Article
Moving Beyond Statistical Analysis to Data-Driven Marketing
The analytics of marketing has long been modeled on traditional statistical analysis. However, as the complexity of marketing data increases, companies are seeking more sophisticated ways to understand and use marketing data. In particular, data-driven marketing is a recent trend that focuses on using data to drive marketing decisions. The benefits of data-driven marketing vary depending on the type of data involved and how it is used. For instance, market research data can help companies understand customer needs and preferences. This information can then be used to create targeted marketing campaigns. Another type of data used in data-driven marketing is customer data. This information can be used to determine customer behavior, including how likely a consumer is to return to a given product or service. This information can also be used to develop targeted marketing campaigns. In addition to market research and customer data, data-driven marketing also relies on customer profiling data. This data can be used to identify customer segments that are more likely to respond favorably to a given marketing campaign. However, not all data is suitable for use in data-driven marketing. Particularly sensitive data, such as customer credit score, can be difficult to gather and analyze. In these cases, companies may opt to use surrogate data instead.