4 Ways to Make Better Decisions With Marketing Data
Data & Analytics
Jan 15 2019
Effective digital marketing campaigns are built on data. Conversions, cost per click (CPC), traffic sources — with so many potential variables to analyze, it’s vital to identify the data that is most important to your business. Data-driven marketing decisions can increase spending ROI and provide better, faster results. We’ve outlined four effective ways to make better decisions with your marketing data.
Use data to answer business questions. Where can we get the most value for our ad spending? How can we better reach our target demographic? By using marketing data to answer business questions first and provide insight second, marketers can speak the language of business with data-driven evidence. Individual statistics, such as the highest converting traffic channel or the lowest CPC ad campaign, work together to give insight into overall business goals.
Combine marketing and sales data for a complete consumer view. Remove the silos that separate marketing and sales data to form a clear view of the complete customer journey. Which traffic source produces the highest sales? Which ad campaign results in the lowest return rate? Data can tell the story of the customer’s complete journey to product satisfaction, from the first ad view to a positive product review.
Use data to find new opportunities. Data can help you look outside your current campaigns for indications of new opportunities. Is there a surprising new source of traffic with high conversions? A new market may be revealing itself in your analytics data. After combining marketing and sales data, is there an ad campaign that produces high product return rates? Drill down on the advertising messages that resonate best with your customers.
Make every marketing decision with data. Including data analysis as part of every marketing decision (rather than as an occasional addendum) ensures the process becomes a habit. Data-driven decisions can produce better, faster results than trial-and-error methods, and provide a mathematical basis for marketing campaign effectiveness.
A digital marketer has a mountain of analytics data at his or her fingertips. To use data efficiently and effectively, it’s important to align your analysis with the goals of your business. From finding new business opportunities to increasing product satisfaction, marketing data has the potential to impact every facet of digital business.