What is the first step in creating a data-driven marketing strategy?

The first step in creating a data-driven marketing strategy is to collect relevant data. This foundational action is essential because it provides the necessary information for all subsequent steps in the marketing strategy process. Without relevant data, marketers cannot make informed decisions or accurately understand their target audience's needs and preferences. This data can include demographic information, purchasing behaviors, online interactions, and feedback, among other aspects.

Once the relevant data is collected, it can then be analyzed to draw insights, allowing marketers to segment audiences, tailor campaigns, and effectively engage with consumers. The entire data-driven marketing strategy hinges on the quality and breadth of the data collected initially, making this step crucial for the overall success of the marketing efforts.