The marketing field has changed constantly over the last few decades. It is no longer all about how creative you are or how to sell to your consumers. While those things are still very important to marketing, today they typically take second fiddle to customer insights and data. So, how can an organization prepare itself to be a leader in data? KLIK has put together a few tips and tricks to ensure you are using data to its fullest potential as marketing continues to evolve.
Know Your KPIs: Every organization has certain Key Process Indicators (KPIs) that are important to their success. Before you start any data process, you need to know what they are. Are you optimizing for engagement or revenue or lead generation? This can dictate your strategy moving forward.
Build/View Dashes: After optimizing your KPIs, you should collect the data and then build that data into dashes that are easy to view and manipulate for what you need. Google Analytics is a great place to start looking at dashes. Google Analytics already provides a ton of benefits to those who use the platform including conversion tracking, finding your target audience, tracking online traffic, and other features.
Put a Data Analysis System in Place: A key to having and utilizing effective data is having a system in place. It may seem like an obvious solution, but it is a factor that plagues many businesses. Having a system in place allows you to maximize your data so you can get meaningful results out of it. There are numerous resources out there outlining an effective data system. A great example of this is from the NCES. A secondary part of a data system involves building out data stacks. A data stack is just a collection of systems that forms part of your infrastructure. Your data stack can have any collection of elements. A marketing stack example could include CRM, marketing automation, and your Google Analytics (which is discussed above). This stack will offer a very important piece of your overall data analysis system.
Train Everyone on the Team: This one goes without saying. The business world has evolved. There should never just be one person or a small team working with data. Strive to make sure everyone on the team at least has a basic understanding of how to use the data presented. This allows for data-fluent people across an organization, which will help allow for scale and sustainability for your data system.
Use Other Brands as Examples: Use other brands or organizations as a baseline for how to run data successfully in your own business. Many organizations have been fully data-fluent for several years. For an organization that is new to the data world, using another organization’s publicly available information could help you find your role in data. Organizations have numerous case studies on how data has led to their success. Take some of those lessons and draw some of your own conclusions to figure out what works for you.
Be Prepared for More Privacy: With the growth of social and digital media, there is also a growing, recognized need for more privacy. For example, we have seen Apple take a step forward on this with the iOS 14 update from 2020, which required users to affirmatively opt into allowing apps to share their data. This update and others across the industry will likely lead the charge for more advanced privacy from our cell phone makers to our grocery store rewards program. This will also make data difficult to fully understand because there will be so many people who have opted out of being tracked. As these updates in privacy develop, you will need to pivot and adjust strategy to still get the best out of the data you have.
Wrapping Up: The world is continuing to move towards data. For marketers to succeed they need to be ready to embrace data and change their ways if data has not started to become a larger focus. As you move forward, make sure to remember the importance of optimizing KPIs and using dashes to view these KPIs. Also, make sure you set a data strategy that can be sustainable long-term and allows for both vertical and horizontal scaling within your team. Whenever you get stuck, look to other brands and organizations to see what they have done to be successful. Finally, be prepared for the data world to continue to evolve and change as more privacy policies are introduced.