If you have been keeping a close tab on what’s trending in the digital industry, you would have surely stumbled upon two terms being thrown around everywhere – growth hacking and data marketing.
Growth hacking being referred to as businesses finding hacks to grow their customer base exponentially at a modest marketing budget. While data marketing refers to using big data to tap into the target market potential.
But the funny thing is, that most marketers don’t see the relation between the two?
If you didn’t either, then here’s something to consider – to find a hack that helps you grow your customer base, you need to know what your target market is looking for and whether or not another business is offering the same. Both of which is data that gets collated from across the internet – the exact same definition that is used for data marketing.
Correlated? Yes, definitely.
Here’s taking a look at how big data and machine learning are helping business growth hack their conversions:
1. Understanding their target market needs better
Digging deeper into big data collated from across the internet, it becomes possible for the businesses to understand their target audience better. It makes it possible to go beyond the general demographics of the target market and look into data points like their internet usage, the devices they use, what they are looking for and their purchase triggers. And with machine learning tools, it is also possible to keep a tab on their changing data points to remain up-to-date.
2. Bettering customer experience and increasing conversions
When a marketer is able to understand his business’s target market better, he able to better personalize his approach to them. And considering how important customer experience is today, personalization has become an vital element of a growth hacking strategy.
According to a study by Kahuna, 36% of marketers report that personalizing the experience for customers across multiple channels is important. Despite the rising popularity of tailored marketing efforts, marketers are still struggling with effective personalization.
A report by Kissmetrics suggests that, the more engaged a customer is, the better is his response to a message or promotion from the business. In simpler words, the more you tailor a customer’s journey, the more likely he is to convert on a campaign.
3. Identifying the untapped opportunities in the market
Since big data gives you deeper insights into the market data, you’re able to better understand what it already offers to your target audience and where your business still has the chance to make a mark. This is important for growth hacking your business, as there are at least ten other businesses in the market who are offering similar products/services as yours.
It also helps businesses create an effective messaging for omni channel marketing. Read more about it here.
4. Getting a competitive analysis (and edge) from other businesses
Big data also helps businesses identify their market competition. They are able to achieve a competitor analysis that helps them understand how other businesses are acquiring the market. Knowing what your target audience is being exposed to, and what is or not working with them, can help you get a competitive edge with better campaigns at optimized costs.
5. Staying ahead of the market competition with predictive modelling
Apart from an in-depth look into what’s already available in the market, how your business is faring and what your audience is really looking for, data also helps with predictive modelling. Predictive modelling is all about leveraging machine learning to predict the future of your business – be the changing needs of your audience, their demands, their purchase behaviour, etc.
Be it the B2B industry or the B2C companies, this helps you better prepare yourself for the future market and stay ahead of your competition.
While traditional marketing involved using mass media and broadcast messages as well as multiple campaigns to hit the market – those still work, by the way; growth hacking focuses on mixing what the business offers with pertinent data and applying nimble marketing tactics to create a fast growth path at an optimized marketing budget.
Companies like Wigzo equip marketers with automation and personalization tools that are powered by machine learning to help them create effective omni-channel campaigns. The tool tracks user behaviour closely, understands our content and creates detailed global profiles that lets marketers engage with their target market, at the right time with the right message.
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