There is
no getting around the increasing importance of data in marketing. In fact,
according to Forbes Insights,[1]
64% of global marketers “strongly agree” that data-driven marketing is crucial
to success within a hyper-competitive economy. Similarly, Gartner found that
69% of marketing leaders expect the majority of their decisions to be driven by
data.[2]
Why do
data-driven decisions matter so much? Even the best marketers can be misled by
going with their guts. Think of some of the famous missteps in branding.
Remember the disastrous introduction of “New Coke”? Or GAP’s infamous logo
reintroduction that was universally hated by its customers? These were the
result of great ideas not sufficiently backed up by data.
The same principle
applies in marketing. If you are selling a new beauty product, do you need to
create different messaging for women who are Gen Z versus Millennials? Are your
customers more likely to respond to a call to action highlighted in yellow or
red? Do response rates improve if you swap out images based on gender, age, or
geographic location? These are the kinds of decisions that should be made based
on data.
Need
to learn more about your customers? Here are three ways to do that:
Customer surveys: If you want to learn more about what
your customers think and what they value, ask them.
Tracking and metrics: Use barcodes, redemption codes,
cookies, and other forms of response tracking. Don’t just ask people what they
think. Watch what they do.
Purchase data: You can learn a lot about your
customers by purchasing insights such as their interests (based on purchases,
magazine subscriptions, etc.), contributions to charities, and other
third-party data.
Your
marketing is too important to base it on guesswork. Use data as your “eyes” to
make sure you are getting it right. If you need help, just ask!
[1] Data is derived from a survey of 162 U.S.-based
senior executives conducted by Forbes
[2] Gartner Marketing Analytics Survey (2018)
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Please give us a call at 440-946-0606
Or visit our website here for more information.
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