5 Ways to Best Utilize Your Marketing Data

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Image courtesy of www.odsi.co.uk

Image courtesy of www.odsi.co.uk

There is an overabundance of information available to marketers today. With customer relationship management (CRM) software and social media networks, many marketers feel overwhelmed by the plethora of data available. Marketers may tout the term “data-driven marketing” behind their efforts, but do they know what that truly means? Marketing has always been about telling a story. However, the stories we tell today are backed with quantitative data. So, how can we best incorporate hard evidence while maintaining a classic storytelling strategy? In order to have a successful marketing campaign, the numbers need to drive the story. You need to plan accordingly from strategy to implementation and following with evaluation. Below are five ways you can use data to develop an efficient and effective marketing campaign: 1. Clearly define goals. A good marketing campaign must start with clearly defined goals. Due to the massive amount of data available to marketers before they start the campaign, it is important to ask the right questions. Do you want to increase revenue? Do you have a budget to maintain? If you are focusing on social media, do you want to increase your following? It is imperative that you take a good look at your business model and determine the questions that need to be asked. The next step is to answer them through data analysis. 2. Consider all data points. It is important to take stock of all the data that is available to you and recognize the areas that require supplementation. You may have acquired millions upon millions of points of data, but if that data is only acquired from a small percentage of your total customer base, then it does not appropriately represent all of your potential customers. To get the full picture of your potential market base, you need to obtain data from more than just your CRM software. To maximize the benefit of data analysis, you should take into consideration third party data relevant to the potential market base. It is crucial that marketers know what their current and potential customers are doing when they are not interacting with the brand. 3. Design measurable Key Performance Indicators (KPIs). Being able to measure the success of your data-driven marketing campaigns is integral in knowing what methods are successful and which are not. Creating benchmarks and methods of measurement allow you to determine if your goals are being met. 4. Make the data visual. Unless you are a statistician, fully understanding the meaning behind statistical data is difficult when only looking at numbers. Generating data visuals in the form of graphs, charts, or combined infographics (our favorite) allows all members of the organization to fully understand the meaning behind the data. 5. Involve the entire organization. Working in individual silos within a company is no longer an effective form of corporate structuring. By sharing your data across the company, it can be utilized and understood to its fullest potential. Marketers need to work with data analysts to fully comprehend the meaning of the numbers.  In addition, you need to collaborate with data analysts to better determine the organization’s wants and how to achieve them with its marketing campaigns and how data can help get it there. To effectively employ data-driven marketing campaigns, you require clear goals, consideration of all sides of the data, KPI indicators, visuals, and the cooperation of the organization as a whole. The trend in company culture evolution is showing a break-down of the walls between departments, and an open communication platform is emerging. The horizontal form of communication will help facilitate effective data-driven marketing and ensure its success.
2014-05-14T20:34:26+00:00 May 14th, 2014|Tags: , , , |