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Why Is Data Driven Marketing Important | Data-Driven Marketing Strategy Marketing Hacks
The concept of using customer information for optimal and targeted media buys and creative messages is known as data-driven marketing. It is one of the most significant changes in the history of digital advertising.
The rise in the quality and quantity of marketing data has been accompanied by a meteoric rise in the use of creative production and automation technology. Personalization of every part of the marketing experience is now possible thanks to these expanding mar-tech and ad-tech businesses.
Data-driven decision-making involves turning answers to queries like who, when, where, and what message into actionable information.
The automated or semi-automatic use and activation of data provides for a substantially more optimised media and creative approach. This people-first marketing strategy is more tailored to the individual. It has also helped marketers get significant returns on their investments.
Data-driven marketing's advantages
The advantages of data-driven marketing, particularly data-driven advertising, are substantial.
Media purchase that is more efficient. In the programmatic buying world, data-driven marketing is perhaps the most sophisticated. Ad agencies and marketers are removing a lot of the uncertainty from media planning and buying by utilising algorithms and machine intelligence.
Finding the proper customers. Ad spending and marketing messages are optimised so that they are only exposed to the marketing campaign's relevant objectives.
Messages that are relevant to the target audience. The days of one-size-fits-all marketing communications are gone. Some firms can still use large ideas, but for the most part, marketing communications must become increasingly specific in order to be relevant enough to engage with customers.
When all of these advantages occur at the same time, marketers may expect large returns on their investments.
Customer relationship management (CRM) software was the catalyst for modern data-driven marketing. Marketers can use CRMs to keep track of individual customers, including their names and contact information.
Direct mailing and, as a result, direct marketing initiatives are made possible by CRMs. Depending on whether the marketer thought the segment was a good fit and what the customer cared about, different types of messages may be sent to different groups of customers.
Salesforce's ingenuity in bringing CRM to the cloud has given it a fresh lease on life in digital marketing. As a result, the age of sales and marketing automation began.
As the CRM gave birth to a new category, marketing automation software, digital data-driven marketing was born. Marketing automation businesses such as Marketo and Eloqua are examples of market leaders in this field. They were the first to create personalised marketing profiles based on website and email interaction tracking. This client profile allowed for automated emailing depending on certain triggers and activities, as well as segmentation of prospects.
The age of marketing automation had begun.
Marketers fell into a new difficulty as they began segmenting their clients using marketing data: the amount of data on tracked individuals being accumulated.
Customers were now being watched not only on marketer websites and emails, but also on paid media where ads were running—a practice known as programmatic advertising. Krux and Neustar were created to assist marketers in aggregating data in a more manageable manner and producing fresh insights for new targeting and creative ideas.
As a result, the era of data management systems began.
Marketers already spend more than $6 billion each year on data-driven targeting solutions such as data management platforms (DMPs) and demand side platforms (DSPs).
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