If you could choose between making decisions on a hunch or using real numbers, non-measurable or measurable return on investment (ROI), poor or high conversation ratio...? The possibilities of the two paths—traditional marketing and data-driven marketing—clearly differ. We can't deny that traditional marketing has a place in the room: there are services and products aimed at an audience that isn't necessarily using the Internet. However, in general, marketing is no longer a guessing game: hypothesis and experience have given way to big data and analytics. Data is the foundation of all decision-making. Traditional marketing has the following major drawbacks, according to marketing professionals: "expensive," "difficult to measure ROI," "little or no interaction with the audience," and "difficult to receive feedback." Fortunately, we live in an era when technology can be extremely beneficial. But what exactly is the power of data?
Data: How does knowing it affect business?
It's no surprise that marketing is now referred to as "data-driven." Access to and analysis of data leads to more rapid but reasoned decision-making, including strategic decisions. And there are numerous tangible advantages to using data in your business.
You get to know your clients.
How can you succeed if you don't know to whom you're selling? Data can reveal users' purchasing habits, how they rated products, and assist you in forming a complete picture of your customer. And, once you've established a clear picture of your buyer's persona, it'll be much easier to present customer-specific content.
You cultivate relationships with your customers.
You can contact your customer more easily if you know who they are. There are numerous ways to interact with your customer base in the world of digital marketing, including live chat, mobile apps, email, surveys, webinars, and so on. We all understand the value of feedback, and these channels allow us to receive it directly. It's also much easier to stay in touch!
Campaigns are precisely measured and optimized.
One of the primary benefits of tracking data is the ability to obtain objective and precise information about campaign performance. After you've seen and interpreted the metrics, you can tailor the campaign to your specific requirements.
You comprehend the causes of (un)success.
You don't have to guess what's wrong (or right!) with the marketing campaign any longer. Data can pinpoint the weak points as well as the ones with the highest ROI.
You can increase ROI.
When you know what works best, you can confidently focus your efforts there. Having the right data not only leads to more efficient targeting and higher conversion rates, but it also leads to smarter cost allocation because you know what's worth investing in and what's more likely to be a waste of money.
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