There is no denying the significance of data-driven marketing in today’s world. Data-driven marketing has a significant place in the overall success of a business in today’s era.
Below, we will be unlocking the data-driven marketing trends in 2021.
Introduction to Data-Driven Marketing
Data of the customers gathered to calculate better insights for future strategies is known as data-driven marketing. Marketers need to know whether their efforts are working or not.
With machine learning techniques, algorithms, and statistical data, companies can analyze and predict future behavior and preferences. In this way, a calculated marketing strategy generates effective and cost-efficient campaigns for the company. This data-driven marketing method is known as predictive analytics.
Predictive Analytics aids us in coming up with a scoring system that provides us with calculated probabilities. You have the data and technology, so you must utilize this data to make smart decisions.
From retail to medicine, using predictive analysis models is extremely important, especially today.
Let’s take a medical example and how predictive analytics will help in 2021. Now that the corona vaccine is introduced, the government in the United States has used citizen personal information and data to distribute this vaccine. For example, based on citizens’ health and age, the government will first vaccinate people with low immunity systems.
Similarly, in retail, there is extensive use of data-driven marketing. The world is now focused more than ever on e-commerce; implementing the given data-driven marketing trends will help businesses ROI.
Data Driven Marketing is the New Traditional Marketing
During the past year, a drastic shift towards digital marketing took place. The trend for watching live video streaming is increasing. This makes video streaming a $70 billion industry.
Usage of online conferencing platforms like Zoom and Facetime have increased. Live streaming on other social media platforms has resulted in skyrocketing brand ROI.
In 2021, the trending data-driven marketing will include a high percentage of video live interaction with people worldwide.
So far in this trend, there is nothing entirely new. But the question arises: how can you utilize predictive analytics in live video streaming?
The answer is quite simple; you must research the trending and most watched content. Then come up with interesting live streaming for your business promotion. Another way to gain the attention of viewers is by using humor in your content.
Predictive Analysis of Engaging Data
The step by step guide for using machine learning will help you with the predictive analysis of engaging data;
- Utilize a deep learning tool from Microsoft Cognitive Science; you can extract stored information and analyze videos.
- The second step is the trend analysis of topics, which illustrates the relevance and upcoming growth. This step is done by collecting clusters of videos based on different attribution and then filtering out trends. You can utilize Predictive Analytics tools like SAP and Firebase.
- And finally, you can use the data collected from the above two steps to draft final probabilities for upcoming engaging topics and content. Now you know how video streaming content with predictive analysis can benefit a company’s marketing strategies.
Predictive analytics can also be used to predict customer lifetime value. Find out how.
Data Driven Marketing Trends of 2021
Here’s a quick look at some of the data driven trends you can expect to see in 2021.
Podcasts are the new modified form of radio talk shows that are now becoming popular. A few years back, the podcast platform was in the initial stages. Recently, the podcast trend is intensifying rapidly with at least 32% of Americans listening to podcasts every month.
People, while doing their chores, listen to a podcast series that interests them. Different people in podcasts discuss every topic under the Sun.
Therefore in 2021, and upcoming years you can use the available data to predict, strategize and execute your marketing campaigns. Predictive Analytics Tools include MATLAB, SAP, IBM, and SAP Analytics Cloud. Application and utilization of these software and tools can optimize marketing processes in 202. For example, during the United States elections people were more attracted towards political Podcasts. During pandemic people were rooting for entertaining, healthcare and e-commerce topics.
Therefore use customer preferences and search history to filter out your market related preferences.
Social Influencer Marketing
It’s old news that social media platforms are occupied with prospects. Any business must not miss such opportunities. Connect and bond with the target market and potential customers personally, gain trust and boost your sales.
Social media is bombarded with celebrities. Any business can manage to promote a product by paid endorsement, or your products’ genuine fans will advocate for your product.
One such example includes the excessive makeup tutorials. Not every product used there is for promotional purposes. People trust people; therefore, the positive review of your product by social influencers will increase sales.
A leading and activist approach in today’s era is brave and promoted. Show your real compassion and responsibility towards specific moral affairs.
Bad publicity is another thing, but if you mock real social issues people will realize it sooner or later. This feign may negatively affect your brand image. Use previous data in forecasting the audience on the basis of age, gender, culture etc. of certain social events.
During a pandemic, the buying behavior of people has changed. People do not want to feel that brands and companies are selfishly bugging them to buy. It is the real test of a marketer to create a brand image and content despite sales desperation.
Attract and interact with the prospect on a more engaging level to create a long term relationship. Once you engage your customers, sales will be complimentary.
Use the data information to conduct a full analysis of customer behavior, likes, and dislikes and casually introduce your business.
Overall buying behavior of Generation Z is increasing tremendously. In the United States, 26% of the total population is generation Z. Businesses can collect and analyze responses of people by filtering them according to their age and set up nostalgic marketing. Businesses must run their campaigns based on relevance and blurred childhood memories. This dimension will engage and please the target market, luring them in retaining joyous memories of the past.
How to Unlock Data Driven Marketing Trends with Predictive Analytics?
There are various models for predictive analytics, some of which include;
Clustering, Forecasting, Time Series, and Outliers. You can unlock the data-driven marketing trends of 2021 using these models.
For example, you can use the Cluster model to segregate customers into groups based on common characteristics. Then formulate strategies for nostalgic, audio, and video marketing for each group at a larger scale.
Marketers use new data based on learnings from historical data in the Forecast model. It can aid in coming up with forecasting of upcoming trends for the customers. You can use this model in formulating future marketing campaigns.
Without proper research and predictive analytics, business marketing efforts are like shooting in the dark. The world of digital marketing is evolving rapidly and no new trends lasts for more than a few months. That’s why it is important for businesses to utilize the enhanced capabilities of predictive analytics to make the most of modern data driven marketing trends. Not only will this increase ROI but also make the business successful in the long term.
Need Help with Predictive Analytics?
Setting up predictive analytics to track and implement data driven decisions can be tricky. That’s why we’re here to help. Drop us a message below and let’s get started on your predictive analytics implementation today!