Modern business dynamics require companies to be on top of the competition and be up-to-date with the latest trends. Otherwise, their name fades among other millions of organisations. And the numbers prove it ―only in the UK, 5,5 million private sector businesses were recorded at the start of 2022, with only 35,900 being medium-sized and 7,700 large. These stats show how competitive the market is and how small firms have become leaders in the past decades.
However, they’re the least likely to last over five years of operations due to poor marketing strategies and cash flow problems. Although they explode in the first year, small businesses fail pretty quickly after the excitement of the customer is gone.
That’s why companies must adopt a stricter method of advertising and promoting their activities. The solution is precision marketing.
On precision marketing, or data-driven marketing
Precision marketing is nothing but targeting specific audiences through tailored messages based on customer data. This method involved leveraging the perfect social media channel to communicate with clients optimally. Marketers need to pay close attention to consumer behaviour and preferences so they can strengthen relationships by delivering what’s right.
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Using precision marketing allows you to step into the customer’s world and provide a solution at the right time. For example, advertising compensation claims must be made in relation to the area’s number of incidents, people’s income, and personalities, as well as political elements. If your business is in the UK, where drivers are known for their temper, you’ll create a successful marketing campaign by showing how much compensation someone can get based on different injuries. Multiple severe injuries following a car accident can get someone £250,000, according to https://www.accidentclaims.co.uk/personal-injury-compensation/car-accident-claims, and people must know their rights.
Precision marketing has multiple benefits
Companies must withstand the fast-paced market, so they must leverage precision marketing. The strategy is based on market analysis and in-depth customer data that help businesses understand the market and its competitiveness.
Moreover, it provides the following advantages:
- Helps identify potential leads faster;
- Ensures an in-depth customer understanding;
- Sets the base of targeted engagement;
- Reduces costs and increases efficiency;
- Forges significant connections;
- Ensures rapid adaptation to customer feedback;
Developing the best precision marketing strategy
Precision marketing strategies can easily be assessed with proper planification and task efficiency. The first step involves identifying your brand’s guidelines, such as a logo and a colours scheme, and making sure they’re consistent on every social media platform and offline environment.
After settling on the brand image, it would be advised to know the target audience because this helps tailor the message better. This is where data analysis comes in and changes everything because collecting data on customer behaviours, preferences, and needs will help create the best communication strategies.
Then, it’s time to establish your goals and how to reach them. Be as specific as possible and seek measurable options that align with your company culture. Finally, implementing the right customer retention strategy will ensure your company’s success.
Choose precision marketing because the ecosystem demands it
The truth is that precision marketing must be implemented by most companies because the marketing environment is much more complex than it used to be. The growing demand for personalisation in consumer engagement and product advertisement makes it difficult to be fast, but businesses must forecast upcoming trends to be able to adapt.
Modern marketing solely relies on social media, influencers and high-tech gadgets, so growing with traditional marketing isn’t a reliable solution anymore. Any industry, from healthcare to agriculture and even AI, needs a specific marketing strategy that offers personalized ads.
Precision marketing also includes customer listening, a popular method of gathering information about people’s opinions about your brand from online environments. Analysing customer feedback, reviews, and other elements helps businesses control their operations and know what the next step will be.
Precision marketing helps build authenticity
In the world of fast fashion and ever-changing trends, authenticity is rarely observed in companies but is always appreciated by customers. Being authentic as a brand must align with your ideas and goals, helping you get closer to clients who share similar views. For instance, approaching sustainability in a unique and genuine way will attract individuals tired of greenwashing.
That’s why one of the main features of authenticity is knowing your limits and acknowledging them publicly. Of course, as a company, you may want to be seen as a problem-solver, regardless of the challenge. However, knowing your limits can actually make your busyness seem more human and not just an AI-based organisation.
Finally, authenticity helps create real connections with customers. Customer support and online engagement can create leads if they’re personalised, friendly, and accurate, so ensure you’re following these principles when operating a marketing strategy.
Case studies and examples
Precision marketing is the best method of establishing a supportive customer audience because it forms a genuine connection, as proven by the brands that dared to try it. For example, when L’Oréal wanted to introduce Pure Clay Masks in Italy, the businesses approached custom affinity audiences to create the perfect storytelling element and increase brand awareness. Using Google Trends and other digital services, L’Oréal could develop a message that would resonate with audiences who were interested in beauty products. The launching campaign consisted of video ads on applications like TrueView and YouTube that had a low cost per review and a massive success.
Another example consists of the Fiat Group Case Study. The company realised that it needed to brush up its customer retention rate because acquiring new customers is more expensive than retaining existing ones. So, the strategy was to gather existing and prospective customer data and align it with customer purchasing behaviour information through advanced software. The result included predictions on clients’ brand opinion and dealer activity, leading to a customer retention rate increase of more than 6%, so more customers would remain loyal to the brand when they replaced an old vehicle.
Final considerations
Precision marketing is solely based on in-depth customer data and trends. It leverages information about clients’ behaviour and wishes so companies can better develop their advertising campaigns and promote products according to the best communication style. Precision marketing enhances business authenticity and creates significant relationships with clients.
