Today data is the marketing equivalent to gold. It can be used to gain a better understanding of your customers – what they like, what they don’t like – and help you scientifically craft your marketing strategy and execute in real-time. A study by AdAge, Making Conversion Marketing Work For You, shows that more and more brands are making the move towards conversion marketing, leveraging real-time insights to guide the way.
“It’s a fundamentally new way to approach marketing — yet it’s based on the most timeless of principles: that the key to success in business is to drive sales today, while building stronger brands for tomorrow.”
At its most basic level, conversion marketing encourages a specific action – which, more often than not, is used to drive sales. It reveals specific behavior that makes it possible to understand customers as individuals and deliver customized messages in real-time. Let’s take a quick look at why conversion marketing has become so successful.
Customization is key
The most successful companies online have masted the art of personalized customer experiences. This is exactly why conversion marketing has become increasingly popular. According to the AdAge study, an increasing number of companies today are creating data-management and demand-side platforms to target their customers, deliver more customized experiences, and drive sales.
The process goes something like this: Once a potential customer is identified, the conversion-driven marketing model is applied, and real-time adjustments to marketing efforts based on the consumer’s action are made.
Instead of applying broad generalizations, conversion marketing takes a targeted approach. Through ad creation tools, marketers can easily collect and analyze customer behavior and then apply insights in real time.
Data is power
Brands recognize the increasing importance of data in their strategy. In fact, IBM predicts that by 2020 the demand for Data Scientists will increase by a whopping 28 percent. The significance of data is also underscored by the move by brands and other businesses to build out their own data resources, the study pointed out.
Data and analytics empower marketers to make informed decisions about campaigns and improve the overall decision-making process. Tracking customer responses reveals insights that may have otherwise been overlooked and enable creative optimization.
Other key insights on how people consume media – either offline or online – can be discovered by tracking channel behavior. Transactional data should also be considered as it gives you insight into who is buying your products. This data should be used to shape your strategy.
Dynamic ad creation tools
Conversion marketing requires significant investments in the tools needed to dynamically execute this strategy. Dynamic ad creation tools allow brands to completely automate their conversion marketing – offering planning, buying, execution and optimization across multiple channel. Many of them even leverage existing audience data to improve ad creative and generate dynamic ad messaging.
There are a number of different tools available today and as the demand for personalized customer experiences increases, ad creation tools will only continue to emerge and become more complex.
Data helps win conversions
Conversion marketing is an investment. To be effective, you must invest the time and resources necessary to identify, collect, and analyze meaningful data. The more insightful the data, the better the results. Marketers should leverage dynamic ad creation tools to reveal insights about customers and execute on them in real time.
Data not only helps you better understand your customers today, but it also positions your company for sustained long-term success tomorrow.
To learn more about conversion marketing, you can download Making Conversion Marketing Work For You.