Customer Data Vs Marketing Data
Almost every business in the world will hold some form of data. Regardless of whether they use it in-house, for marketing, for tracking etc. data is a crucial resource for companies. It plays a key role in the planning and everyday management of crucial business activities. Customer data and marketing data are two prime examples.
Customer data and marketing data may comprise of the exact same records and information. However, there are still crucial differences that distinguish them. Furthermore, any and all data that your business holds must be compliant with GDPR and managed effectively to maximise its value. Having a strategy in place for the ongoing management of your data is therefore crucial.
In this post, we will go into both separately and explain their differences. We will also explain how they can work together for the benefit and growth of your business. Data has the potential to take your marketing efforts to the next level and change what you come to expect from your marketing.
First and foremost, what exactly is customer data? Your business sells products and/or services and it is highly likely that you have a list of customers who purchase from you. You will hold in-depth information about every customer you have. Some of the information you hold may include but not be limited to the following:
- Contact Names
- Contact Details e.g. Postal Address, Telephone Number, Email Address etc.
- Date of Birth
- Products/Services purchased
- Order Value
- Order Date
- Number of times they have purchased from you
- Their marketing preferences
Customer data has incredible value due to the extensive information you hold. Through analysis and data interpretation, you will be able to decipher what is going well and what isn’t for your business. You are able to see what products are selling more, the geographical areas you are particularly strong/weak in, your ‘typical’ buyer etc. This information highlights areas where you can improve. You can then adjust your strategy to change this.
Due to the sensitive information held on these lists, many companies utilise a CRM platform to securely store and manage it.
Marketing data, as the name suggests, is data (either business or consumer) that is used for marketing purposes. Depending on the contact methods available, there are a number of different marketing services which your business may be able to adopt and use for your marketing campaigns.
Marketing data in some cases can also be customer data. If you hold contact details and have a lawful basis to process this data, you can use it for your marketing. Alternatively, you can purchase a data list for your marketing campaign. Depending on the data list in question, you may have demographic or lifestyle information about each record which increases the level of targeting on the campaign.
Data allows your business to get in direct contact with prospects who have been identified as ideal prospects for your business. Through data segmentation, you can identify the ideal prospects in your target area and have a list containing these records.
In the events where you use your customer data for marketing, this is where its value truly shows. As you already know what they like and do not like through information you hold on them, you are able to market tailored messages that will be of greater interest to them. The marketing is less generic due to the information you have available. You will find that these campaigns perform to very high standards as you are providing value which your customers desire. This also helps you stand out from your competition as your marketing is on another level.
The Correct Strategy
For a marketing campaign to have the highest impact, it must always be planned out before it is undertaken. It is essential to conduct market research to better understand what is working and not working in your industry. Furthermore, different people are more receptive to different marketing messages. Research will highlight the most effective marketing channel that will work for your business.
As customer data holds in-depth information about individuals and what they purchase, you will be able to design marketing messages that will interest them and provide value to them. The more you know about your prospects/customers, the better your marketing can be.
If you have the appropriate contact methods available on your data list, you will be able to undertake a highly targeted marketing campaign on a platform that is more responsive in your industry. Alternatively, if you do not have these contact methods available, a data company such as Impact Marketing will be able to append these to your data list.
Customer data and marketing data can be very similar. However, marketing data is where you utilise the value of data. As customer data can be so in-depth this allows for highly targeted and highly effective marketing campaigns. As you know what each record likes, you can provide real value through your marketing with specific, tailored messages. This will greatly improve results and change what you come to expect from your marketing.
If you hold customer data but do not have the means to market to it, we are able to help. As a full marketing agency, we have the facilities in-house to run a variety of different marketing campaigns. Alternatively, we also own and manage a number of marketing data lists that we can also use for your marketing campaigns.
If you would like more information about what we can do for your business, get in touch today and a member of the team will be happy to advise further.