Data is a marketer’s most powerful tool, and business owners must learn how to collect, interpret, and act on it if they want to create effective marketing campaigns that produce results.
40% of brands said recently that they plan to increase their data-driven marketing budgets, and a huge 87% of marketers consider data to be their organisation’s most underutilised asset.
So how can you get ahead of the curve? And why is data so crucial?
The benefits of using data to inform your marketing
Without data, you’re operating in the dark. It provides valuable information that is essential for making the kind of educated decisions that result in high marketing ROI.
When it comes to running campaigns, for example, data will tell you what is and isn’t working, and when you track the right metrics closely, you’ll be able to tweak and refine to increase results.
Furthermore, when you have data on and about your customers, you’ll be able to create more targeted marketing campaigns that produce better engagement, sales, and retention.
Personalisation is a key trend in marketing today, and consumers expect businesses to remember and understand their preferences.
As a business owner, data is what puts you in the driving seat. With the insights you’ll gain, you’ll have a deeper understanding and more control over your business and marketing strategy.
How and where can you gather data?
There are two key types of data: primary and secondary.
- Primary is new data that’s being collected for the first time, and
- Secondary is existing data that’s available to buy or license.
Depending on where you’re at, your go-to sources will differ. Newer business might need to seek out secondary data, while the more established can rely on their own primary data sources.
Both can help you build up a clearer picture of your target customers, giving you opportunities to segment and personalise your marketing activity.
Secondary data sources include:
- Trade websites/publications
- Government websites/publications
- Businesses that sell data
88% of the marketers who responded to a recent survey said they use data obtained by third parties to increase understanding of their customers.
Primary data sources include:
- Sales transactions
- Customer interactions
- Social listening (using social media to extract data about your target market)
- Surveys
- Web/Google analytics
- Social media analytics
- Email marketing analytics
- …and more
There are plenty of options – so many, in fact, that lots of marketers get stuck knowing which data to focus on.
Which data is important for your business?
With an endless stream of data available from multiple sources, you might be wondering how you can make sense of it all without spending days or weeks lost in the numbers.
Put simply, it’s about having a solid understanding of business goals. Because when you know what it is you’re aiming for, it’s much easier to measure your progress.
Don’t neglect your biggest asset
If you know you could be doing more to take advantage of data, take this as a sign that it’s time to start now. The future of your business depends on it.
Call us on 020 8123 1147 or email info@marketingsquare.co.uk to find out how we can help.
