When it comes to marketing campaigns, targeted data is essential. It involves segmenting consumers by their interests or demographics using big data to drive the right consumers to the right services and products at a precise moment. The marketing campaigns are based on the needs or behaviours of the consumers for a higher effectiveness and conversion rate.
Data is the core of all advertising strategies. These strategies can be for big multinational companies, startups, or small businesses. Exploiting big data to find the best marketing strategy that addresses different markets proves to be the best option to drive purchases in marketing campaigns.
Marketing strategies such as business to business (B2B) and business to consumer (B2C) are different in their focus. The two require collection and analysis of a wide range of data from third and first-party experiences on their loyalty, mobile location data, behavioral data, consumption habits, social sentiment, and demographics.
Businesses invest in marketing campaigns to increase their return on investment (ROI) and drive more traffic to their online presence hence more sales. Targeting data on marketing campaigns require specialized and experienced consultants to analyse and use the data to market the brand and increase purchases. This is why unifying marketing data helps acquire and understand customer metrics and increase the conversation rate.
Understanding B2C and B2B data
B2C and B2B data are different in their marketing strategies. B2C focuses on the customer’s emotion-driven purchasing interests and decisions while B2B is driven by decisions from a logical process point of view. However, both B2C and B2B strategies aim at the creation of services and product awareness to consumers. The data can be used to analyse and understand the target market, sales cycles, type of buyer, or purchase intent. The type of data will depend on the target of your products and services.
B2C data contains information about the end-user and the information can help create B2C marketing strategies to drive sales and brand awareness. End-user information can be sex, interests, age, and number of children, preferences, marital status, and occupation etcetera.
B2C data can be collected by using thematic sites to register people or the posterior segmentation of a database. With thematic registration, it depends on one’s willingness to receive commercial communications and send their replies and suggestions. Segmenting a database lets one know the amount of interest a specific topic receives.
B2C often targets consumers over a wide range of psychological, socioeconomic, and demographic groups and factors. B2C data and marketing strategies target everyday consumers of products and services for their use. B2c data is driven by price, the product, and the convenience of the purchase. B2C marketing campaigns ensure they increase engagement, raise brand awareness, drive more sales, boost customer retention and loyalty. This is possible as B2C purchases are often impulsive, mostly singular and short-term.
B2B data involves all the information about products and services tailored for other businesses or companies. The data is driven by business performance, relationships, and productivity. The B2B campaigns help elevate a business’s marketing and sales operations.
B2B’s marketing strategies offer products and services that help other businesses and companies grow and operate smoothly. These marketing campaigns require good planning. It relies on the business management team and sales function for the strengthening or establishment of customer relations.
B2B data is collected from private and public sources. It contains company contacts, turnover class, employee numbers, product category, employee details, and the type of company. B2B marketing strategies target to address focused narrow and calculated markets. B2B companies convince other companies of a return on investment from their products and services. The focus is on showing ROI and building a good business relationship with other businesses.
The following are the different ways one can improve their B2B marketing campaigns.
• You should have an experienced and knowledgeable team.
• The tone of messaging.
• B2B marketing should be based on building relationships.
• Showing other companies the ROI expected from your product and services.
Data is essential for the success of B2B and B2C marketing campaigns whether it is a big company or start-up. Getting detailed and accurate data from your target market drives more sales. When buying data for campaigns one needs to buy the right data to stimulate their marketing efforts and generate more leads.
Data quality is inherent in marketing especially with changes from the internet influencing customer behaviour over the years. Some data providers acquire their data unethically and unlawfully. Purchasing the right data of high quality requires a trusted and verified data provider.
Using wrong data could have adverse effects on your business. The data might be obtained unethically and might ruin the reputation of your business. Using such data for your marketing campaigns is considered breaking the law and will land your business into problems. The response rates to your business can decrease when you use bad data. Going for the cheapest option might prove to be a waste of resources and time.
It is therefore important to choose the right data provider to avoid complications. Getting cheap data listings sold online like on eBay is not a good idea. Buying the right data is the best way to invest in your company’s marketing campaign.
Disadvantages of non-targeted data
Customers respond differently to different marketing strategies and tactics. Targeted and non-targeted data use has implications for the business and target audience. While non-targeted customers respond more to price, targeted audiences respond to communication and the quality of products and services. Utilizing targeted data helps increase business sales. Understanding the nature of targeted and non-targeted data will help businesses develop effective marketing strategies.
· The use of target marketing is to utilize customers’ needs. Non-targeted data do not meet the attention and needs of customers.
· Non-targeted marketing does not maintain customer relationships.
· Non-targeted customers always receive less for more pay or pay more for less.
· Without targeted data a marketer cannot manage customers effectively.
· Non-targeted customers don’t receive any marketing offers.
Non-targeted data does not dwell on the customer-business relations or giving customers the attention they need hence telemarketing or email campaigns are ideal strategies to apply such data.
Telemarketing is a technology-driven marketing strategy that does not require targeted customer data or meet their needs and preferences. Although flexible and lowers marketing costs for most businesses, the approach does not involve understanding customers’ preferences, interests, needs, attitudes, or attention and this can be disastrous to an organization.
Telemarketing should put into consideration customers’ preferences and attitudes towards products and services. This is a more dominant direct marketing strategy that most companies use to reach customers through a medium.
Email marketing uses emails to communicate with customers and prospects. It is the most effective and direct method of connecting with your potential leads, developing a relationship, turning the leads to customers, and maintaining them. Through email marketing, one can develop lots of leads and generate more sales.
The advantages of using email marketing include:
• It is direct and cannot be ignored
• Email is the best communication channel.
• You get to control your list.
• The ROI in using email marketing is great.
Using B2C data to laser-target
It is very easy and possible to laser target a group from a population using B2C data. A business can use various ways of collecting these kinds of data from the public or using questionnaires.
Laser-targeting people aged 65 and above living in New York with a property worth over $500 will require the careful and accurate collection of data variables from a population of New York.
The following is where type of data variants is sought from:
• The ages of customers
• Their occupation
• Their previous purchase manifests
• Residential location
• The preferential purchases and amounts of purchases made.
Using these criteria, one can analyse the data collected and draw accurate conclusions on the type of property owned by an individual, the age, and the residential area. This can be used to target this specific market during marketing campaigns of products and services.
How to obtain data
One can collect data in various ways. Getting customers to give their details for targeted marketing is never a big challenge. Methods include:
• Using direct emails
• Telemarketing strategies
• Employing questionnaires
• Conducting exploratory interviews
• Using chatbots platforms
• Existing customer history
• Pilot tests