The year 2024 mark a tremendous change in Marketing. The researchers are rethinking to double down their strategies in marketing after COVID-19. According to the research conducted in 2020 “One in five consumer switch their brands and seven in ten opted for digital shopping channels”.
The retail sector experience the tremendous growth in retail sector since past ten years. This seismic change in target audience behavior reflects the adaption of data driven marketing if organizations wants to achieve growth opportunity for greater ROI and resilience. The companies that upgrade their marketing strategies will be more effective in generating revenue and building future for their business.
I Business Institute, after analyzing the challenge lies ahead in corporate sector, aims to give students the required knowledge and tools for digital, strategic and operational marketing. Moreover I Business Institute aims to help students take advantage of the latest analytical, technological and digital tools to conduct an efficient marketing plan.
Also Read: How is PGDM in Marketing Helpful for Students?
However to understand and connect with data driven marketing, let us understand what exactly is data driven marketing, Why I Business Institute focuses on creating efficient marketing professionals.
What is Data Driven Marketing?
The renowned American marketing developer Hub Spot provide the definition “The data driven marketing uses the data to take all marketing decisions, from creative assets to campaigns. It places customer data in front and in center to ensure all marketing efforts are relevant to customer interest and behavior”.
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The data driven marketing is online and facilitates the use of paid and organic adds on social media, search engines, email-marketing, influencer marketing, video marketing and more. The optimization of brand communication on the basis of customer behavior helps the organization to develop personalized marketing with highest ROI.
This data driven marketing is expected to change the marketing dynamics in future as it empowers the businesses to take informed decisions, personalized customer experiences and achieve better results.
Also Read: Predictive Analytics and Machine Learning in Business
How Data Driven Marketing is Going to Change the Dynamics of Business in Future:
- Personalization and customer segmentation
The marketers can create highly targeted and personalized campaigns. They may segment their audience based on demographics, behavior and preferences to deliver more relevant content.
- Artificial Intelligence ( AI ) and Machine Learning:
AI and Machine learning algorithms can analyze large data sets to identify market and consumer behavior patterns and predict future trends. The marketers can use these datasets to analyze the customer needs, optimize campaigns and make data driven decisions.
- Customer Journey Mapping:
Data Driven Marketing focuses on the holistic view of customer journey, where marketers can track the customer interaction across various touch points, understand the buying behavior of the customers and to optimize each phase.
- Omni Channel Marketing:
It allows marketer to integrate the campaigns from multiple channels, the data driven marketing ensures whether the customer is interacting through social media, e-mails or in-store (physical mode).
- Real time Marketing:
Real time data analysis helps the marketer to analyze the data and create dynamic campaigns.
- AR and VR
The use of AR and VR provides immersive experiences in marketing. It may help marketers to personalize the experiences for users.
- Voice Search Optimization:
Voice search optimization more prevalent, the marketers may use voice optimization strategy for understanding user intent data which is very crucial for effective voice based Marketing.
- Measurement and Attribution:
Marketers will depend on advance analytics to measure the response of campaigns. Attribution models will evolve to provide more holistic understanding of the customer’s journey.
The future, of data-driven Marketing is likely to be characterized by increased personalization, advance technologies example AL and VR, the total focus on data privacy, it is going to provide unified experiences across channels. The business/ marketers those who will be able to harness the power of data with privacy are likely to be at forefront of the upcoming marketing dynamics.
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