Though many find today's influx of data to be daunting, such information has the potential to improve an organization's consumer acquisition, satisfaction, and retention. With insights to drive marketing decisions, advertisers now have an advantage that was once elusive, if not impossible, to grasp before the technological revolution. By collecting customer feedback, observing behavioral patterns, and analyzing campaign outcomes, data-driven advertising allows marketers to crawl inside the consumer's mind to extract the very insights necessary to develop campaigns that target the right customers via the appropriate channels at the right moment.
"With the advent of newer and more innovative means to engage with customers, companies will need to find newer ways to both understand as well as implement marketing strategies," says Anuj Krishna, delivery lead at Mu Sigma. "This understanding can only arrive through the cycle of creating new campaigns, collecting data and generating insights, and implementing the learnings to create newer campaigns. The differentiator for companies is how the data that has been collected is utilized to hasten the process and learn more."
By utilizing the data that already flows freely, marketers and can assess and understand the 'who, what, where, when, and why (and how)' behind successful, responsive advertising campaigns: