Marketing without structured use of relevant data is like driving with eyes closed. Data enables the conviction of an informed marketing decision with the ability to even predict better. Without the proper use of data, everything is an opinion.
404M smartphone users, 560M internet users, 225M YouTube users, 69M homes with DTH and with the OTT pegged at a bit more than 4000 crore market already, India numbers look strong. This topic is a vast one; however, in this piece, I try to take a bird’s eye view of how data-driven marketing is adding deep value to industries and functions.
Marketing has evolved in leaps, and two important enablers have been Data and Technology . Data has made the marketing ecosystem more conducive to meaningful insights and create a deeper analysis of what works the best with a specific set of audience. Data-driven marketing has witnessed to be adding more depth each time to ‘purpose’ and ‘responsible’ marketing in an endeavour to understand the customer more, be in their moments to connect, interact, engage in a way that leaves the customer better than he first time. That is actually a good way a brand or solution can talk to its audience.
Simply put, the objective of data-driven marketing is to optimize marketing strategies and processes and strategies to changing trends and the distinct demands of consumers by leveraging data to gain deeper insights for better predictive approach. When brands fully understand the who, what, where, when and why of how consumers are engaging with their marketing efforts, they can take informed decisions on strategy, timing, channels and the narratives to be used. On the mobile, people are using data & internet primarily for –social media, shopping, entertainment, chatting, sharing content, education, playing games, banking or getting information on something. All these audiences always have someone, or the other marketing campaign target them. Would perfecting this be possible without data-driven approach? No.
Emancipation of Businesses
ROI as a metric has been there since years; however, that way it can be measured today along with the yield is far better. Two decades back, this would not have been possible. Today, with integrated mar-tech stacks, data science and Machine Learning algorithms on the move businesses are more confident of making an ROI driven decision and I do not see us far from a multi-touch attribution model. This has helped emancipate both – consumers and marketers due to the symbiotic relationship. Today, even a well-timed, powerful push notification has well-researched data at the backdrop. Everything is boiling down to maximizing ROI and performance of a campaign. The catalyst today is the accessibility to data analytics tools along with a plethora of companies out there to help solve a pain point. Today businesses are much more equipped with understanding content consumption habits.
Understanding the distinction between revamping and repurposing is essential in terms of content because your goals and strategy will not be the same. Revamping is just updating the content so as to stay relevant, but the purpose remains the same. Repurposing content will mean changing the format for a different target audience. In general, the audience in each stage of a consumer journey funnel have distinct patterns of behaviour and consumption. Repurposing increases shelf life of content keeps alignment with new sets of consumers as constant process. This piece involves a gamut of marketing technology along with measuring what worked best when and where.
In theory and practice, data-driven marketing is about better-using customer data to integrate and optimize marketing efforts in the age of an informed decision-maker at consumer end and though omnichannel consistency is still a challenge, yet a combination of data and technology has changed the landscape of CX with better UI and UX as catalysts where CX is the sum of engagements a customer has with a product at each touch point through the customer lifecycle whereas UX connotes a person’s attitudes and emotions about using a specific product or service which has brought the importance or personas to the forefront.
Content & Personalization
With consumer preferences and specific needs as focus, today users of any platform, mobile application, a website will see almost accurate relevant, personalized a native content. This has made the experience of engaging with the content in a deeper and wholesome way. Though it is bit of a pain to see many people use ‘customization’ and ‘personalization’ interchangeably. To make it simple, personalization treats every user as an individual and not cohorts. This process is complex that needs a collection of data sets and setting algorithms in place. Customization, on the contrary, is about giving people the liberty to be able to custom make a product or service, based on their taste. Simply, it puts them in the centre, having control over everything they’d like to keep or not. Nike uses customization to great effect, letting shoppers edit the shoe design and even sharing the customized design on their social networks. So, sketching your data sets as a first step is crucial.
In fact, every emotion is data. Let me pose a question – Can data juxtaposed with technology help us tell better, relevant and more contextual and heart touching stories? I did say a big yes as this gives more shape to creativity with the highest impact.
At the end of this piece, I would like to use a simple and powerful quote –
“You can have data without information, but you cannot have information without data.”–Daniel Keys Moran
About the Author:
Ankoor brings with him 19 years through the spectrum of marketing and advertising across functions in print, digital, mobile, events along with a strong C-Suite network and believes in the power of Energy, Energize, Community and Network Effect. A learner, coach and trainer, Ankoor has been part of the core launch teams of conceptualizing and producing multiple international IPs in India and is an avid writer and active speaker and a part of the grand jury at various forums. Ankoor has also done a guest lecture at NIT Trichy. Recognized as an Ace by DMA Asia in 2018, Ankoor hails from Delhi with education from Delhi University, Bharatiya Vidya Bhavan, Dale Carnegie and ISB. Ankoor is with working with the SHEROES family from past 2 yrs.