Data & Our Connection Economy

 

If you’ve heard of marketing expert and author Seth Godin, you’re probably familiar with his thoughts about marketing in our new economy. According to Godin, we’re no longer an industrial economy; we’re a “connection economy.”

 

Godin asserts that this shift has created a cluttered world in which your target customer is drowning in a sea of messaging. The television, the mailbox and the telephone aren’t the only ways into the average household anymore. Technology has given rise to an unprecedented number of available information channels, and customers are really the ones in control.

 

We couldn’t agree more. Given the amount of information that’s out there, there’s more data available to us than ever before. But instead of being overwhelmed by reports and charts, we can capitalize on the multitude of channels and messaging opportunities to better fuel our connections with our customers.

 

Here are three methods for using data to connect with customers with new, better ways.

 

Dive Deeper into Target Behavior

Remember the saying, “Meet your customer where they are”? According to research cited by McKinseyorganizations that leverage customer behavior data to generate behavioral insights outperform their peers by 85 percent in sales growth and more than 25 percent in gross marginPersonalization and customer experience are the keys to success in today’s marketing landscape.What new and different things is your data telling you about your target audience?

 

Rethink Sales Effectiveness

Marketing automation only takes effective sales so far. Data analytics can provide actionable insights your sales team needs to make informed planning decisions, streamline sales activities and more accurately track results. Using data can help you provide concrete insights that engage your sales team more effectively.

 

Reward Loyalty Better

As you better track and understand your target’s behavior, you can apply similar principles to the entire experience customers have with your company – both online and offline. Customer loyalty is about engaging customers, not constantly serving them up new messages. Using data can allow you to focus on retaining existing customers. It can help you create timely promotions and personalized rewards.

 

Marketing 2020, the most comprehensive marketing leadership study ever undertaken, as cited by Harvard Business Review, assessed thousands of organizations to determine winning characteristics of overperforming companies as compared to underperforming. The top characteristic of overperforming companies was their use of data and analytics to improve marketing effectiveness.

 

The ability to combine data about what consumers are doing with the understanding of why they’re doing it produces new insights into customer needs and the best ways to connect. The most successful companies recognize that data and marketing strategy go hand in hand. Using data to develop innovative strategies for connecting with customers will help businesses realize their vision and highest potential.

 

"Lauren Sweeney"Lauren Sweeney is the Founder and CEO of Dotted Line Collaborations, a full-service marketing agency solving big brand problems from our headquarters in Richmond, Virginia. When Lauren’s not providing strategic direction for the firm or delivering results for our clients, Lauren is outdoors enjoying all that Richmond has to offer or traveling to a new and exciting destination.

 

2018-11-01T09:54:09+00:00

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