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What is Data-Driven Marketing? The importance of data in business decisions

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DATA-DRIVEN MARKETING

Data-Driven Marketing is a method of optimizing marketing activities based on all types and data sources for decision making, implementation, and management.

Data and consumer behavior of customers is considered a ‘crude oil’, a valuable resource for business development. Companies that have a lot of strategic information will have many competitive advantages. The DATA-DRIVEN MARKETING concept appears to pay attention and attention to every business that wants to develop sustainably.

To better understand DATA-DRIVEN MARKETING‘s distinctiveness and superiority, we will go back in time and look back at the development of Marketing from time to time:

DEVELOPMENT HISTORY FROM TRADITIONAL MARKETING TO DATA-DRIVEN MARKETING:

PERIOD ADVERTISING (1900-1960)

In the first half of the 20th century, the main means of advertising were still newspapers, magazines, radio, TV … with the motto “whoever speaks louder than that person wins”.

The 1930s are called the Production Orientation – sellers only care what they make, what they make, and try to sell it at all costs, not knowing what consumers need. And so they went on a full-scale attack hoping “someone would buy it”.

TRADITIONAL MARKETING (1960-1980)

By this stage, sellers have started implementing more meaningful marketing instead of merely advertising. Conceptions have changed, now, “whose story is better, appearing with more frequency wins.” In addition to advertisements in newspapers, TV, brands, and products have also begun to appear on TV shows, movies, PR articles, self-introductions, sponsorship programs …

In particular, in the 1960s, marketing had shifted to Consumer Orientation. Enterprises and sellers are more concerned with the needs of consumers, and shake hands with market research activities to “confidently understand the person”.

MARKETING WITH DATA (1980-2000)

After serious market research steps, businesses start to have data – data about customers. These data become information to help them understand more deeply about their customers, and at the same time bring advertising content to the right audience, the right message with the Marketing Modeling Mix model.

In an era of increasingly fierce competition, reaching the right target customers is the “vital” move of every business.

DATA-DRIVEN MARKETING (2000 ONCE)

This is the era of the strong development of social networking sites on the Internet (Facebook, Twitter, Youtube …), the sudden increase in the number of smartphones, the development of 3G, 4G, the Big Data concept. , AI … These technology applications both help measure, track, and collect user data, as well as a means for businesses to reach the right audience with the right message they need.

Consumers are increasingly smart and busy. They only consume information that they are really interested in, especially information that is relevant to their personal preferences and behavior.

Technology development provides each consumer with diversification in the way information is consumed. This reflects the multi-dimensional access to information of consumers but is no longer linear and easy to follow with the naked eye like in the early days of Marketing.

WHAT IS DATA-DRIVEN MARKETING?

DATA-DRIVEN MARKETING

Data-Driven Marketing is a method of optimizing marketing activities based on all types and data sources for decision making, implementation, and management.

Data-driven marketers use the latest analytics and latest technology (data analytics and latest technology) to assess customer needs and predict customer behavior based on customer, market, and self data. business activity.

These insights help us build personalized marketing strategies in order to achieve the best return on investment (ROI).

Data-Driven Marketing is the era when users and data decide the content and how to market. The activity is implemented based on the synthesis and analysis of the data. From these data, marketers analyze and filter out the needs, trends, behaviors, insights … of customers. At the same time, they support business outreach

ROLE OF DATA

Data helps Marketer “detect” and discover customers’ needs and behaviors, identify and understand the customer file they are targeting.

Data helps the Company to identify the customer file, the brand segment that the company is targeting, from which the basis for positioning and building brand image. At the same time, determine the appropriate time and promotion plan for the product.

Data also shows the efficiency and investment performance evaluation (ROI) parameters of the advertising campaign.

Data allows marketers to make better choices based on the latest and most accurate real information fields instead of theoretical and predictive models. This helps to facilitate budget allocation and optimize marketing budget.

Notes that Marketer should always pay attention to are:

  • Having insufficient data, you also need to turn it into strategic information: this is the focus of Data Driven.
  • The flow of data, or big data, makes it difficult for us to analyze, separate and access the information we really need.
  • ย Use collected data to find more relevant information, connect a lot of information and data together to find a solution to the company’s problem.

DIFFERENT DATA AND INFORMATION

  • Data refers to facts only, especially when analyzed and based on reasoning or computation.
  • Data has no meaning in essence, but when it is explained it becomes information.
  • Information is a collection of facts or data to be communicated. Information is something you can understand to use

CONCLUDE

Everyone wants to do data, but not everyone knows how to do data. The explosion of digital gives you a forest of metrics, key performance indicators, and metrics. The problem is how to choose the right type of data you need, turn it into meaningful information for marketing and business.

Thank you
Leadee.ai Team
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