7 steps for Data Driven Marketing

Data Driven Marketing – defined

Data-driven decision making is the process of collecting data based on your company’s customers, transforming that data into actionable insights, and using those insights to inform your decision making process. It is essentially a way to ensure that your company’s goals and road map are based on evidence rather than what you like or dislike.

Creating a better customer campaigns

Data-driven marketing focuses on using in-depth Consumer profiles to make the customer experience better. Personalizing the experience for consumers can provide 5-8 times the ROI on marketing spend, driving customer loyalty and brand advocacy. This is critical to success as almost half of consumers report leaving a website to purchase a product elsewhere due to a poor experience.

At GISBanker, we believe data-driven marketing is the key to success. When you're making decisions about your marketing strategy and campaigns, you need to be informed by actual numbers and patterns in the real world—not just your own opinions or hunches about how things should go.

Why use data driven marketing - achieve 5-8 times the ROI on marketing spend

Data-driven marketing focuses on using in-depth consumer profiles to make the customer experience better. Personalizing the experience for consumers can provide 5-8 times the ROI on marketing spend, driving customer loyalty and brand advocacy. This is critical to success as almost half of consumers report leaving a website to purchase a product elsewhere due to a poor experience.

We know this approach leads to better outcomes for everyone involved. So creating segment specific Data-driven marketing means using data to inform your marketing strategy. It could be as simple as knowing your clients are and what they like, or it could be more complex, involving things like advanced analytics.

7 steps for building a data driven marketing strategy

There are seven steps to creating a data-driven marketing strategy.

First, Collect and centralize your customer data. This includes all the information you have about your customers, including name, address, phone number and other contact information. It also includes any demographic information you have about them such as age, sex or ethnicity. If possible, it's best to use consistent addresses for each customer so that you can Geocode, their location.

Second, Define your customers by product or service they use with you. For example, if you are responsible for Casino Player Development you may also want to consider defining your player activity, player behavior, player preferences, player demographics, player lifetime value, player rewards, player experiences, player feedback, player engagement, player churn, player acquisition, player journeys, player touchpoints, and omnichannel marketing.

Geocoding—the process of identifying the latitude and longitude coordinates for a street address—can help your business know where its customers are located. We use Maptitude to do this work, allowing us to provide specific lat/longs for each customer's addresses.

Add third party data to your customer data or use a geodemographics layer in your GIS (geographic information system). We use Maptitude mapping software. The advantage of the third party data is that it specifically allows with data for your customer. Such as: age, sex, ethnicity, discretionary income, life cycle and more.

Analyze your customers by aggregating the account data at the census block group level. It is important to note that this can be done with or without the third party data layer as long as it has been geocoded first!

Cross reference the third-party classification by customer or use geodemographic classificaton by census block group to summarize accounts. If done correctly this step will show how much each segment, for within each region/block group area, giving insight into where there are concentrations of customers and accounts which could be targeted more effectively than others based on their demographics).

Finally, Create segment specific campaigns based on these insights!

With all the data we have available

With all the data we have available, it's almost impossible to not use it in your marketing strategy.

Data-driven marketing: improving your ROI and the overall success of campaigns.

When you improve both the accuracy and speed of marketing campaigns, your efforts are more efficient and more effective. As far as the success of these efforts, the data is there. Researchers have found that marketers who used data-driven campaigns experienced over 5 times ROI compared to the marketing spend to initially hold the campaigns. Further, they’ve found that 64% of marketing executives surveyed “strongly agree” that using a data-driven marketing strategy is crucial for success in the modern economy.

The results are clear: this is because data-driven marketing allows you to: 1) Gain clarity on your target audience to better market your product to them; 2) Use predictive analytics to anticipate future trends in your consumer base; 3) Discover the best channels to host your marketing efforts and optimize them

Better Data - Better Insights - Better ROI

At GISBanker we believe better data with better Insights results in improved Marketing ROI. Our mission is to connect your institution with customers and prospects that will help you succeed.

We're here to help you make sense of your data. If you need assistance in using GIS, or if you want to develop a comprehensive understanding of your market using multiple datasets, we can lend a hand. If you are interested in knowing more about our service, please contact us at (619) 917-7596

Simply call or email us with any questions you may have!