Data can reveal the strengths and weaknesses of every part of your business,it allows you to make strategic decisions that help your marketing efforts become more successful. So how do you incorporate data into your business in a proactive way that helps you track your business activities and results? Here are 5 steps you can take to ensure you’re using data to effectively drive your digital marketing strategy.
1. Build Your Team
Before you start gathering data, it’s important to assemble a team that can handle that data. A team that can explain these data and the implications for your marketing campaigns. Data should be interpreted by a team that knows how to do it. To do this, you can either train your in-house team or you employ a data strategist to do the job. Either way, get a team who can interpret data effectively.
2. Determine Your Goals
There’s one more step before you start collecting data: knowing what data is worth collecting. Determine what types of data can have a positive impact on your marketing strategy. Leave data that won’t be used to improve the effectiveness of your strategy and focus on gathering data around business KPIs. Determine the data that is effective to your strategy and overall business goals or campaign.
3. Gather Your Data
Once you’re ready to start gathering your data, you’ll want to ensure you put it in one place for easier analysis. Consider collecting the following types of data:
- Target market
- Social media analytics (click-throughs, impressions, conversions, etc.)
- Customer data (including persona, transactional data, online activity, social network activity)
- Website Analytics- This is very important to inbound marketing strategies
Once you have explored the data, you can learn what’s happening at every stage of your customer journey, including information such as issues at the point of sale, complaints or recommendations, referrals, and subsequent purchases and time-related factor around your business.
4. Evaluate Your Data & Take Action
Evaluate your data against your KPIs, you can start using that data to drive your digital marketing strategy through:
- Your Content Marketing Strategy: You might be using content marketing to attract and engage your audience. But you may not have a clear strategy behind your content or have a clear idea of who you’re trying to reach. When you have the data to make good decisions, then you can even combine your sales and content market strategies seamlessly to earn more revenue. But don’t forget the most important part: engagement. When you give your customers what they want, they’re more likely to engage with your content. It may take some trial and error, but your data should help you determine how to best engage with your audience.
- Consider a New Submarket: With all of the data insights you have, you may decide to create a new submarket for your products or services. This doesn’t mean you necessarily need to change your brand completely; perhaps you just want to modify who you’re selling to. For example, if you currently sell custom made clothing, but you find interest in similar products such as bags and shoes you may want to tweak your marketing to target fashion lovers and create a new line specifically for them. The overall goal is to look for opportunities in new niches and serve new audiences with your great products/services.
- Optimize For Better Funneling: One of the things an evaluated data will do for your business is to show how better you can optimize for sales funneling to either make it better or to create a new one based on the data you have collected.
- Remove Hurdles: Your data can help you determine the hurdles your potential customers are facing during the sales process. Now, you have to decide how to address those issues. Are customers getting stuck with items in the shopping cart? How can you get them to make the purchase? Have you discovered your business isn’t reaching all of its ideal customers?. Your data can help you look into other channels and formats. By analyzing your data, you will start to understand which channels might work for you.
5. Don’t Stop Testing
While data can help with developing an effective marketing strategy, it must be frequently evaluated, tested and optimized. The goal is to be able to quickly and efficiently gather valuable data so you can continue to draw conclusions and do what works for your business. The more data you have and test the more informed your marketing efforts will be.
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