Marketing efforts should never be a blind-driven, shot in the dark process with cross your fingers and wish on a star results. Aimless marketing has cost hundreds of thousands of wasted dollars on campaigns directed at the wrong demographics and money thrown away on strategies doomed too fail. Yet far too many businesses put their marketing money in the hands of companies promising results but showing little or no improvement in profits or market share.
Data Leads To Insight
When it comes to marketing these days, a lot of value is placed on page rank and click through rates. But sales are what keep you in business, and to make that leap from browsing to actual payments and bank deposits, you need actionable marketing data insights that you can measure. Then you need to know how to use that data to drive informed marketing decision making.
Data Drives Business
Data driven marketing is behind most successful companies. The collection of, dissemination of, and use of that marketing data can make the difference between a company that’s just hobbling along four wooden wagon wheels, and one that’s consistently meeting all their sales goals ahead of time.
QVC Holds The World In Its Hands With Data Insights
As an example, consider QVC, the home shopping network. They use marketing analytics almost exclusively to influence not only what products they’ll show on a daily or hourly basis, but how the hosts should turn the product, hold the product, and what words they use to describe the product. Changes and small tweaks are made on a minute by minute basis, transmitted via earpiece to hosts that are live on air. That kind of attention to marketing data has kept QVC as the frontrunner compared to HSN, their main competitor, and every other home shopping network that ever existed.
Your Business Needs Data Insights
You may not need the kind of instant update marketing data that QVC uses for live television broadcasts. But you do need marketing data that is accurate, readable and shareable across your sales team. You need more than a dashboard service that gives you historic data. You need marketing data that reaches beyond, into the future, to predict trends in your industry, pinpoint strengths and weaknesses in your organization and drills down so you can find out what is working great, and what is not working at all.
How Data Can Help Form Business Processes
When you have KPIs in place, you have key measurables that your business can use to create new processes and make process improvements. Predictive report analysis can provide benefits to your business that can help streamline operations, ultimately creating a highly efficient company. If you’re not already curating marketing data that serves you in this way, it’s time to make a change.
Source: Kate Supino