Countless conversations are taking place around how gathering data is transforming brands – both established ones and startups alike.
Data is the new gold, after all! For instance, digital and influencer marketing can gather relevant customer data for brands. This, in turn, enables them to launch campaigns that target users in niche segments.
Targeted marketing, in turn, has the potential to generate better results. Similar phenomena have increased manifold in recent years as innovative startups jump into the fray to address various need gaps with the intelligent use of data.
And, to everyone’s delight, the exponential growth of data is far from plateauing out. By the end of 2021, India alone will have close to 700 million smartphone users, supported by affordable internet access and infrastructure upgrades.
The app ecosystem is mushrooming as a result, with the BFSI, EdTech, FinTech, and e-commerce industries at the forefront of using data to improve their business strategies or that of this respective clientele.
Data as a means to improve marketing:
There are several ways to determine how a user opts for a particular brand or service. Be it devise tracking, usage of cookies, or links that redirect users to e-commerce websites to initiate product purchases, data is at the center of such actions.
Additionally, the research aspect of a digital purchase is noteworthy. Technology makes it possible for people to find what they need on the first page of a search engine – although, in truth, there are billions of possible matches to a given query.
For instance, if a user is keen on purchasing a home appliance on the internet, he/she enters certain words in the search bar. The immediate results indicate where they can make those purchases, while specific advertisements with products are showcased to offer a seamless experience.
There are numerous cases where financial services providers were able to increase their customer base based on consumers’ interests. If a user is searching for avenues to make financial investments, he will find a range of options in the search results.
If the search concerns investing in real estate, it translates into advertisements on emerging property destinations on social media apps and other web platforms. Similarly, if an interesting financial brokerage ad appeals to consumers, they usually click the link that takes them to the website where they can sign-up for that service.
Even if no purchases are made, the subsequent online ads are targeted to remind the user of his interest in getting onboard brokerage services or opening Demat accounts. It provides multiple choices of banks and financial players to pick from, giving customers more agency over their decisions.
There are numerous data analytical tools and third-party services available today to identify the target audience with precision. This in turn improves ad campaigns of brands’ spending can be restricted only to a particular segment of customers that can generate traction.
Relevance of Data Analytics Tools:
In recent years, MarTech as a concept has witnessed a significant amount of focus from brands and the IT sector. Its focus is on creating software tools that can collect relevant data, specifically to meet the marketing demands of companies.
Whether it is affiliate marketing, influencer marketing, publishers of blogs and websites, or social media channels, interactions with customers provide interesting patterns.
The content that is being viewed provides a treasure trove of information to brands. It tells them which age group is viewing what content, what their needs are, preferred purchases and search trends, etc. among others. With innovation taking place in the tech space, AI and machine learning-enabled tools have taken center stage.
For all the above aspects to fructify, specific tools are required to track customer choices. In the case of financial services, the data collected is not confined to customers alone. For everyday economic developments, large swathes of data need to be processed to decipher investment strategies.
Financial Brokers have begun using AI applications and tools to improve their market predictions, and sophisticated algorithms help them with increasing the speed of the processes.
Several banks and private financial services realize the potential of AI tools for data processing and they are offering these services to the average consumer to enhance their experience on mobile apps and services.
Their ads talk about the efficacy of emerging tech and how it can improve their investment experiences. Brokers are also adopting digital authentication services that allow users to remotely authenticate their KYC applications. It minimizes the time taken while affording customers the luxury of performing tasks from the comfort of their homes.
Utility of AI and the future:
Several brands are investing in digital to drive customers to their D2C sites with ease. By relying on SEO keywords and universal searches, which function on machine learning techniques, they are simplifying access and speeding up the footfalls and transactions.
Meanwhile, publishers are integrating AI-based chatbots on their pages, while influencers are using AI-driven links and messenger bots. These tools assess the customers’ interactions based on the clicks on ads, or affiliate links. Based on time spent on the merchant site surfing or purchasing, brands get to decide how to update their marketing campaigns.
With the current rate of tech disruptions, the relevance of data in meeting digital marketing goals will continue to supersede other priorities. Customers on their part are more informed than ever, and they are seeking latency-free, user-friendly experiences on online portals and apps. While several brands have woken up to this unfolding reality, an emerging market like India still has to traverse some distance before it achieves optimal utilization of data for business gains.