Data Driven Marketing, a 5.0 marketing strategy that cannot be missed.

Data Driven Marketing is a 5.0 marketing strategy that cannot be missed.

Marketing often changes with the times. It cannot be denied that Data-Driven Marketing is a 5.0 marketing strategy that is currently very popular. It uses consumer data to apply to business operations. Data can be collected from the CRM system, a technology that helps in marketing. It is very useful in doing business in today’s era..

Let’s get to know modern marketing: What is Data Driven Marketing? How important is it to business? Doing Data Analytics includes knowledge about various data types that business executives and marketers should not miss. You can follow and read this article.

What is Data Driven Marketing? Things business owners shouldn’t miss

Data-driven marketing is marketing that is driven by (customer) data. It is considered a new type of marketing because information is what makes us understand. Knowing your customers well and that customers have preferences, interests, or needs in which direction enables us to offer products and services that meet the needs of our customers and make customers feel like important people. Therefore, we will be able to retain customers continuously in the long term.

Data Driven Marketing is, therefore, like storing and analyzing data. In order to know customers’ needs in every aspect. from the beginning until the sale’s closing, That data may come from direct customer interactions, CRM systems, or various platforms. If it’s a service business, data can be collected and analyzed using a clinic program.

However, collecting information from customers at present Must be subject to the Personal Data Protection Act or PDPA (Personal Data Protection Act).

How important is Data-Driven Marketing to business?

Data-driven marketing is a very popular and often highly effective marketing strategy in modern marketing. Because doing business today has quite high market competition, business organizations with the most customer data have the greatest chance of success as well.

Because there is information that helps us understand customer behavior, likes, dislikes, and motivations for choosing products, you can then use this information to be useful in presenting, improving, and developing your own business’s products or services. Data-Driven Marketing also acts as a tool for building better customer relationships than traditional marketing.

Know how to do Data Analytics

As customer data plays an increasingly important role in modern marketing, businesses focus on marketing strategies. Data Driven Marketing requires collecting huge amounts of data. Then, the data is analyzed (Data Analytics) for development. Product or service

In other words, Data-Driven Marketing is like a collection process. Follow up, edit, and do Data Analytics to use the data for further business benefits. Therefore, it is something that business owners should pay attention to. Currently, it is popular to use software systems as a tool to help. Because data can be managed easily and efficiently

However, as mentioned above, data-driven marketing often generates much data. Therefore, information has been divided into 3 types, and each type differs. And there are different uses as well. The data type can be divided as follows:

First Party Data

First-party data is information that the organization collects directly from customers, such as names, addresses, telephone numbers, email addresses, occupations, suggestions, etc., including customer needs and behavior. It is collected through the software system or other channels, such as entering websites, Clicking on websites, etc.

This type of data is considered very valuable and is the heart of Data-Driven Marketing. It is most useful in individualized marketing. Any organization that does not collect First-Party Data is missing out on important business opportunities in this era.

First-Party Data Benefits

• The organization directly owns the data.
• The information can be used freely. Because it is the owner of the data directly (This must be subject to PDPA rules)
• Accurately lock on target groups at the individual level
• Predict future customer needs by calculating statistics from recorded data.
• The information is accurate and reliable.

Second Party Data

Second-party data is the first-party data of other people’s businesses. To bring Second Party Data to benefit your own business. We should consider customer groups that are similar, related, or can be connected to our business. The method for obtaining this information is usually through buying and selling information or exchanging information with organizations with common business benefits.

Second-Party Data Benefits

• Increase your customer base by finding a group of people who have the same behavior. Preferences or information similar to those of existing customers
• Increase efficiency in marketing
• Able to create innovative campaigns that Can be different from the original

Third-Party Data

Third Party Data is various information obtained from external sources. The way to obtain this information is by purchasing data from large data collection centers from various platforms, business groups, or legal entities. But for this type of information will not be able to directly link to the first party that owns the data.

Benefits of Third-Party Data

• Access to a wide user database. Get a variety of information
• It’s easy to find information. and ready to use. There is No need to waste time collecting data yourself.

Brief summary of First, Second, and Third Party Data.

Doing Data-Driven Marketing requires data to help with marketing, whether First Party Data is the main data that we own. that we collect ourselves, Second Party Data is other people’s First Party Data. Third-Party Data comes from other sources that are easily available. The scope of data is wider than any other type of data. In the business world, data is the decision or pointer. Those who hold more information Completely will be able to see more profit-making channels more accurately.

“Without big data, you are blind and deaf and in the middle of a freeway.” — Geoffrey Moore

Example Case Study: Using Data-Driven to take advantage of Netflix

For example, a case study like Netflix, a streaming service that offers a variety of entertainment media, has been successful by applying Data-Driven to business operations. It has been successful in many areas, including customers. Customer behavior and other aspects. You can stop by and watch a good short clip from JobsDB Thailand below.

Summary of Netflix’s success using Data-Driven

• Customer:  Netflix selects media that customers like or other media that is similar to what customers like to search for. Show up on the feed page It is a specific individual selection.
• Poster Creation:  Netflix will create posters that are suitable for that type of customer.
• Data exchange:  Customer data is exchanged between the group and business organizations in the alliance.
• Business management:  Netflix will use data in meetings and investment decisions, such as buying each movie to put on its own platform. It may use data from looking at Which customer group likes the actors in that movie? And how many views did that movie in different regions have? Then use the data to calculate how much investment is required. in order to achieve the desired profit target