Developing A Data-Driven Marketing Strategy Can Save your Business During Uncertain Times

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The COVID-19 pandemic is wreaking havoc on the world’s economic system. Sports leagues and related events have been canceled, air travel has been struck, nations are implementing strict travel bans, and the public health officials in every country appear to be bracing for the worst-case scenario. In times of uncertainty and economic crisis, it’s hard to stay optimistic and calm.

Fortunately, for business managers and entrepreneurs, staying calm under pressure created by the COVID-19 pandemic is part of your job description.  If you take proactive steps now, there’s a chance you will put your company in a secure position to stay afloat and recover faster after coronavirus is gone. Remember, everything is changing, from how you spend your dollars to how your brand interacts with its target audience.

Consumers are ordered to stay safe at home, companies are changing their operations, and the entire world is reacting to coronavirus pandemic unfolding in real-time. That means consumers are now turning to search engines for answers to their questions, solutions to their needs, and news.

Successful business marketing is all about having an outstanding product and effectively delivering  it to your target consumers. Your marketing strategy should make it easy for you to let your ideal customers know about your product and get them to trust you more than your competitors. And this process takes time.

In our experience with new clients, marketing is often about failing-forward. We test several educated guesses to weed out the campaigns we don’t want and duplicate the ones we do want.

Define your Product

It is not uncommon to speak to entrepreneurs and ask them what product or service they sell. Most of them struggle to give a precise answer. To succeed in business, you must know what you’re offering your target consumers.

Let’s say that you want to sell gift baskets. You must decide what your baskets will look like, the specific items you will put inside of them, the styles you will offer, and the most competitive pricing. Or, if you intend to start a physical product business, be more specific about whether you offer overnight delivery, allow clients to pay using credit cards, and offer a specific period money-back guarantee.

Failure to define your product is usually a recipe for disaster when setting up a marketing campaign. This is because unless you have a budget large enough to support your marketing campaigns until you eventually learn who converts, you will often quit before you obtain any results.

For instance, Java Logix specializes in helping business owners build their brand, and getting a steady flow of quality leads online. We follow a straightforward but effective formula.

Formula: I/we specialize in helping (who do you help), do (solve what problem) (how). 

Identify your Ideal Customer

By defining who your ideal customer(s) is for a particular product or service you sell, you can craft a better advertising campaign that focuses on a smaller but relevant segment of the market.  This is cost-effective and is often the difference between a successful and a failing marketing campaign.

Indeed, segmenting your audience by gender, age, and location can save you thousands of dollars and increase your chances of a successful campaign. Get to know the pain points for your target customers. Some of these pain points include ease of use, efficiency, time, and more.

Other essential elements of defining your target customers include defining why they should prefer your brand instead of your competitors, their primary (and common) objective for interacting with your brand, and knowing who isn’t your target customer.

What’s Data-Driven Marketing?

Data-driven marketing is a strategy built on reliable insights pulled from in-depth analysis of big data collected via consumer engagements to make accurate predictions about the consumers’ future behavior. This approach requires you to understand the data that you already have, organize it, analyze, and apply your findings in your decision-making process.

Implementing a Data-Driven Marketing Strategy

Using some online advertising platforms such as Facebook or Google gives you access to valuable data that you can successfully collect from your ideal consumers. These details can help determine your audience size, and the expected cost to reach them based on your budget. If you already have an effective sales funnel, you can easily work backward to determine your budget and expected results.

Note that understanding the key performance indicators (KPIs) is key to a successful implementation of any data-driven marketing strategy. Here are the essential elements that can help measure the overall performance of your marketing strategy.

Impressions: This refers to the total number of times your brand or product is shown to your ideal customer. Keep in mind that impressions are not action-based. Instead, they involve the user potentially seeing your advertisement.

Clicks: This is simply the number of times your ideal customer performs your intended action (clicks on a button, fills a form, add-to-cart, and more.)

Conversions: This is the number of times your prospects reach the end goal of the marketing campaign.

Analyzing these three key performance indicators makes it possible to measure the cost of reaching your target customers (CPM) and how many times you must show your ad for your audience to click (CTR). Also, you can successfully determine how many individuals make it to the end of your marketing campaign objective (conversion rate) and the amount of money you make out of every dollar you spend in your marketing campaigns (ROAS).

It’s Time to Get the Ball Rolling

  • Do you offer an outstanding product or service?
  • Do you know who your customer is but have no idea how to reach them online?

My team and I can help!

Our team specializes in running data-driven marketing campaigns for your ideal customer online. Send us a message and get to learn how we can help you get the most out of your marketing dollars.

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