the Power of Data Analysis

The Power of Data Analysis

Global competition and increasingly ambitious business objectives leave no room for instinctive decision making.  Staying ahead in a world of infinite social media tweets and posts and online shops requires a 360-degree view of the elusive customer to guarantee successful and goal oriented omni-channel brand engagement. You have to know your customer and their every wish and desire to service them strategically and uniquely to guarantee sustainable success.

 

However, a 2017 CMO survey by Black Ink revealed that marketers perceived access to advanced analytics and general data to be the biggest hurdles in marketing; and, continually find themselves forced to rely on legacy solutions such as Excel or CRM systems.

 

The key to sustainably successful marketing is to align data insights with strategic company objectives.

 

Ask yourself:

  • What are your core objectives?
  • How does marketing contribute to these objectives?
  • Which data can you utilize to analyse your performance?
  • How will you measure success?
  • How can you design and install a systematic and continuous measurement process?

 

These questions will help you identify your key objectives and strategically collect and analyse data to measure success and inform strategy.

 

Be very selective about which data you choose to analyse and how and why. Metrics should only be included if the relationship between the metric and the goal is clear.

 

Such as:

Goal

Metric

Increase brand awareness number of daily website visitors
Focus budget on most profitable customer segments return on ad spend
Maintain market leader position content trends
Optimise spending on campaigns campaign conversion rates

 

This objectives-focused data analysis approach makes data both accessible as well as actionable by providing an in-depth performance summary, enabling decision making on the spot.

 

Metrics should be re-evaluated and modified regularly and made accessible to all team members; guaranteeing informed, prompt and appropriate decision making and goal oriented actions.

Source: Marketing Analytics dashboards: The do’s and don’ts

 

 

 

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