A data marketing framework should follow the ABCDE framework: aligned, big, core to strategy, deep, and ethical, according to senior Facebook executives Amit Chaubey and Sachin Sharma.
Writing exclusively for WARC, the pair advise that specific types of business objectives benefit the most from a data-driven approach, including narrow segmentation and targeting, niche categories with small budgets, and driving specific promotion/sampling executions (For more details, read the full article: How to create a data-driven marketing framework in Asia).
To make the strategy big and scalable, leveraging partnerships and sharing data is a smart move: “In addition to traditional sources of data (market research firms, retailers etc.), leveraging the power of algorithms and AI can drive significant benefits,” they write. And combining your database with platforms like Facebook enables your data to scale.
“Once you have a sufficient number of ‘highly interested/ likely buyers’ in the database, you can use that as a seed audience and let the machine learning algorithms identify more people with similar profiles,” the authors explain.
In a digital world, data needs to stand at the centre of marketing strategy, rather than be an add-on or afterthought. All data-driven marketing initiatives should be measured for either efficiency or effectiveness measures, depending on specific campaign objectives.
“Data-driven marketing can be used to drive higher marketing efficiency/effectiveness, and can be leveraged for marketing objectives – whether it is driving penetration within an untapped audience or loyalty with an existing consumer base,” Chaubey and Sharma state.
“Therefore, your data strategy should be core to your business objectives, and be guided by them, rather than being a standalone ‘digital innovation’ with weak linkage to your overall business goals.”
Sourced from WARC