Data driven marketing

Data driven marketing is a process by which marketers gain insights and trends based on in-depth analysis informed by numbers. Data-driven marketing refers to strategies built on insights pulled from the analysis of big data, collected through consumer interactions and engagements, to form predictions about future behaviors. This involves understanding data already present, data that can be acquired, and how to organize, analyze, and apply that data to better marketing efforts. The intended goal is generally to enhance and personalize the customer experience. The market research allows for a comprehensive study of preferences.[1]

Analytic tools allow for targeted and personalized marketing to the customer. Companies use customer reviews and customer support conversations to extract data for planning the marketing strategy. Approaching an audience with a targeted campaign increases the chances of their conversion. Marketers can now understand customer behavior and make informed decisions based on the data, thus allowing for a relevant targeting.[2]

References

"Definition of Data Driven Market Research".
Malhotra, N. K.; Peterson, M.; Kleiser, S. B. (1 April 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. CiteSeerX 10.1.1.137.82. doi:10.1177/0092070399272004.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.

[1] "Definition of Data Driven Market Research".

[2] Malhotra, N. K.; Peterson, M.; Kleiser, S. B. (1 April 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. CiteSeerX 10.1.1.137.82. doi:10.1177/0092070399272004.