Data collection and analysis has become an essential factor in marketing, and it is like air for marketers. Data has always been a part of marketing for a long time but currently, data is big and it is getting larger and complex. The current data is expensive to manage and is getting the attention of the marketing leaders. The modern day digital marketer claims customer data as their new master and currently, no marketing decision is made without consulting data analytics. Understanding the data you have collected, what data you can obtain, and how to organise and activate data, remains the most important part of marketing.
Data can come from just about anywhere. For example, from sales transactions from a company’s ERP and CRM systems, from customer service and customer interactions, online surveys, social listening, the Internet of Things and consumer feedback: all of these data sources produce loads of data every day.
There are external data providers that provide business-to-business data about their prospects and customers. The company obtains this data and blends it with their internal data that is later fed into the analytics engine to provide marketing insights. Such data enables businesses to target their prospects better and also manage their customer purchasing lifecycle.
Data is very important nowadays.
What is Data Marketing?
Data marketing is a type of marketing strategy that employs databases of customers to develop targeted lists for direct marketing communications. These databases contain the customers’ names and addresses, e-mail addresses, phone numbers, information requests, and purchase histories. Also contained in the database is any other customer data that can be accurately and legally collected through credit applications, application forms for free products, product warranty cards, subscriptions, product reviews and contest entry forms.
The use of technology to obtain a customer database enables a company to come up with a list of customers who purchased a particular product and might be interested in a similar product. Once a database is built, it allows businesses and companies to identify and contact their customers with relevant marketing communication.
How is Data Marketing Important Nowadays?
The implementation of data marketing is important to most companies and businesses because of the following essential elements.
Data marketing improves the overall customer experience; today’s customers and clients expect and demand a relevant and seamless experience. Customers like it when marketers develop knowledge in their preferences and anticipate their needs. Conflicting and fractured messages from a brand make marketers appear unorganised and this annoys customers to the point of driving them away.
Data marketing drives efficiency: data drives productivity in an organisation. For instance, it enables a company to connect subscribers. Data marketing also transforms a company’s language, the way they connect with advertisers and subscribers and how to understand them better.
Businesses can, therefore, speak to both audiences in a way that adds value. Data marketing can also be used to makes sure that a company uses the right metrics i.e. tracking relevancy in owned and paid media.
Data marketing allows a business to reach more niche audiences, for instance, multicultural audiences. Multicultural audiences are becoming the main trendsetters in the online digital market. They are not only ready to buy but they can offer useful insight into upcoming trends. When an organisation gets a better understanding of the multicultural audience, they stay ahead of the competition.
Data marketing is useful to large businesses with large customer bases that generate big amounts of transaction data. The larger the data set, the more the chances to unearth customer groups or prospects that can be reached and convinced with customised communication.
Focus on Toronto’s Data Marketing Conference
Toronto’s Data Marketing 2016 Conference will feature more than eighty speakers from Canada and the United States and will be presented to over 700 attendees and cover broad topics in regards to data-driven marketing. This year’s conference will be much better with more brands, more master classes, more end-users, more business cases and real business examples, pre-conference workshops, solution providers and more networking.
Attendees will learn how to develop an integrated approach to gather customer data. They will also learn how to foster data into becoming the life of your marketing strategy and finally, how to enhance your ROI by creating a successful data strategy. Toronto’s Data Marketing Conference and Exhibition is the only place where you will learn and network with industry leaders and the brightest minds in data-driven marketing. The biggest companies will be in attendance for DM 2016 and the conference will have over seventy-five speakers.
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