Effective marketing is crucial for business growth, yet achieving cost-effective and impactful results from marketing can be challenging for companies of all sizes. Marketing leaders are tasked with driving results and determining the best course of action for their team by asking questions like:
How much should we spend on this new campaign?Â
Should we focus on retaining our customers or trying to find new ones?Â
Are we getting a return on our investment in the campaigns we deploy?Â
Failing to answer questions like these accurately could be the difference between a good or bad quarter.
In this blog, we’ll explore some marketing questions you may ask yourself every day that can be answered by the experts at phData through data.
Marketing Questions phData Can Answer with Data
How Do We Create Personalized Marketing Campaigns?
Which campaigns will actually work best for each customer? This is a good question that, if answered correctly, can save a marketing department time, money, and sanity while also increasing revenue. Each campaign will only work for some customers, and trying to blanket all customers with multiple campaigns is often monetarily consuming.Â
Creating personalized marketing campaigns is by far the best option, but only if your analytics are curated and organized properly for accurate analysis.
phData helps enterprises create personalized campaigns by analyzing customers’ data to segment them into separate audiences that may react similarly to campaigns. Our analytic engineers will look at metrics such as maturity (how long they’ve been customers), demographics, and purchase behavior to create these segments and determine the best marketing campaigns to send them.Â
This analysis can be visualized in a business intelligence dashboard, similar to the example our analytic engineers created here.
Who Are Our Ideal Customers?
Who are the customers we should be targeting the most with marketing campaigns? Knowing which customers have the potential to create the most value is a huge advantage for any marketing team. Again, the answer is all in the data.
Find Existing Ideal Customers
High-value customers are those who spend more and churn less. Your historical sales data will already contain examples of customers like this. By leveraging your Customer Relationship Management (CRM) data, analytic engineers at phData can perform an analytical deep dive on these customers to look for patterns in demographics, age, location, occupation, etc., to give you a picture of your ideal customers.
Market to Your Ideal Customer
Now that we know what your ideal customer looks like, you can create targeted marketing campaigns for your existing high-value customers and find lookalike customers who fit the same bill and are more likely to be new high-value customers. You can not only find these new customers but also potentially reduce marketing spend that would have been wasted on non-ideal customers.
How Can We Determine Campaign Effectiveness?
How do you really know if a campaign worked or not? Most marketing campaigns do not have a measurable return on investment (ROI). In the past, nothing other than a gut feeling or anecdotal data could tell you if a marketing campaign was even worth the money. Now, marketing campaigns can include trackable URLs, tags, and codes that can be followed across a customer’s journey.Â
With that data, we can use artificial intelligence (AI) to determine whether or not the campaign was worth it. For instance, say you were testing several campaigns at once and want to know the most effective ones. AI models can determine which campaigns will achieve the best results based on various factors such as website visits, social media interactions, etc. This can then be used to monitor the spending on the campaigns compared to the revenue produced to determine their ROI. It can even integrate with your sales forecast to help determine which campaign to shut off first if results are not realized.
Utilizing AI and machine learning (ML) models can sound like a daunting task, but it is achievable, especially with the ML engineering experts at phData by your side to guide you in your data journey.
Why phData?
Many data engineering consulting companies can answer these questions, and you may have the in-house talent to do it yourself. So, why choose phData?
Expertise
Here at phData, we strive to be experts in data engineering, analytics, and machine learning. Our engineers have worked with many businesses like yours and can use that knowledge to answer questions with data that you may have never thought possible on your own. We continuously learn and grow as a team to adapt to the ever-changing data landscape and ensure we’re up to date on all the latest technologies.
Partners
We partner with dozens of companies that create data and machine learning engineering tools and have advanced knowledge of them. This allows us to recommend the best tooling for the job, which can make DE and MLE faster, more efficient, and cost-effective for you and your team.Â
Automation
With all the experience of projects under our belt, we have created in-house automation tools for many DE tasks, especially when it comes to using the Snowflake AI Data Cloud as your cloud data provider. These include (but are not limited to):
These automation tools are all free and have saved countless hours of manual labor and millions of dollars in costs.
Marketing Case Study: Thrive Pet Healthcare
phData has helped many companies answer tough marketing questions by utilizing their data. Here is just one example of a prominent pet healthcare company that leveraged phData’s help to boost its marketing effectiveness.
Problem
Thrive Pet Healthcare needed to centralize all of its data from disparate sources to a cloud environment that would better support ML and AI initiatives, especially for its Marketing team, so it could understand its customers.
Solution
phData built a centralized Snowflake platform from the ground up to support Customer Segmentation & Lifetime Value initiatives to gain insight into where and how to spend marketing dollars to maximize revenue
Results
The customer segmentation and LTV models helped associate a dollar amount with certain customer segments, allowing the company to set budgets based on the behaviors it wants to drive.
Closing
Keeping your customers while finding new ones and creating marketing campaigns that have an ROI is essential to keeping your business afloat. This effort is much easier for your marketing teams if you use the data you already have available to help make informed decisions and even use AI to predict what will work in the future.
Partnering with phData and its many data, analytic, and machine learning engineers will help you derive the most insights from your data and make your marketing team more effective and efficient.
