Six Steps to Data-Driven Demand Creation
Step 2: Build A Data-Driven Strategy
Once you've taken the first steps toward deeper customer knowledge, it's time to build a demand-creation strategy based on that information.
This is where so many marketers get into trouble, because they solely use the limited amount of data that emerges from their initial review to build long-term strategies. To avoid a misstep, remember the adage that says no plan ever survives initial contact with reality.
In other words, start small, but don't lose sight of the importance of ongoing analysis and data gained from new sources. After all, data-driven marketing is a continuous process of testing new ideas, and adjusting the variables that can affect response and improve return on investment. At this stage, it's too early to even attempt a comprehensive strategy, since marketers rarely if ever have a complete picture of customers based on the data discovery.
An initial data review should, however, help set a few benchmarks for a successful data-driven strategy - the objectives for demand-creation and sales. It should also improve an understanding of customers, so your marketing team can begin to build profiles and segment them into meaningful groups.
Next comes market research and modeling. Using the initial analysis and segmentation as a guide, target your research to discover what drives customer sales, and perhaps the sales of the competition. Then, build the models that empower long-term strategic thinking by combining market research with ongoing data analysis.
Modeling is possibly the most critical phase in the strategy-building process - accurate models show a picture of customers that predicts their behavior. Models help mark the point where data can truly move to the core of strategic thinking. They also help to figure out what additional information an enterprise may need, and how to collect it.