Data holds a very powerful place in any market for a producer as well as consumer.
When it comes to meet the supply demands, the trends favoring the specific production.
This data often revolves around consumer demographics and behaviors, enabling marketers to reach the right people, at the right time.
Data driven marketing utilizes technologies that enables:
# Large-scale data collection and analysis
# Real-time data monitoring
# Data-based automations
All of this helps to reduce costs, increase efficiency, to see what works and what doesn’t, hence improve results.
Some techniques like targeting digital ads based on past customers demographics, using insights from paid search campaigns to guide SEO strategy, producing personalized content from user data, reminding customers through email about products they’ve left in their online carts etc.
The automobile industry is on the verge of an exciting transformation — one that is driven by new technologies and data-driven strategies.
Evolving technologies in self-driving cars, electric vehicles, and online car selling are changing the face of the automotive industry.
It promotes enhanced customer targeting and segmentation. It ultimately leads to design the products in a way that fine-tunes the brand image to comply with each segment’s values.
Companies who adopt DDM are 6 times more likely to be profitable year-over-year. 88% of Marketers procures data from third-parties to enhance their customer’s perspective. 66% of marketing data is used to better focus on targeting offers, messages and contents.
A poor customer experience leads to brand switching, while a satisfying experience fosters loyalty.
credits: check profile
10% of dissatisfied customers return to the same dealer for their next purchase, while a significant 87% of highly satisfied customers continue to buy cars from the same brand, with 85% choosing the same dealership.
This highlights the importance of delivering customized experience that aligns with customer needs and preferences.
VIDEO MARKETING TACTICS
credits: check profile
Welcome Video: Express gratitude for choosing your dealership and walk your customers through the key features of their new car. Fostering customer loyalty and reducing the need for calls to your customer service center.
Electric Cars: Thank your eco-conscious customers for choosing electric cars and hybrid vehicles, and provide them with a clear explanation of how these cars operate. Offer insights on nearby charging stations based on your dealership data.
Support: Simplify vehicle ownership with videos that guide customers through complex features, from configuring dashboard displays to electric vehicle charging. These videos keep customers coming back for more.
Car Walkthrough Demos: Make dealerships the most exciting place to buy a car by showcasing what makes the vehicle apart through catchy and personalized walkthrough demos. Highlight unique features and their benefits, helping customers make informed decisions.
Insurance Renewals: Hassle-free car insurance renewals with personalized videos helps the customer keeping eye on important dates like expiration date and to offer exclusive renewal options at special rates.
Strategies for Data Driven Marketing
Step 1: Define Objectives : Firstly, you must define a clear goal of your data which is to set up the objectives of your data.
Step 2: Data Acquisition : Review your objectives and consider what particular kinds of data would help inform your strategy.
Step 3: Organize and Analyze data : This step requires to choose a data platform that can be used to organize all of the data being collected and tracking data sources.
Step 4: Gain insights through data analysis : Depending on your needs, you might need to develop a team or a leverage in-house or external resources to help you extract information and gain insights from the data.
Step 5: Select your Channels : Once you have analyzed your data, you will be able to select the right channels on which to run your campaign.
Step 6: Launch a campaign.
Step 7: Measure performance : Be sure to monitor your campaign results, calculate your return on investments and report on progress to major stakeholders.
Data Driven Marketing Tools:
Tools that make it easier to improve Data Driven Marketing:
Automation : Data sources like e-commerce app and store data can be connected to automation layer of your customer engagement platform.
These are leveraged across all campaigns and channels, seek out tools that offer campaign reporting for your automations.
It measures revenue uplift as well and having fully integrated automation simplifies your cross-channel execution and helps you streamline your marketing.
AI Marketing : Adding the power of Artificial Intelligence and predictive analysis to your marketing lets you access untapped revenue potential. Predicting your customer’s next move is always a great info to the business.
Artificial Intelligence along with automation tech can help optimize sending times to your messages reach more customers.
Reporting : The ability to measure the marketing’s impact on revenue is critical.
A customer engagement platform with built-in revenue attribution enables you to make data driven decisions. Marketing’s primary focus should be on creating a marketable customer experiences.
You will want tool that gives you comprehensive reporting on both operational and strategic metrics. It keeps you updated on which channels are most profitable and and which are not.
Challenges:
The Right Team : Choosing the right team and the right person to the right task has always been a concern has always been concern to DDM which in turn affects the overall efficiency of the entire team.
Departmental Divisions : The success of DDM is largely dependent on having high quality and integrated data which is not an easy task to obtain.
Commitment : It would never make any sense to incorporate a data driven marketing strategy if you are not at all completely committed to it.
Integration : If a company fails at integration process, marketers will struggle to gather the right data needed for the 360 degree customer view.
(Penned By Tushar)
Want to get trending products at great offers ?
click to check (NO CLICKBAITS)
Good work👏🙌