Technology continues to transform Marketing and nowadays, data plays a crucial role as one of the key ingredients in successful marketing.
Data-driven marketing is a method that uses data acquired through customer interactions or third parties, to gain a better view into customers’ motivations, preferences, and behaviors to optimize marketing performance.
The evolution of Data-driven marketing occurred because three central aspects of marketing changed: The user, the user journey, and the data basis.
Online marketing has also given easy access to data which in turn helps in focused targeting and personalization, leading to successful marketing plans.
The process involves steps like Collecting data, Compiling and analyzing data, turning data into strategy, and Measuring success.
Marketing graduates need to be oriented in Data-driven marketing through the knowledge of basic statistics, data interpretation, and data analysis tools. Marketing graduates with analytics capability require conceptual knowledge of key areas such as marketing communications, measurement, evaluation, and digital technologies. Required technical skills include data analytics, digital marketing comprising of SEO & SEM, CRM & database skills.
Marketers have now started using even advanced tools like artificial intelligence (AI) for campaign monitoring and analyzing responses at a detailed level, to understand not only what works and what doesn’t but specifically for which segments, what time, and over which channels and then to adjust their strategy based on those insights. AI-enabled monitoring can now be done in minutes or even seconds. Hence students need to be equipped with even Artificial Intelligence-Machine Learning skills.
Thus, a marketing graduate who is honed in data-driven marketing skills can do wonders with the right marketing messages at the right time in the right place.