Utilizing data analytics to achieve goals and drive profits
We rebranded our company last year and what amazed me about the process compared to rebrands I’ve managed in the past was how data drove our decisions. Although the process was a lengthy one — approximately 18 months — once the key was turned and we walked through the door to Atlas Marketing we haven’t stopped using data in the decision-making process. It is a new world driven by posts, likes and retweets along with a multitude of analytic points shared with us from our audiences.
Moving beyond our inner circle of friends and family who engage with our digital messages, we find a wealth of information that provides a great picture of who we connect with. These active audience members tell us so much about our messaging giving us constant opportunities to review and improve.
Here is what I have learned regarding this great data push.
It’s been said that everything can be measured, and from a marketing perspective if you can’t measure it, why do it? Finding a talented team member who can gather, analyze and extract the data and incorporate those findings into the company’s goals and objectives is worth every penny. For instance, the ability to combine various website data points to answer basic questions such as how visitors come to a site, where they spend their time and what action taken offers a wealth of insight to drive decisions.
Today, anyone can review an analytics report, but diving into the information and applying it to goals takes a special person. Having a solid balance between right brain/left brain in this instance is invaluable.
Apply the findings
Just as there are over 1,000 channels available on cable television, there is an ever-growing number of apps, platforms and marketing channels available to tell your story. While I have yet to find that magical, silver bullet, I have learned the ability to review data from various resources, layering them with traditional advertising executions. This provides a powerful data pipeline to understand any story. Looking at data holistically and understanding how marketing tools and outlets work together is the key.
What to do?
The options are endless and, quite frankly, can be a little overwhelming. In addition to the basic data resources like website analytics, social media insights and email marketing reporting, there are literally millions of apps and software applications as well as the more traditional advertising and public relations resources, all designed to provide data. You could easily get lost in the minutia, analyzing to analyze without applying any of the knowledge gained.
To avoid the very real possibility of data overload, I suggest identifying goals and objectives. With a strategy in place, follow these three simple steps — listen to our customers, engage in meaningful discussion and connect with them to take some action. Success will come in these three areas, and I am confident you will find the results you seek. These guidelines are an outcome of our own data-driven rebrand and serve us well when making decisions backed by real knowledge.
Unfortunately, not all data will present itself in easy to understand methods, just turn to the recent election polls as proof. This is where knowledge of the objectives and a skilled pro is helpful. Understanding the finish line combined with the knowledge that the course will change quickly and often is the underlining significance of using data to drive decisions and ultimately, increasing profits.