Gone are the days when marketers would rely on their instincts to create advertising campaigns. These days, your marketing must instead be properly targeted to the right audience, otherwise you have no chance of getting better than your competitors. This is precisely why data-driven marketing has become a buzzword in business.
According to Insights Report, 64% of respondents in a survey strongly agree that data-driven marketing is crucial to the growth of the current competitive economy.
Here are three benefits to using data as part of your marketing approach:
Helps you with personal marketing
Previously, a single marketing campaign was launched for all customers. Thus, there was no way for marketers to pay attention to customers’ individual needs. However, this trend has changed with the introduction of a data-driven marketing strategy.
You can make an informed decision
Having detailed market insight makes life easier for marketers. Data analysis also helps companies to avoid throwing money in the lake, as marketing without an analyzed target group rarely gives a positive result. Using data as a basis for your market decisions also minimizes the risk of failure.
Leads to better product development
According to an article published in the Harvard Business Review, poor understanding of the market is the main reason for a lack of product development.
There are thus several positive effects of using data as a basis for business market decisions. Do you use data to ensure the growth of your business?