How are you managing marketing data? Is marketing data driving your decisions? These are some of the most important digital transformation questions that small and large businesses alike need to be asking themselves right now. Without having access to marketing data, developing the ability to analyze the data and taking appropriate marketing actions based on that data, business is at a distinct disadvantage.
Do you think marketing data is important to your business?
Marketing data is comprised of the total collection of information, statistics and results compiled from all marketing sources and activity conducted for business. Said another way, marketing data is essentially everything that can be collected, measured and analyzed about the platforms, tactics and results of a company’s marketing efforts.
If you are making decisions without the benefit of testing, data, tracking, measuring, changing and measuring again, you are likely going to have some challenges. Not the least of these challenges will be that you are forced to make decisions based on guesses rather than facts. Furthermore and quite possibly more dangerous is that marketing without data as the foundation can more often than not lead to poor results.
Digital marketing that is effective, by its very nature requires some fact based decisions that are measured using data. If you are not collecting data on your efforts, you will be unable to honestly evaluate whether the results are actually profitable. We call this throwing money out the window. Something that is more common than you might think in marketing.
One of the advantages of collecting marketing data is that it forces your organization to establish clear goals and objectives for your marketing campaigns. Marketing data removes the unknowns and therefore requires a conscious and objective review of what is being done and what should be done differently.
While reviewing a recent marketing data study conducted by Ascend2 of more than 50,000 professionals, it is very clear that the most effective brands and organizations take marketing data very seriously. Let’s go through some of the statistics from the research and break down the information in bite sized chunks that will crystallize it for you.
What are the most important goals of marketing data?
Improve ROI measurement – 68% of those surveyed cited ROI and its measurability improvement as an important objective of their data management strategy. This key objective reflects the number one goal of those surveyed. If you want to achieve return on investment from your marketing, you first need to have it as a focus. From there, measuring, analyzing and modifying your marketing from the data becomes possible. This is clearly understood by many professionals surveyed.
Improve Marketing Data Quality – 63% of professionals stated that data quality improvement is a priority of their marketing data program. Though it may be common sense to some, data integrity is key to effective marketing decision-making. If the marketing data you are using isn’t entirely accurate, your decisions definitely won’t be either.
The larger your organization, the larger your marketing data pool, as well as the number of sources of marketing data.