Data driven decision making in strategic marketing

It has been acknowledged and highlighted in the past decade how #data plays a crucial role in decision making, as it provides a basis for informed and evidence-based resolutions and commitments.

In the context of business, data can be used to identify patterns and trends, evaluate the effectiveness of different strategies and measure the performance of different initiatives. In other terms, it is the objective lens to measure and judge a situation in its context. Furthermore, it can be used to provide a forecast for future outcomes and inform long-term planning, based on evidence from the past. For these two main reasons, disposing of quality data and knowing how to interpret it can significantly advantage the strategic understanding and direction of a company.

There are several ways in which data can be used to support decision making in the business context:

1)?Analysing historical data: this involves looking at data from the past to identify patterns and trends that can inform future decision making

2) Gathering data from a range of sources: in order to make informed decisions, it is important to gather data from a variety of sources, including internal data, external data, and customer feedback. Integrate the data can be a complex process and data analysts play a crucial role in it

3)?Using data visualization: data visualization tools, such as charts and graphs, can help to make complex data sets more digestible and easier to understand

4)?Applying statistical analysis: statistical analysis can be used to identify trends and patterns in data and to test hypotheses

Overall, the role of data in decision making is to provide a factual basis for decision making, rather than relying on assumptions or gut instincts. It can help organizations to make more informed and evidence-based decisions that are better aligned with their goals and objectives. Data-driven marketing is a marketing approach that relies on data and analytics to inform marketing decisions and strategies. #Information can be easy to spot such as customer private data that spontaneously release within the systems, or can be hidden into complex situations. For example data can be collected from direct and indirect behaviours. Data driven decision making relies on collecting and analysing data from various sources, such as customer interactions, website and social media activity, and market trends, to gain insights and inform marketing efforts, the more the better.

The goal of #data-driven marketing is to improve the effectiveness and efficiency of marketing campaigns by targeting the right audience with the right message at the right time. It helps businesses understand their customers and make data-informed decisions about how to reach and engage them. Data-driven marketing can involve using tools like customer relationship management (#CRM) systems and marketing #automation software to manage and analyse customer data. It can also involve using data from social media and other online platforms to gain insights about customer behaviour and preferences.

Overall, data-driven marketing allows businesses to make more informed and targeted marketing decisions, which can lead to improved marketing results and a better return on investment. Basing decisions on data reduces the effect of biases that characterize human opinions and decisions. Some examples of how data can be crucial in marketing:

1)?Identifying and describing target personas for different product lines. This allows to reduce audience and minimize efforts to produce an effect on desired leads

2)?Understand how different kind of content perform given a specific product or service, and audience

3)?Predict and forecast future demand for a certain product or feature

4)?Quantify how different means of advertising impact sales

5) Conduct exploratory analysis before launching an existing product in a new market, or a new product in current markets

?Particularly, data-driven #marketing is a kind of approach that uses data to guide marketing efforts and improve their effectiveness. It involves collecting information about a brand's target audience, analysing it to identify patterns and trends, and using those insights to inform marketing decisions. This can help brands allocate their marketing resources more effectively, tailor their messages to specific audience segments, and deliver a more personalized and customer-centric approach to marketing. Data-driven marketing is becoming increasingly popular because it can help maximize return on investment and improve the efficiency of marketing efforts. It allows brands to gain a deeper understanding of their prospects and their preferences, which can help increase conversion rates and drive brand growth.