Data is power.
There’s no longer any argument that without data, companies would be all at sea when it comes to driving their marketing initiatives. Sample this, CMOs are pouring money into marketing analytics to plan a great brand stratergy. They are expected to spend over 11% of their total budget on analytics. Companies don’t put data at the center of their marketing and sales decisions could miss out on a 15-20% increase in their marketing ROI.
By leveraging the numbers that matter and other crucial details, marketing can not only maximize the profits but also overcome several barriers. This includes getting to know their customers better and personalizing products and services that meet their specific goals. Or knowing out the latest trends and preferences and preparing themselves. As we said, there’s no longer any doubt that data can be used to chalk out an effective brand strategy to fuel the overall growth of the brand.
So, that’s ok at a conceptual level. But where are the success stories? Well, right here would be a good place to start. Here are some brands that used marketing analytics to win big. Take a look:
Spotify’s brand stratergy
Spotify comes up with some interesting, enlightening ads that were created from the users’ weird music streaming habits. The firm has been using this data to roll out its “Wrapped” campaign every year since 2016,aimed at unearthing some of the most bizarre listener habits. From an ‘I love gingers’ playlist with 48 Ed Sheeran songs on it to the fact that Big Shaq’s ‘Man’s Not Hot’ was played 42 million times in 2017, it was all out in the open, albeit anonymously. This is not your usual marketing analytics. Nevertheless, this strikes a chord with the target audience – people belonging to diverse demographics and having dissimilar content on their lists. This brand stratergy worked for the brand and has got it millions of loyal followers.
How EasyJet used marketing analytics for their campaign
EasyJet kickstarted its 20th anniversary with a data-driven campaign. The firm used the travel history of each of its customer’s and created individual stories. These included customer data such as when did they first travel with the airlines and made predictions about where are they likely to go next. At the core of the campaign were personalized emails, which used copy based on 28 key data points, among other essentials. The result was that the open rates from this campaign were 100% more than their typical newsletters, along with 25% higher CTR. Don’t tell us you wouldn’t kill for those numbers for your next email campaign!
Marketing strategy used by Sephora
Beauty retail giant Sephora has a highly individualized digital experienced. From product-discovery tools to customized loyalty rewards, it leaves no stone unturned to create a memorable customer journey. The brand’s website includes a homepage that shows recommended products. The entire selection is based on the customers’ past purchases as well as browsing activity. Similarly, they also have another tab on the homepage that specially curates its newly-released products in the “new for you” feed of recommendations. The product pages, on the other hand, allows users to select between similar products, you may like suggestions, and recently viewed SKUs. Clearly, the firm uses predictive analysis for the same. Such data-driven marketing efforts have driven great success for the brand. In fact, it’s led to customers pledging their loyalty to it.
Under Armour uses marketing analytics to come up with new products
Under Armour gathers data from the Connected Fitness community and helps personalize marketing to consumers and come up with potential new products. This community includes over 200 million consumers, including those who purchased its health-tracking wearable devices as well as fitness apps such as MyFitnessPal. These apps offer a goldmine of data that is used by the firm to achieve the goals. For instance, the data can be used to determine how often to message the consumer, at what times, and what products to highlight. The fitness-conscious community has several triggers and Under Armour is able to tap them all to create engagement and drive action too.
How Netflix uses marketing analytics to keep the content engaging
No marketing analytics list can be complete without mentioning Netflix. The streaming service platform uses data processing software as well as traditional business intelligence tools along with open-source solutions for collecting and storing massive chunks of information. This helps the brand zero-in on what content to promote to specific viewers. As a result, the platform enjoys a high engagement rate with original content Netflix renews 93 percent of its original series.This directly contributes to revenue as it helps drive up viewership for shows and keeps the customers engaged. Apps suffer greatly from people signing up and not using the app -not Netflix.
Fortify Your Brand’s Success with Marketing Analytics
With several brands jostling for space in the same domain, it has become difficult to get the customers’ attention. Marketing analytics can be a powerful weapon in your arsenal that can help you do just that. Analytics will help you make sense of data and put it to use for maximizing the ROI of your brand strategies and tactical campaigns.
Of course, this is easier said than done. Knowing what data to gather, unearthing the stories it tells, and then drawing out actionable insights from it takes great skill and understanding. Need more details? Get in touch with us and we will be happy to talk about what’s possible.