CLICK HERE TO LEARN MORE ABOUT WHAT WE BELIEVE ABOUT DATA
Data-driven marketing is the bridge that connects your marketing message with qualified buyers.
Data-driven marketing is centered around the creation of specific “buyer” audiences and the conveyance of a tailored message, your message, to that targeted list of pre-qualified customers.
Fundamentally, you are pre-selecting who your customers will be and ensuring that you reach them with your marketing message. Your mission then becomes connecting with these buyers in ways that they prefer.
The fundamentals of data-driven marketing in 2020 are clear:
1. Define your total addressable market (how many pre-qualified customers are available).
2. Create buyer personas based on demographic, financial and behavioral variables.
3. Share your customer list with a data scientest and get their industry specific recommendations.
4. Target each persona across preferred marketing channels with tailored messages.
5. Modify marketing campaign (data, content and advertising) based on performance.
This technique is in stark contrast with traditional mass media marketing, like television and radio, which relies on broad communications to generalized audiences.
Here is a scenario to help illustrate the reality of data-driven marketing:
Scenario A—Mass Media Marketing: Target all of Southern California residents with offers and opportunities via television and radio advertisements. Campaign costs $25,000, reaches millions of people, and results in 10 deals.
> This cost per acquisition is $2500.
Scenario B—Data-Driven Marketing: Target upper class neighborhood homeowners that meet home value, income and equity requirements. This data is used to target these prospects directly with offers. Campaign costs $5,000, reaches 50,000 people, and results in 10 deals.
> This cost per acquisition is $500.
Simply stated—The better the data strategy, the better the marketing campaign.
Conclusion: Custom audience data that is comprised of valuable consumer and business insight are the engine that drive successful marketing campaigns. Data-driven marketing strategy is pivotal in determining a company’s growth rate and often separates good from great companies.
CLICK HERE TO LEARN MORE ABOUT DATA VISUALIZATIONS
Total addressable market (TAM) data visualizations show precise breakdowns of demographic, financial and behavioral variables for all pre-qualified customers that can be targeted in your geography.
This means that you will have an accurate count of every potential customer that is qualified to buy your product that can be directly targeted across marketing channels.
Additionally, your team will be able to review and discuss key data ranges that are essential for setting goals, creating strategies and establishing budgets.
Here is a TAM example for travel enthusiasts in Ventura, CA that contains important breakdowns for gender, age, income and travel behavior breakdowns:
171,328 TRAVEL ENTHUSIASTS IN VENTURA, CA
15,608 AGE (18-28)
15,866 AGE (29-38)
15,723 AGE (39-48)
32,563 AGE (49-58)
42,372 AGE (59-68)
49,196 AGE (69-99)
37,781 INCOME – $75,000 – $99,999
54,662 INCOME – $100,000 – $149,999
12,411 INCOME – $150,000 – $174,999
18,850 INCOME – $175,000 – $199,999
21,469 INCOME – $200,000 – $249,999
26,155 INCOME – $250,000 +
41,301 TRAVEL—ENTERTAINMENT CARD HOLDER
38,327 TRAVEL—CRUISE VACATIONS
10,993 TRAVEL—TIMESHARE OWNERS
Conclusion: It is nearly impossible to make smart marketing decisions without visualizing and discussing your total addressable market. Visualizations make your marketing data come to life. This recommended action item is an absolute no brainer.
CLICK HERE TO LEARN MORE ABOUT CREATING BUYER PERSONAS
Every company should identify and define each of their buyer personas with purchasing tendencies and communication preferences.
What is a buyer persona?
A buyer persona is a description of who your ideal customer is. In past decades, we called these “buyer profiles” and “buyer models.” Buyer personas are unique for every company and can be based on demographic, financial, behavioral, psychographic and geographic variables.
Most business owners and marketers have a general sense of their customer types and who they want to target. We recommend getting started by defining your top three personas and giving each a name for easy reference.
