How Data Driven Advertising Can Supercharge Your Marketing Budget
All advertising folks can agree that an operating budget can make, or break, you from the start. This is why the last 10-15 years has seen a reliance on data driven advertising in order to maximize even the most ‘meh’ budgets. It’s often said that in order to make money, you’ve got to spend money. While not untrue, there’s also something to be said about getting every cent out of each dollar you spend.
The Ins & Outs of ‘The Biz’
Step back for a second & think about the basics of advertising and marketing. The whole point is to reach the right person to buy your product/service. In order to reach them, you’ve got to tap into something they like. Entire ad/marketing departments have brainstormed ideas to do this as effectively as possible. The result? Newspaper ads, radio spots, even billboards over the highway have become commonplace. As the internet has become a thing, acronyms like PPC, CTR, and SEO have essentially become the advertising/marketing speak. In the end, though, the goal is the same — reach the right people.
The Pros & Cons of Spending Money
But none of this comes cheap. Every time you as a consumer see an ad anywhere, there was money & research that went into making sure you saw it. What’s more, the same ad needed to have the critical element of making you act. The kicker is that even the call-to-action had money and research fueling it. For massive conglomerates with nearly inexhaustible marketing budgets, this is just a way of doing business. For smaller operations, however, the mismanagement of marketing funds can close the doors for good.
This is where data driven advertising becomes critical to employ. Information about people becomes crucial to knowing how best to market to them. Even more important, the right data lets companies know which prospective customers aren’t the right demographic for a product/service offered. The latter data point is sometimes WAY MORE important than any other bit of info one can collect.
The one thing that tends to scare away a lot of people from using data for their advertising & marketing is that they: 1) don’t understand it; 2) don’t want to understand it; and 3) believe that their ‘gut’ will guide them down the right path. In short, stubborn allegiance to your self-perceived business acumen will be your downfall. Here’s why:
The rise of online shopping & the search for bargain-basement pricing for even an average return means that few consumers are beholden to brand loyalty. This means that the reliance on ‘the way things have always been’ is as antiquated as that statement.
Tailoring the Customer Journey
If there is one thing that consumers respond to, it’s a business/company taking the time to craft an easy & straight-forward customer journey. With the right data analysis, companies can put together a smooth transition from general interest to conversion that makes folks spread the word AND come back again.
One thing your sales team certainly will appreciate is knowing they’ve got leads that go somewhere. Few things kill the creative spirit more than hitting a proverbial wall you thought was a possible sale. Quality data analysis allows for laser focus on the right leads as opposed to all possible leads.
The thing is that data driven advertising demands that you look at ALL of the data possible. The volume of info can be daunting, if not downright stifling. The key to it always keep short- and long-term goals in mind. This way, you don’t get lost in the numbers.
Data driven advertising isn’t just another way to touch base with prospective customers — it is THE way. Let MindEcology, an Austin advertising agency, show you how the right data can change things.