How to Utilise Marketing Data Effectively
Marketing data can be a tricky concept if you are not familiar with it. In short, it can put your business directly in front of your ideal customer. However, the management and planning of the marketing is crucial for success.
There are many factors that need to be taken into consideration when undertaking direct marketing. The marketing data is an essential element that can make or break a campaign. When you are utilising high quality marketing data (data that is targeted, cleansed regularly, verified contact methods etc), you will find that the results of your campaign are potentially much higher than what you are currently using.
In this post we will give some insight into some of the key elements of marketing data. We have also written a buyer’s guide in the past if you are looking to purchase a data list for the first time.
Identifying your Target Market
When you first speak to a data list seller, they will identify your objectives. They will gain an understanding of your products and your target market. Then, through using their expert knowledge of data and the marketing industry, they will be able to identify which lists will work the best for your campaign.
Using this knowledge, alongside their industry experience, they will know what type of individual/company are more likely to purchase from you. They will also know which marketing methods are both available and are more effective in reaching these people. One method that may work for a particular sector may not work for another. It is also worth bearing in mind that no two campaigns will perform the same, regardless of how similar they are. It is always prudent to evaluate your methodology on a case by case basis.
Depending on the company you are talking to, it may be possible to access demographic and lifestyle marketing data for consumer related projects. This will give you crucial insight into individual’s preferences, hobbies, affluence etc. Through data selection, a bespoke list can be built that will contain your ideal prospects. Utilising demographic data is key as you can send more targeted information to those that it relates to. The more you understand about your market, the higher quality your marketing can be.
Equally, with a business environment the same principles can apply. However, they are somewhat limited and more often require a bespoke approach in gaining such insight. Once again, partnering with the right company is crucial.
Targeting and Segmenting
Marketing data must be refined and selected specifically for every campaign it is used on. This will ensure that any marketing goes to individuals/companies who are more likely to find it of interest. These records will be more likely to interact and get in touch with your business. Marketing to any generic list will not have this effect not to mention that under GDPR it will not be compliant.
Data owners such as Impact Marketing are able to build lists based on your specific requirements. Whether you are aiming to undertake a B2B or B2C campaign (or both), data sellers will identify lists that most suit your needs. They will segment and refine a list fit for your marketing requirements. This will leave you with a bespoke data solution, tailored to work for your business. Always ensure that you are talking to someone who understands data as this is crucial in successful marketing.
Personalisation and targeting go hand in hand. Once you have identified your target market, sending out personalised marketing content to these records will yield higher responses. We see this first hand when we deploy various marketing solutions for our clients. For example, when you personalise the subject line on an email campaign, open and click through rates are much higher. Having a marketing data list which has the correct names allows for personalisation to happen at its best.
Nurturing
Marketing is a process of building relationships. When an individual feels they know and can trust your business, they are more likely to purchase from you. Therefore, one of the most effective ways to utilise marketing data is to market on an ongoing process. Through lead nurturing, you can provide prospects with new, exclusive content that will help you stand out from your competitors. Over time, trust builds and the individual is more likely to come to you than one of your competitors. Marketing on a one-off basis and expecting a huge ROI is not realistic.
Through data and reporting software, marketing companies like Impact Marketing are able to keep track of who is interacting with your marketing materials and how. This is an extremely helpful tool for businesses. You can tailor your future marketing to have a greater impact as you understand more about how your current marketing is performing. Furthermore, for records that show high engagement levels, you will find that they are very likely to get in touch as they have shown great interest in your marketing materials. This also allows you to integrate various other related methods to maximise your results.
Cleansed Data
Data is a highly valuable resource, some view it as a commodity. However, as an individual’s or business’ details can change in days, it can become out of date very fast. Therefore, when you are looking into purchasing data or using any in-house data, you must ensure it is up to date. Marketing to incorrect records is a waste of valuable financial and time resources. Marketing data has great potential but it must be managed correctly and cleansed regularly in order to maximise its effectiveness.
Furthermore, GDPR is coming into effect in May this year. Therefore, if you undertake any form of direct marketing or work involving personal data, it must be compliant. When looking into purchasing a data list, ensure you are buying from a GDPR compliant company who regularly cleanse their data. This will not only mean you market legally but it will also perform to a higher level.
Summary
Data is a highly valuable marketing tool. When it is used correctly, it can yield very high returns and help build relationships with your prospects. However, it must be cleansed and partnered with high quality marketing content in order to work at its highest level. Also, marketing is a building process. Utilising data over time will build trust and rapport and achieve a greater ROI.
Impact Marketing are a data owner. We own and manage a number of business and consumer data lists. We regularly cleanse these lists to maintain their high levels of accuracy.
If you would like more information about data lists, please get in touch and a member of the team will be happy to assist further.