Data drives business. In our fast-paced digital environment, businesses struggle to constantly keep their brands on trend. After all, staying current is a full-time job requiring steadfast dedication. As trends change, the brands who can’t keep up get left in the dust. Sustaining your brand through the challenge of change means marketers must plunge into streams of data and attempt to make sense of the unrelenting torrent.
Enter: data aggregators. Data aggregators collect and organize the maelstrom of information in real-time, and offer the most realistic and effective way to engage customers quickly. Brands can gain insight like never before, diving into consumer behaviors and buyer profiles to create individualized content for customers. Modern-day marketers have all the tools to make strategic decisions and optimize vital elements like brand email opens, online shopping metrics, call-to-action, engagement and purchase history. But many brands are not taking advantage.
The Harvard Business Review reveals shocking statistics about businesses’ inability to successfully manage their data. The article asserts, “…on average, less than half of an organization’s structured data is actively used in making decisions—and less than 1% of its unstructured data is analyzed or used at all.”
Learn the key benefits of infusing your marketing strategy with solid data analytics.
Shape Your Marketing Strategy
Data aggregators utilize AI-driven technology to analyze inconceivable amounts of data. This rapidly gathered and organized information helps brands understand their data in real-time and delve into previously unexplored insights. Data aggregators are doing the heavy lifting by breaking down the massive quantities of information being generated everyday to quickly identify current trends, patterns and behaviors. Once you understand the big picture of what your data can do for your marketing strategy, you can influence your bottom line.
Obtain Real-Time Metrics
Gone are the days of excel spreadsheet scrolls flooded with thousands of columns of data and disjointed metrics. It’s increasingly difficult to summarize data, but the one-stop-shop aggregator companies make it easy. You can instantly learn the real-time and near-real-time metrics of your customers to more efficiently target and personalize your marketing efforts. The marketers of today don’t have to worry about devoting precious time attempting to gather the data and make sense of it. They have the ability to focus on refining their approach with the precise data they need gathered and organized for them.
Personalize Your Marketing
In a Pew Research Center study from 2016, 47 percent of Americans stated they were comfortable with retailers tracking their purchases in exchange for benefits like free services or discounts. Through data collection and analysis, personalized marketing seeks to capture customers and potential customers by taking an individualized approach. When personalized marketing is done effectively, benefits are delivered to both the business and the customer.
- Customer Experience. When brand content is personalized, it improves the customer experience. With increased customer experience comes brand familiarity and trust.
- Brand Loyalty. Customers like feeling special. When businesses dedicate the time and energy into incorporating personalized marketing tactics, they foster a relationship and build brand loyalty.
- Increase ROI. Through data, brands can identify consumer behaviors around the various channels. By discovering which channels each individual customer prefers, they can engage more effectively and increase ROI.
A Streamlined Process Through Big Data
With big data comes big responsibility. Data aggregation serves to streamline the process in which data is searched, collected and summarized. Data is useless if it isn’t translated into actionable information to gain real insight into consumer patterns and behaviors. Marketers have an incredible opportunity to learn about their audience more intimately than ever before. Data has vast capabilities of examining browsing habits, offline behaviors, social media habits and SEO to enhance customer insight and build an in-depth persona. Analyzing all this data is time consuming, but enables brands to make major discoveries. The majority of the customer journey is digital, allowing marketers to get ahead of the competition when they build a marketing strategy around those digital insights. When data analysis is neglected, marketers are only seeing part of the puzzle in terms of producing effective content and social media, and ultimately hindering brand growth.
Prepare New Opportunities
Let’s use this compelling example to explore the power of data in 2018 and beyond. Car sales are set to decline for Generation Z (those born between 1995 and 2012). The data collected thus far indicates Generation Zers have little interest in car ownership, and a greater likelihood of engaging in ride-sharing opportunities. Big car companies, like Ford and GM, have jumped on the ride-sharing service bandwagon, with a firm ‘big picture’ strategy set in place to boost sales further down the line. Consumers taking advantage of these mobility services are having their data collected by aggregators so these businesses can learn their preferences, travel behaviors and demographics. The car companies will then personalize their marketing to their users, and set them on the path to eventual car ownership.
The growth of data aggregator capabilities strengthens the reach brands have over customers and prospective customers. While people depend on the internet to manage more needs, the amount of data being generated by every device is astonishing. The ability to have marketers cater to the needs of their customers on an individual basis is a powerful tool. Businesses save money by only targeting consumers who have a better chance of converting to sales, and customers are not bothered by ads irrelevant to their lifestyle.
Exploring the data aggregator tools and implementing the data into marketing decisions will empower your brand, increase visibility and effectively propel your brand forward. Data can influence businesses on a global level, and restructure the competitive landscape. The future is data-driven, and data aggregators are essential to the success of every brand.