Data-driven Marketing Decisions
Data is an important resource in the 21st century. It has become clear that many companies try to use data to help make better business decisions. How can data be a useful tool in the marketing world? A simple explanation: you can have a better understanding of your campaign performance and optimize marketing strategies by analyzing data. Here are some tips to help you understand the process:
- Setting up the metrics – The first thing will be setting expectations. What are the most important metrics and the key performance indicators for your campaign? There are several popular metrics that people often use to measure their campaign performance, such as conversion rate, tap-through rate, traffic generation and rate of return visitor. Different campaign objectives will have different metrics expectation. It is important to set up the right metrics to measure the performance.
- Using analytical software products – An article by Ilya Pozin, on the Forbes website, shows you 15 marketing software products specializing in data analysis. Many of those provide analytical features and data visualization to help people make better marketing decisions. Different software products have different specialties in various areas. It is important to choose the right one that fits with your goals.
- Monitor your campaign performance – Once you decide the proper metrics and tools, you are good to go. However, it is important to keep track on a weekly and monthly status.
- Result & Optimization – After all the hard work, it is time to look at the result. Don’t forget about the whole landscape while diving into the metrics. Some of the measurements will show you how many visitors turn into buyers, how many minutes a visitor spends on your site, and how many visit in total. Based on the result, you will know which strategies bring you the greatest outcome and which you should avoid using next time. It is important to learn from the experience.
With data intelligence, marketing has become more efficient than ever before. Let’s put big data to work to make better marketing decisions and drive value.