11 June 2019
Most companies think that by investing and implementing CRM software, they have the data thing all covered. This thinking couldn’t be further from the truth!
In this series, we define and explore simple ways to maximise value and meaning from your marketing data.
Starting at the very top, a key question many business owners, B2B and nonprofit marketers have is “what exactly is marketing data”, followed closely by “where do I get it from?”
Let’s break it down…
Data can be divided into 2 groups. One that is designed to be read and interpreted by humans, and the other by machines.
At the fundamental level, data can be divided into the following groups:
- Personal data
- Transactional data
- Web data
- Sensor data – derived from technology + primarily used to optimise processes and improve operations.
- Big data – large and complex sets of data requiring specialised application software in order to derive informed analysis.
Why it’s important
While this should seem obvious, it’s amazing how many organisations actually place little importance on data. Others are getting it completely wrong. The third group, consisting of smaller NFPs and B2B marketing teams? Well, sometimes they skip it all together.
Collecting information across your business allows management and teams to make informed, educated and strategic decisions.
From a marketing perspective, planning and campaigning without data often means you are stumbling around in the dark. It can be a hit or miss situation where you ‘could’ achieve your aims. Informed by data however, you can dive deeper into the pain points of your audience – tailoring messages and product offerings to improve your outcomes and ROI.
So what is marketing data?
Marketing data is generated across all of your digital channels. It is also determined from any qualitative research your organisation or industry might do as well as through telemarketing campaigns and surveys.
Arguably the most important, customer data includes information obtained from purchases and donors, including; name, contact details, address and any other distinguishable factors such as sex, contact preferences, past purchases, customer satisfaction (via survey and NPS) and much more.
It’s super important for B2B that data retained is used for generating leads. Data can be obtained from survey completion, historical databases, referrals, subscribers, people following your social accounts, visitors to your website and online pages. Ensure your team is always abiding by data protection laws.
Web data (users and visitors to your website or e-store)
Using tools to track the overall effectiveness of your website is a must – particularly if you have an e-commerce website or sales pages. Common stats to track include visitors, users, goal completion, bounce rate and load times. You can also use tools like Google Analytics to determine the typical customer journey and details on website traffic (such as organic or referral).
Social media analytics
Each social platform has a slightly different way that you can measure, segment and understand your audiences. There are many tools on the market that can provide you with real time analytics for reporting. In addition, each tool has their own analytics reporting and if you are not reviewing this, then it is worth having a look at what the stats say. This information is crucial in determining who your audience is, what they seem to like about your brand, and importantly, what current trends are appealing to them. Pay attention to the different segments and personas. This will help to determine if your ads or content are achieving real engagement.
Data derived from each channel provides real time results about how a campaign is progressing. This information allows marketing teams and management to measure the real time ROI of work. This is helpful to ensure you don’t progress too far with a campaign or strategy that is clearly underperforming or can be tweaked and re-tested.
Pop Question: How well is your marketing team doing data?
There are different approaches you can take to ensure your data is workable. Stay tuned as we explore this further…