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Data-driven marketing is the use of data to develop marketing strategy and optimize marketing operations. This includes approaches such as market research, analytics, decision support tools, automation and business experiments. The following are illustrative examples of data-driven marketing.
PromotionAn digital advertising platform is able to identity potential customers for an airline based on context and behavior and reach those customers with ads.ConversionsA business software company reduces its cost per lead by testing new landing pages each week against those currently known to have the best conversion rate.PricingA shoe retailer finds that most customers on Tuesdays and Wednesdays are in their 20s. The retailer is also aware from data that these customers are more price sensitive than those in their 30s or 40s. They launch a promotion on Tuesdays and Wednesdays as a way to optimize their price discrimination strategy.
LocationsA convenience store chain examines government data related to the traffic on streets and passengers handled by train stations to identify potential high traffic locations. They discover a train station with high passenger traffic that only has one competitor in the area. They open a location that is visible from the exit of the station.SalesA business-to-business sales team assigns a probability to all deals in the pipeline to prioritize resources and predict revenue. This is based on intelligence such as whether the customer has budget allocated for a purchase.
Customer ExperienceAn airline experiments with its mix of healthy snacks versus junk foods at its airport lounges and correlates results to customer satisfaction ratings. The airline finds that healthy stuff, particularly fresh foods, result in higher satisfaction.A firm conducts market research to understand how customers will perceive new brand symbols such as a redesigned logo.
Product DevelopmentA bicycle helmet manufacturer plans to release a new model in 6 colors. The manufacturer selects 24 potential colors based on the creative insight of designers and colors that have sold well in the past. They initially launch all 24 colors on their ecommerce site by producing small batches of each color. Those that sell best are selected for the mass production runs of 6 colors.
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