Data may seem like all the modern marketer talks about. Gathering it is becoming easier, but is there enough discussion about how to gain actionable insights from the increasing amount of data that is consistently available to us? Are we looking for the right things from the data that we collect?
In this article, we'll dive into how data should be analyzed so that you always have actionable insights to make data-driven decisions for your business.
The questions that all marketers want answered
Regardless of the size, scope, or industry of the company, the marketing of that company usually boils down to two simple problems:
- What are the ways that I can reduce my cost per acquisition?
- In terms of digital marketing, where should I put my budget?
Both of these questions are answered most directly through the accurate measurement of data. If you cannot discover trends from the data that you collect, then what good is having the data? For you to know what parts of the marketing budget to prioritize and how to avoid pitfalls that might increase your CPA, you need actionable insights.
Actionable insights are data analytics that can be acted upon. These insights should provide you with enough insight into the future to make confident decisions.
And as straightforward as this may seem – keep your data organized according to your KPIs – there are always complications.
The marketing silos
As we all know, companies tend to create cliques within themselves – the marketing team is different from the sales team and the customer relationship management team. All of these teams view data sets from different perspectives which then leads to different conversion interpretations and conflicting data stories. If you ask all three of these teams how many conversions they have and add them up, the number would probably be a multiple of the conversions that the company actually enjoys. Tracking data this way will keep you from improving outreach efforts.
To avoid this scenario, we need to look at the tools that each team uses. All three of these teams are probably using tools that determine a touchpoint and a conversion after that. But measuring marketing data is about so much more than identifying one touchpoint before a conversion. Additionally, each team has a limited view of the information they're analyzing, so no one team is looking at the full picture.
To derive actionable insights and get a better understanding of the different available data sets, teams need to create a more cohesive way to look at metrics.
More sophisticated ways of measuring marketing
It is essential that you open the line of communication between the tools used in your business to move away from siloed views and create an app-to-app ecosystem. Instead of trying to find the single touchpoint that magically generates a conversion, a more successful way to begin measuring market data is through the following process:
- Connect the data that you have.
- Automate the integrations of that data.
- Make sure that you are following actionable measurements.
Let's go through each of the steps.
Step 1 - Collecting customer data
If you are a marketer who is trying to collect data, it is vitally important that you remember who's your primary focus – the customer. Lifting your metrics means that you're making better connections with your customers and building long-term relationships through personalization. Any data that you extract – behavioral metrics, the customer journey, psychographic tells – should be gained from a customer-first approach. From here, you can work backward in a much more efficient way to organize and measure this data.
Step 2 - Measuring customer data
Accurate measurement means that you know exactly what you're looking for and have an easy way to display your findings. Putting forth a tool that can unify, organize, and show your different data sets in a way that's easy to understand is essential for this step. For this, using a tool like DataQ is critical. With DataQ, you and your team can gain access to the right KPIs like Customer Lifetime Value and Average Order Value.
Step 3 - Taking action on a good data stream
Organizing and centralizing your data is great, but knowing what to do with it is even better. The metrics that you create have little meaning if you do not actually know how to execute on them. The primary use of your offline data, customer data, and online data should be to create actionable solutions from it.
Given these points, change might seem daunting. Luckily for you, DataQ can be implemented in less than a day. DataQ will alleviate data-induced pain points by providing you with a tool that accurately measures your data and helps you create marketing gameplans. Additionally, it will add visibility and clarity to your multiple data sets and to various teams in your organization.
You can give DataQ a test drive with our 14-day FREE TRIAL to see it in action.