Data driven marketing
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Data-driven marketing is a process where marketers employ a process to gain insights into consumer behavior, including purchasing patterns, advert effectiveness, and browsing habits. Contemporary methods utilize big data strategies to collect and analyze information on consumer interactions and engagements, aiming to predict future behaviors. This analysis involves evaluating existing data, acquiring new data and systematically organizing and interpreting it to improve marketing strategies. The primary objective is to better understand and address customer needs. Market research provides a detailed understanding of consumer preferences
History
[edit]Contemporary data driven marketing can be traced back to the 1980s and the emergence of database marketing, which increased the ease of personalizing customer communications.[1]
In practice
[edit]Through the use of analytic tools, marketers attempt to understand customer behavior and make informed decisions based on the data.[2]
E-commerce retailers use data driven marketing to try and improve customer experience and increase sales. One example cited in the Harvard Business Review is Vineyard Vines, a fashion brand with brick-and-mortar stores and an online product catalog. The company has used an artificial intelligence (AI) platform to gain knowledge about its customers from actions taken or not taken on the e-commerce site. Email or social media communications are automatically triggered at certain points, such as cart abandonment. This information is also used to refine search engine marketing.[3]
References
[edit]- ^ "History of CRM Software - Mining Data for Sales". Financesonline.com. January 13, 2014. Archived from the original on June 26, 2014. Retrieved March 26, 2021.
- ^ Malhotra, Naresh K.; Peterson, Mark; Kleiser, Susan Bardi (March 1, 1999). "Marketing research: A state-of-the-art review and directions for the twenty-first century". Journal of the Academy of Marketing Science. 27 (2): 160–183. doi:10.1177/0092070399272004.
- ^ "How Vineyard Vines Uses Analytics to Win Over Customers". Harvard Business Review. June 8, 2018. ISSN 0017-8012. Retrieved March 26, 2021.