
● Aside from having all the appropriate data in one location, a
healthy database requires current and accurate data.
After many months, a customer's data is deemed out of date.
Hyper-personalized content
Personalized, relevant communications that connect create
memorable customer experiences and build loyalty and value.
Customer personas help you better understand your target market
and what motivates them to choose your brand.
Personas may be used to tailor content and messages to specific
customers through email, SMS, account or loyalty member sites, or apps.
This information might help you create better-focused marketing
materials.
Continuously adapting
Customer data must be entered into a database as soon as
possible since connected consumers may engage with your brand.
This helps marketers avoid saying the incorrect thing and
guarantees that their communications are relevant.
Insight driven marketing bases message delivery on consumer
behavior.
Ultimately, an insight-driven strategy requires a clear
understanding of what insight is required and why.
As well as the processes and technology to support it.
Conclusion
Beyond online marketing, insight driven marketing may boost many
other marketing initiatives. Marketing's actionable data insights help connect
marketing, sales, and the rest of the c-suite; so that everyone is on board
with marketing; such technology insights must be shared with the rest of the
firm.
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