DATA-DRIVEN MARKETING AS A KEY FACTOR OF MODERN BUSINESS - Scientific conference
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Рік заснування видання - 2014

DATA-DRIVEN MARKETING AS A KEY FACTOR OF MODERN BUSINESS

16.11.2022 22:11

[1. Economic sciences]

Author: Yurii Kretov, student, Economics Faculty of the Department of Marketing, Management and Entrepreneurship, V. N. Karazin Kharkiv National University; Halyna Mozghova, PhD (Economics), Associate Professor, Associate Professor of the Department of Marketing, Management and Entrepreneurship, V. N. Karazin Kharkiv National University


Today, each of us can notice the rate at which the amount of information we deal with in our daily life is growing. That is why the ability to process, filter, and analyze data is necessary for achievement of the goals, starting with writing a scientific article and ending with the creation of a neural network in a commercial project.

Business continues to actively change, becoming more digitized. This also applies to the work of marketers who have to apply the Data-Driven method in their work.

Data-Driven approach in marketing is a set of activities consisting of collection, analysis and application of customer data in order to improve the efficiency of advertising campaigns and establish communication with users. It allows you to observe the behavior of the target audience, understand their needs and influence further decisions.

Figure 1 illustrates the main stages of implementation of the Data-Driven approach, as a result of which decisions are made at enterprises.





Fig. 1. Stages of implementation of the Data-Driven approach at the enterprise



Among the main data channels necessary for marketers, it is worth highlighting:



- CRM-systems (Bitrix24, Jira);



- web-analytics services (Google Analytics, Google Tag Manager, Yandex Metrics);



- end-to-end analytics systems (Calltouch, ROIStat, UTMStat);



- data visualization services (Plotly, DataHero, Tableau, Power BI).



Data collection and analysis is perhaps the most important link in the process of Data-Driven approach. However, it is worth paying attention to the choice of user information, depending on the specifics of  business, product and customers.



Among the main data for analysis, it is worth highlighting:



- basic personal data (name, age, place of residence);



- customer behavior on websites or in business applications, customer insights;



- service features;



- level of satisfaction with products, reviews and other types of user feedback.



Table 1 shows the main metrics for data analysis in the concept of this approach.



Table 1



Basic metrics for data analysis in the Data-Driven approach in marketing








There are some examples of effective solutions of leading companies based on Data-Driven approach:



1. Netflix – analytics of search queries and user feedback on series and movies of various genres. Such well-known series as "House of Cards" and "Arrested Development" were born based on the identification of customer preferences and their most interesting product topics



2. Google – processing employee feedback during the pandemic to create an optimal working environment. Analysts from Google analyzed the responses of the company's staff to find out how to optimize the work of departments during remote work. Most of the reforms concerned management and team building.



3. DBS Bank – an individual approach to the client based on his activity. Not only does this Singaporean bank have many of the day-to-day features we're used to, it also offers stocks and other investment products based on a user's portfolio and already independently trains its own staff in analytics and Big Data technologies.



CONCLUSIONS



Based on the research conducted, it can be argued that data is a weapon in the hands of marketers, thanks to which it is possible to improve the product, conduct more effective advertising campaigns and introduce innovations into the work of the enterprise.



Thanks to the use of a Data-Driven approach, businesses can avoid unnecessary costs, segment the audience more accurately, and successfully expand the range of products and services based on customer preferences.



REFERENCES



1. Lennon, R. (2017), “What is Data-Driven Marketing”, available at: https://www.makethunder.com/data-driven-marketing-definition-examples/



2. Carroll, E. (2021), “9 examples of  Data-Driven Marketing strategies”, available at: https://ww w.driveresearch.com/market-research-company-blog/examples-of-data-driven-marketing-strategies/



3. Ravindra S. “10 best tools to power your Data-Driven Marketing”, available at: https://www.intellspot.com/data-driven-marketing-tools/ 



4. HVMA Social Media. (2020), “There mega-corporations are Data-Driven”, available at: https://hvmasocialmedia.com/data-driven-corporations/ 



5. 6 inspiring examples of Data-Driven companies. URL: https://unscrambl.com/blog/data-driven-companies-exam 



6. 4 applications of Big Data in marketing. URL: https://www.analyticssteps.com/blogs/4-applications-big-data-marketing 






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