The mere amount of data being produced every day is beyond anyone’s imagination. In the last two years alone, we have generated 90% of the data that exists today. An estimated 188 million emails will be sent this year with 87,500 tweets being published every single minute. And the situation is not likely to slow down any time soon if we believe in the experts who predict that our online purchases alone will amount to 4.8 trillion dollars in 2021.
That’s just the tip of the iceberg. All our online activity is leaving an enormous trail of information behind. Websites and online platforms deliver all kinds of statistics about their visitors. CRM systems overflow with communication data. Our very own advertising systems generate an incredible amount of insights on user behaviour and buying patterns.
At the same time, many companies confess to lacking the knowledge to take full advantage of the growing amount of data available. Others admit to having lost the overview since they do not know what data they collect or should collect, where it is or whether it is trustworthy. It is no wonder that most organisations are concerned about their chaotic data.
In this blog post, we provide four rules to make the most of your data by implementing data-driven marketing.
1. Collect, Merge and Visualize Data
Data can only develop its true potential when it is collected considering all departments with their current and future needs. While certain information might not be relevant today, it could well offer the answer to future questions and even qualify to make important business decisions. Data visualisation provides unfiltered, reliable insights that support high-level business decisions further. This is a clear advantage for decision-makers: they gain in transparency, recommendations become verifiable and decisions depend less on a small set of key positions.
A data management platform is the right place to collect, transform and harmonise this information. Collecting all data in a virtual cloud enables a company to break down any initiative into tiny elements, analysing success factors at a granular level and finding out what drives the best performance. In this context, it is of great importance to bid farewell to silo structures and collect data for and from all departments.
2. Optimise Campaigns in Accordance with the Extracted Insights
Extracting insights that are relevant to specific marketing and sales goals help to maintain order. A powerful feature of data-driven marketing is its ability to identify scope to improve ongoing and future campaigns. With actionable insights at hand, marketers can track and analyse user behaviour to streamline retargeting and understand the user journey.
Combined with creativity, this will promptly lead to enhanced campaigns. In order to find out which works better, a marketer has to compare the user segments based on onsite data. Almost always, it makes more sense to prioritize segments than to limit them. For example, a segment that is only performing half as well can only pay half as much to get the same result per Euro invested.
Besides, data alliances facilitate extremely accurate targeting. Take the example of a real estate portal: advertising from high-quality kitchen manufacturers are much more likely to resonate with users looking for more expensive flats than with consumers looking for cheaper flats.
3. Create a True Data Universe
A major challenge for companies is the complexity involved in accessing data. Information is not only scattered across various business units, but it is also collected in mobile apps, CRMs, a webshop or even in systems of technology partners. As a result, the organisation’s ability to use the data suffers. Employing an efficient data management platform, all data is brought into one place.
Even if gathered in one place, some data remains unusable. In most cases, this problem occurs because of different technology, file formats and even labelling conventions in the data set. For this reason, it is crucial that all departments work and think along the same lines and are encouraged to develop a data-friendly mindset. Data is only a piece of the puzzle and calls for the digital transformation of the organization as a whole. The shift to optimal data usage has to be preceded by a shift to “digital first” for all departments, processes and documentation involved. Consulting can help you to take this crucial step!
4. Transform Big Data into Smart Data
Organisations are collecting more data than ever before, and yet struggle to reap all the benefits of it. Despite having so much information available, we are still far from a situation where all companies make decisions based on data and analytics. Why is this the case? Many companies tend to have problems converting large amounts of information into usable datasets. This is where data science comes in. In the words of Google’s chief decision intelligence engineer, Cassie Kozyrkov, data science is “the discipline of making data useful”. Once the wealth of unorganised, big data is turned into organised, smart data, it becomes perfectly manageable and truly helpful.
Read more about how Artificial Intelligence can help you to make the best use of your data.
The potential data brings to marketing is limitless. However, as the amount of available information grows, many organisations are feeling increasingly afflicted. As of today, only real experts have the digital mindset and skills to collect and use data to analyse their entire marketing ecosystem and help them in their profession. For that to change, companies need the right strategy, the right technology, and the right partner. adverserve is here to help with consulting and the appropriate technology to ensure you regain control over your data.
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