There is a harsh reality in digital marketing. Not every marketing strategy suits every brand.
Of course, an obvious difference exists between marketing to businesses and marketing to consumers. In both cases, marketers are selling a product, service, or experience. The differences are in the channels and messaging between the two target markets. Buyer intent explains why a B2B purchase is typically based on logic and why a consumer's purchase is driven more by emotion.
Because of the development of new technology and the progression of data-driven thinking, companies can harness data to drive their marketing tactics, make better-informed decisions, and drive achievable goals.
"Leaders in data-driven marketing are more than 6X more likely than laggards to report achieving competitive advantage in increasing profitability (45% vs. 7%) and 5X more likely in customer retention (74% vs. 13%)," states Forbes.
When data is harnessed correctly and used in tandem with company-specific KPIs, data-driven marketing efforts can produce a higher ROI.
Data-driven marketing refers to the insights and decisions that arise from analyzing consumer behavior, including first- and third-party data. Marketers now have the ability to understand their customer profiles like never before; they don't have to depend on what has worked well for their brand in the past.
Moreover, data-driven marketing offers a competitive advantage, allows for better-informed decisions, creates a positive customer experience, and increases customer loyalty, retention, and satisfaction.
Goal setting is crucial