Man riding atop an arrow travelling toward dart board bullseye.

For some time now, consumer behavior has been shifting. Old marketing tactics that used to prove effective are no longer the most optimal strategy. Perhaps the most relevant example of this is the ‘spray and pray’ tactic. The objective of spray and pray marketing is quite obvious — distribute your marketing campaign to as many people as possible (spray) and cross your fingers in hopes that some of them will take an interest in your brand (pray). But because of the internet, consumers have access to more information, products, and services than ever before. They no longer have to put up with brands that are not meeting their specific needs and instead can hop online and find another that better suits them.

What is precision marketing?

As the name suggests, precision marketing is the practice of using data to tailor your marketing campaigns to a very specific group of people — generally existing customers. Research has shown that retaining existing customers is more profitable than trying to acquire new ones. Today, consumers value relevancy and personalization — and most of the time that’s not something they get when hundreds of thousands of brands are competing for the same customer. People are growing tired of the cavalcade of content being pushed at them, especially when 99% of it is irrelevant. The goal of precision marketing is to take that remaining 1%, refine it, and show it to the right people at the right time.

It’s all about the data

Every marketer knows just how valuable data is. It tells us everything we need to know about our customers — which is why it is the cornerstone of any good precision marketing strategy. The more you know, the more precise you can be with your marketing campaign. One of the reasons precision marketing works so well is that it builds a relationship with your customers, facilitates trust, and creates brand loyalty. It shows customers that you’ve taken the time to understand their needs and desires, which makes them more likely to return and even recommend your brand to others.

Some things to consider when developing a precision marketing strategy are:

  1. Your brand guidelines

Having strong guidelines will make you appear more reputable and trustworthy.

  1. You target audience

Oftentimes in precision marketing, it’s wise to segment your audience into smaller chunks so you can cater to their more specific, perhaps niche needs, more effectively.

  1. Your goals

Knowing where you’d like to end up is necessary for any marketing plan, and there’s no exception here! Having clearly defined goals will help keep you on track.

  1. Customer retention

All of these considerations should all play into customer retention — after all, that is the one of the main focuses of precision marketing.
Now that you know a little bit more about this strategy, you can start developing your very own! Not sure where to start? We’re always here to help. Looking for more information? Visit our blog page for more relevant and important marketing content.