Over the last two decades the vast availability of data has meant brands are no longer dependent on guesswork when it comes to reaching out to consumers. Instead, insights into consumer behaviours and responses have given businesses the tools to better communicate with customers and to create more effective business models for better growth. So, how can you use data to improve your business?
Expanding business models
Thanks to the availability of a wealth of customer data, such as buying history and browsing patterns, brands can see much more clearly what customers expect. This has not only made it easier to meet the expectations of existing customers but also to identify where new connections can be made. For many organisations, the result has been the opportunity to expand a business model so that it better meets existing requirements – and can attract a whole new range of customers too.
Informative and interactive communication
The use of data also enables businesses to refine and develop the way that they communicate with consumers. Gone are the days when the only way to communicate a product or service was to write lengthy press releases or blogs about them. Today, a broad array of channels exist that businesses can use to get a message across, from social media through to personalised marketing campaigns. Big data lays the foundation for this more effective communication, providing insights into customer need and how best to communicate key brand values or product features. It also enables interactive marketing and personalisation, which are more effective with customers who feel that a brand is paying attention to their individual needs.
Building a loyal customer base
Particularly in the online world, data is an incredibly powerful tool when it comes to creating relationships with customers that encourage them to return to a brand. For example, techniques such as retargeting and segmented marketing campaigns can help to improve customer engagement and tracking consumer activity online gives brands a head start when it comes to giving customers what they want. Thanks to the availability of data, brands today are able to curate what they offer to customers to provide something genuinely attractive and much more likely to be effective when it comes to establishing loyalty.
More meaningful and creative marketing campaigns
Data has made it possible to handle many of the more repetitive and mundane marketing tasks over to machines. Today, artificial intelligence, such as chatbots, is becoming increasingly widespread in marketing, making it easier for brands to reach more consumers more effectively. This is opening up more space for humans to add creative value to marketing campaigns. Investment in marketing is more effective, as campaigns can be designed based on specific consumer need and made more meaningful thanks to the data available. The end result is better return on investment from campaigns that really have an impact.
Data has been something of a revolution for marketing. Integrating the use of data into your strategy and operations can create significant advantages that have a real impact on the bottom line.