What defines Data-driven Marketing?
Data-driven Marketing is a way of working in which data helps targeting, drive insights and deliver optimizations.
During the last years, marketeers have invested in marketing automation tools with generic customer journeys for all customers. They segmented their customers using personas to be used with different email-templates. We feel these investments are only a first step towards the real end goal: true data-driven marketing.
We understand Data-driven Marketing as:
- The ability to have consistent personalization across all platforms, whether this is in bannering, emailing or website personalization
- The ability to connect on- and offline channels in real-time in order to do true smart retargeting. We want to include the offline behavior of customers in our customer journeys
- The usage of machine learning to replace rule-based customer segmentation
- Automated optimization on who to show what. This means you dynamically decide (based on the profile of the viewer) whether you should show a banner for newsletters or a banner for a certain product
- The access to actionable automated insights and reports which can drive your marketing decisions
A data-driven marketeer is supported by smart tools to deliver and optimize marketing campaigns being it using paid or unpaid channels.
- a DMP (Data Management Platform) or CDP (Customer Data Platform) where all on- and offline data is gathered, linked and exposed in an actionable way. Within a DMP or CDP, one can build a 360° perspective (buzzword alert; but it's true) on a customer and segment customers in actionable, sizeable target audiences based on simple And & Or rules.
- a Machine Learning logic embedded in or linked to this DMP or CDP. It is, after all, suboptimal to purely segment on And & Or rules built from a business point of view. Using Machine Learning techniques, we can analyse all data-points and characteristics of a customer (rather than only 1 or 2) and classify him automatically. These Machine Learning outputs should be embedded in your DMP such that you can target for example "Customers likely to churn".
- a Reporting environment. Although it sounds basic, a marketeer needs to have quick and rapid access to his KPIs and Performance metrics through Dashboards and self-service Business Intelligence. A data-driven marketeer knows his cost of acquisition across platforms, how it evolved in the last 30 days and in which target groups it's higher or lower.
What can element61 do?
As element61 we have built up extensive expertise in both the Marketing and Data domain.
We can help organizations along every step towards this end goal of Data-driven Marketing:
- Choosing and setting up a DMP (Data Management Platform) or CDP (Consumer Data Platform)
- Implementing Machine Learning smartness in your marketing actions such as churn models, next-product-to-buy, ...
- Bridging this with your (existing) Marketing Automation set-up
- Setting up top-notch reporting including the brainstorming and definition of your key relevant data-driven KPIs
Contact us for more info
Peter Depypere Bart Van Der Vurst