Have you ever done a web search for a new item, for example a toaster, and then notice that you suddenly see ads for toasters everywhere you look? On Facebook, on your favorite news and sports webpages, on Google, etc.? That’s data analytics and hyper-personalized marketing at work.
You’d be surprised at how easy it can be to access customer data points that can help you build a picture of who your client is – their hobbies, their shopping habits, their pets, and more. Using this data not only helps you build a better, more accurate customer persona, but it also helps you relate to your customers on a one-on-one basis.
Consumers are now used to seeing this kind of marketing, so when they DON’T receive communication from you in a hyper-personalized way, you risk turning them off to your brand and losing a sale. Meanwhile, data-savvy competitors will be there to pick them up where you leave them.
Here are the main tenets of running a data-driven marketing program:
1. Segmentation
Segmentation involves understanding who your customer is, such as age range, location, shopping habits, or product usage – and grouping similar data together. Ultimately guiding you on which segments to avoid and which to focus on to maximize profits.
This information enables messaging that resonates with each demographic or geographic segment. It also correlates interests in different hobbies or activities to tailor your marketing so it will be relatable to individual interests.
2. Agility
Companies are channeling resources towards keeping existing customers in fast-moving markets because acquiring new ones is getting more difficult. Keeping customers means adapting to their needs, anticipating problems, offering solutions, and adjusting strategies. Without data, how would you know what to do? If you gain a new customer but lose an existing customer, that’s a zero-sum game.
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The analysis primarily concentrates on market operations to take effective marketing decisions.
The need of customer behavior data analysis results to the growth in demand for analysis of the consumer journey.
The modern investments coupled with the strategies of organizations in each and every sector limit the modern techniques and analysis methods can assist them to have an improved relationship with customers.