Here is an example of persona creation:
Persona A—Young Adventurer: Loves to travel as often as possible, no kids, makes more than 75K, typical age 25 to 34. This individual is active on Instagram and responds to last-minute limited time discounts and coupons.
Persona B—Business Tripper: Travels monthly for work, makes more than 150K, drives luxury vehicle, frequently flyer card holder, typical age 35 to 54. This individual is active on business email and Linkedin and responds to high-end luxury offers.
Persona C—Retired Vacationer: 2+ trips per year, retired, married, net worth over 500K, kids out of college, typical age 55-74. This individual is active on Facebook and Messenger and responds to testimonies highlighting superior value.
Conclusion: Tailor messages and offers to resonate with each specific buyer persona. This will result in high engagement across each stage of your marketing strategy.
CLICK HERE TO LEARN MORE ABOUT DATA SCIENCE RECOMMENDATIONS
Experienced data scientists are able to look at marketing campaigns and recognize unseen targeting opportunities that will dramatically increase performance.
Marketing campaigns are elevated by targeting buyer personas based on indicators that are correlated to buyer psychographics and behavior. When you ask a data scientist, “Are there any unseen data variables that will increase the performance of my marketing campaign?”, the answer is almost always an emphatic “Yes” followed by valuable industry specific insights and recommendations.
Data-driven marketing campaign: Target high income travel enthusiasts in a geo-specific area (this is a solid data-targeting starting point).
Data scientist correlated recommendation: Target married homeowners between the ages of 25 and 65 that drive a BMW or Mercedes. They are 3 times as likely to respond to travel related marketing campaigns.
Conclusion: It is very important to ask a seasoned data scientist, that is experienced in your specific industry, to make strategic data recommendations to strengthen your marketing. Remember… data scientists have executed thousands of data modeling and data appending requests and most likely have key insights for your campaign.
CLICK HERE TO LEARN MORE ABOUT MULTI-CHANNEL MARKETING
We live in a world of buyer preference. Many respond to email, most hear about products on social media, almost all search the web before buying, and certain demographics respond to phone calls and letters.
Why is to important to identify which marketing channels to leverage?
Successful marketing exists when you get the right offer, to the right audience on the right channels. Furthermore, most buyers hear about brands in one place, talk about products in another, and eventually make a purchases someplace else. This is why it is so important that your brand and offerings have a consistent message across each marketing channel.
How do I upload custom audience data into multiple marketing platforms for direct targeting?
Follow the instructions below when uploading lists from your database to ensure the highest level of data performance during marketing campaigns:
Direct mail: Name, street, city, state, zip
Telemarketing: Name, phone, street, city, state, zip, phone type, dnc flag
Social media (Facebook – Twitter – Linkedin): Email, mobile, name, city, state, zip, dob, age, gender
Web search (Google – Bing): Email, mobile, name, country, zip
Email Marketing: Name, email, state, business, job title, validation date
Conclusion: Expert marketers target personas with tailored messaging across multiple communication channels. Remember… when you reach customers across multiple touch points you are four times as likely to get them to respond to your call-to-action.
CLICK HERE TO LEARN MORE ABOUT CAMPAIGN ITERATIONS
As campaigns drive conversions, opportunities and customers—marketing databases should be adjusted to increase contract values, shorten sales cycles, reduce churn, and decrease costs.
It is very important that marketing teams review sales totals as often as possible. The goal of campaign iterations is to figure out the best source of traffic, leads, and revenues and then scale those efforts.
Marketing campaigns can be adjusted in three primary ways:
Data: Refine or expand the lists that are being targeted
Content: Replicate high performing content types and variations
Budgets: Reallocate ad spend based the cost-per-acquisition for each channel
“Don’t abandon a marketing channel because it isn’t working—it’s not because the channel is bad—It’s because you haven’t figured out how to make it work.” Jeremy Koenig, GP President of Digital Strategy
Conclusion: The best marketers reconcile sales totals with marketing campaigns to increase performance from month-to-month, quarter-to-quarter, and year-to-year.