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Data-driven marketing has come to the forefront for companies that want to better engage their customers and prospects. With data-driven marketing, firms are able to gather, integrate, and assess data from a variety of internal and external sources to help enhance value.

In “The Value of Data: Consequences for Insight, Innovation, and Efficiency in the U.S. Economy,” the Direct Marketing Association’s Data-Driven Marketing Institute points out that the flow of data throughout the data-driven marketing economy is forcing traditional producer-centric firms to become increasingly customer-centric. In the old days, in the words of Henry Ford, “Customers could have any color car they wanted, so long as it was black.”

Here are five ways companies are using data-driven marketing to enhance customer value and gain better positioning within their respective industries:

Continue reading at AdAge.com