How to optimize marketing activities with a successful data strategy.
Table of content
Data-driven marketing, like any marketing strategy, is designed to help people achieve their overarching business objectives. In essence, the strategy focuses on three goals.
First, data-driven marketing aims to provide insights based on data that can then be used to better adapt marketing campaigns to customer needs and requests. The idea is to better understand customer behavior and base your marketing strategy around this information. It should be possible to quickly recognize trends, changes in purchasing behavior, or a changed perception of the brand in order to ensure competitiveness.
Second, data-driven marketing works to make marketing campaigns efficient, performance-oriented and successful.
Third, data-driven marketing enables marketing experts to make quick and accurate decisions.
In data-driven marketing, data is collected, merged, organized, analyzed, and made available for use along the customer journey in a single process.
In the first step, all data, both from existing in-house data sources and from new ones, is collected in a targeted manner. Data is taken into account at all touchpoints of the customer journey, offline and online across all channels. Thanks to social media channels and the high distribution of different end devices, as well as extensive marketing tools and systems, marketing experts have more data available today than ever before.
The many available data sources can be divided into 3 different categories:
1st party data is data that belongs to your company, e.g.:
2nd party data is data at your company that is obtained from third parties, e.g.:
The biggest challenge is data integration. In this step, all of the marketing data from all of the systems, channels, and campaigns are compiled, processed, and organized in a central data warehouse so that this data can be correlated. This is how big data becomes smart data. During data analysis, data silos are broken down to provide a holistic view of the data. The only way to analyze data is to link it, which makes data-driven marketing possible. This process needs to be as automated as possible to ensure that the data is always up-to-date, agile, and flexible. Data sources can be connected via interfaces (APIs).
Efficient analysis, and thus successful data-driven marketing, depends on having access to smart data and the appropriate tools. These tools need to interact with each other smoothly. Artificial intelligence (AI) and machine learning technologies are increasingly being used in response to the growing diversity of new data sources. This also requires organizational structures that function in a networked and integrated way instead of being silo-centric.
A key objective of data-driven marketing is to enable marketing experts to make smart decisions quickly. To do this, actionable insights need to be derived from the integrated data at an early stage. Comprehensible, clear, and meaningful visualization in the form of dashboards is crucial for the success of a data-driven marketing strategy. Dashboards become the control center for all relevant KPIs, from campaign performance to advertising effectiveness and customer loyalty.
MMT's marketing experts bring to the table the data, media, and technology expertise that it takes to be a reliable partner for companies when it comes to transforming their marketing strategy towards data-driven marketing.
Marketing experts can access comprehensive information on the daily status of their marketing activities in the web-based MMT Scout, which acts as the marketing control center. Clear, ready-to-use dashboards, which are dedicated to monitoring marketing KPIs and budgets, support marketing experts in their analysis and reporting. This lets them make decisions fast and on the basis of expertise. Individual dashboards tailored to the needs of the company can also be implemented at any time.
Dashboard in MMT Scout
Here is a selection of our ready-to-use dashboards:
The MMT media experts help companies optimize their marketing and advertising services. With our expertise in media data, we develop individual business intelligence and data science solutions that we then apply to data from our customers or their industry. We use proprietary algorithms and AI technologies to optimize media investments, provide correlations and forecasts on campaign performance and thus measure and maximize the advertising impact of our clients.
Our expertise in helping blue chip companies make strategic media decisions has been tried and tested. Over time, our media data science solutions have demonstrated high predictive accuracy of between 94% and 96%. Media budget allocation has been significantly improved, allowing media investments to be optimally utilized.
Here is a selection of our services:
Data-driven marketing provides marketers with a tool that lets them make quick, well-founded decisions. With data-based marketing, campaigns can be implemented more efficiently and successfully because insights about the target group make it possible to address customers with high potential at the right time and in the right place with the most relevant content. Instead of using isolated measures, holistic, silo-crossing ecosystems are created around the customer.