By Neelam Biirthare
[dropcap]R[/dropcap]elying on instincts is a good natural trait, but when it comes to business, advertising and driving revenue; making decisions based on intuitions is a bad idea. Especially in an age of intellectual advertising where machine learning, predictive analysis, and granular targeting are redefining the way brands and marketers connect with the audience.
As per the PwC research, data-driven organisations are three times more likely to make improved decisions changing the panorama of marketing. While every advertiser expects to increase revenue, campaign effectiveness and get maximum outputs from minimum inputs by strategic optimization, a majority of them still depend on experience and advice when planning and managing campaigns.
Observing the current trends in the digital marketing scenario, here arise a few questions. Is it really possible to drive action by organising data and organisational insights? What market analytics must be used to get desired results. How can advertising be made more accountable to enhance the revenue?
Digging answers for all these questions; here is an extraordinary example of how data-driven decisions empowered advertising :-
Red Lobster, an American casual dining restaurant chain analyzed the mobile behaviour of their consumers and found that 60% of audience visit their website during 3:00 to 6:00 p.m. They used this moment of opportunity by catering their customer’s need at the right time. Targeting strategies based on this finding was redefined and results were clearly visible. The smartphone users who saw a Red Lobster ad on their mobiles were 31% more likely than those who didn’t see an ad to visit a restaurant the same day. The restaurant used mobile marketing with data intelligence and accomplished their business objectives. These mobile campaigns also helped Red Lobster to enhance their brand awareness.
For example, 79% of consumers use their mobile devices to search for a product but only 10% of purchases are done by smartphone. Instead of relying on last click attribution model marketer needs to keep a track of consumer journey and its impact on the purchase funnel.
Coming back to the point, how can one use data-based advertising in his marketing strategy to make more money? Of course, the approach may vary from case to case basis but a marketer can make the best use of his digital investment if they take care of the following key factors:
Analysis of Consumer Footprints:
Your consumers are your best search engines. They exist to tell you what they want and when they want a certain product. The success of an organisation’s marketing endeavours depends on its ability to interpret these digital footprints and predict behavior thereafter. Pay attention to your consumer’s habits, these will help in drafting the right strategy.
Dig Data to Derive Information:
Once you have observed, collected and integrate data specific to consumer behaviour and needs. It is time to harness relevant information and use it as a competitive advantage. Use of integrated marketing technologies can help marketers to accomplish their business goals. Marketing data and analytics users are 57% more effective at increasing their productivity by implementing such technologies.
Use Right tools to Measure the Impact:
In a multi-device digital ambiance, it is hard to conclude that which channel delivered sales. For example, 79% of consumers use their mobile devices to search for a product but only 10% of purchases are done by smartphone. Instead of relying on last click attribution model marketer needs to keep a track of consumer journey and its impact on the purchase funnel.
With the advent of programmatic advertising, mobile ad technology, and dynamic improvements, every Industry is becoming more and more consumer centric. Strategies and decisions based on data are a sure shot way of making advertising more accountable and connecting with consumers in a more meaningful manner.
- Neelam Biirthare is PR Manager at MobiVisits