Data is the New Gold

Data is the New Gold

Having the right information in hand can help you avoid spending money on useless campaigns. With it, you can create marketing content that is relevant and produces successful results! Thanks to mobile phones and the internet, people hold the book of knowledge within their palms every day.

Why is it important?

         Imagine being constantly bombarded by irrelevant content. Now imagine your user-experience is so personalized that every time you get on social media, the information you find in front of you is catered to your every want/need. Sure, this sounds somewhat creepy, but it’s what your consumers want.

In fact, 75% of customer experience leaders have seen a positive correlation between customer satisfaction and business objectives! Aligning your marketing with your customer’s values has been seen to play a vital role in today’s business world. It can mean the difference between success and failure.

52% of consumers are inclined to switch brands if they were not getting custom messages and offerings. In 2019, about 2.5 billion visits were made to Google Account pages to adjust ad personalization preferences. The consumers of today live in a fast-paced world with short attention spans. They want what they want, and do not want to be bothered by things that are irrelevant to their lives.

So how do you get to know your customers?

By asking them questions, learning what they like to purchase, and learning what their values are. All of these are types of data you can collect.

Why Should You Care?

You should care because data has the potential for creating a relationship with your customers. Acquiring new customers is expensive! It costs 5 TIMES more to get a new customer rather than keeping one, and about 43% of customers are willing to spend more money on brands they have loyal relationships with!

Relationships require nurturing and personalization. They also require commonality. Your brand must align with your customers’ values. In fact, 64% of customers have said that they maintain a brand relationship with those that are aligned with their values. Companies who have taken the time to build purpose behind their brand have witnessed a major payoff—outperforming the stock market by 120%!

66% of Millennials and Gen Z show preference of brands who state a purpose or stand for something. These two groups have a gigantic purchasing power in today’s world. Millennials spending power is about $2.5 trillion, while Gen Z is estimated at $44 billion per year!

What does this mean to marketers?

Well, 64% of marketing leaders say that data-driven strategies are vital to today’s economy. The top usages for data-driven marketing are:

  • Customer journey mapping
  • Website personalization
  • Segmentation
  • Content creation
  • Relationship building

Overall, it’s not hard to see why data-driven marketing a key component to success for any business in today’s world is. By incorporating data into your marketing strategies and campaigns, you can build stronger relationships with your customers, and in turn increase ROI growth.

So, what are you waiting for? Let’s succeed together!

If you need help understanding your data, get in touch with us.

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