Data, data, data. From marketing strategies, to hospital procedures, to coaches’ game plans, data is driving almost every major decision made by corporate entities in the United States – and for good reason. The U.S. data and analytics market was worth almost $170 billion in 2018 and is expected to grow to almost $300 billion by 2022.
Though not always the case, generally when something is that expensive, it’s worth it, and data is, for many, many reasons, the least of which not being aiding in creating a successful marketing plan for your product or service. Here are 5 tips on how to make a data-driven marketing strategy.
Maximize (and Spend on) Personnel
Marketing is certainly a science, as anything with data-driven solutions is, but there is also a creative and artistic aspect that simply can’t be taught. Creating a team of professionals who accent each other and work well together is paramount for a successful marketing strategy. Take a gamble on a few folks who may not be particularly qualified, but express a lot of ambition and a lot of creativity. Good ideas can turn into money very quickly!
Sharing is Caring
One may think, “How can I have data if this is my first marketing strategy?” and one would have a valid question. As mentioned before, data is readily available and for sale, and utilizing data from another, similar, campaign conducted by someone else should be part of your game plan. Not only is there no shame in using what’s already there, but you’re doing yourself and your company a disservice if you don’t use existing data. Find a campaign that had similar goals and similar target audiences, and analyze what worked and what didn’t so you can make tweaks and changes in your own implementation.
Use Other Departments
Data drives a lot more than just marketing strategies, and creating open lines of dialogue with other parts of your company will help build a better knowledge base as you approach your marketing strategy. Technology is on your side, too, and with blockchain and other secure data sharing means, you can share data within the company without fear of it being breached by an outside source.
Stick to Task
Once your plan is created and ready to be implemented, unless there are huge red flags for abandonment, stay confident through the tribulations that will undoubtedly occur as you implement your strategy. There will be disagreements both internally and from executives, but a plan isn’t really a plan if it’s constantly changing without good, data-driven reasoning. This also means committing the time and resources needed to achieve your goals. Excitement fades, even with new marketing strategies, but keeping your team motivated and together is a must for smooth implementation.
Meaningless or impulsive change, as mentioned above, does not help anything, but well-thought out changes based on what works and what doesn’t should be a necessity for your marketing team. Data comes into play with evaluation. Determine what demographics were reached the most effectively, and where your strategy may need to be adjusted. Almost every good marketing example was tweaked before it was deemed successful, and yours should be no different.
Generally speaking, expecting instant success is setting yourself up for disappointment, but expecting a campaign to grow and grow while constantly evaluating all of the different metrics is setting yourself up for success.