Is Your Business A Data-Driven Organization?
Let’s think about it. Data is everywhere. We get data from the news, email, our social media feeds and more. We use this data to make decisions all the time. The weather report says its going to rain and we grab an umbrella. It might seem like an overly simplified example, but if you translate that to business, it makes perfect sense.
We at Mixed Digital use data to drive our client’s strategy every day. Relying on the truth in numbers allows us to take a rational and logical approach to campaign management. We can avoid using gut feelings and chasing what we all “think” may work. Instead, we build upon what has worked and look to the data to tell us what may work in the future. All of this leads to one of our most important goals: creating multi-channel synergy.
What does this mean for your business? The first question to answer is: are you tracking your marketing efforts? Google Analytics is a free and powerful web analytics tool, so there’s no real excuse to not track your campaigns. If you’re a larger enterprise, Adobe’s Digital Marketing suite of tools (formerly Omniture) is a more expensive, but more robust option. However, just having web analytics installed is not enough. You need to analyze the data on a regular basis to discover trends, wins and wasted spend. Additionally, be sure to conduct multivariate testing to discover sophisticated insight into website performance using tools like Test & Target or Google Website Optimizer.
A closer look at your analytics results can answer some of the following questions:
- What is the most profitable marketing channel?
- Where are our customers coming from, geographically?
- What marketing messages are working better than others?
- How much of a factor is mobile?
- Where may the future opportunities lie?
Using data to drive your decision making can be the most valuable change in your business strategy you choose to make. Once you realize the opportunity and get setup, the fun begins. The beauty of digital marketing is that there’s no lack of data. You can slice and dice your campaigns to uncover the hidden opportunity. Once you’ve figured out how to analyze the data, it’s important to clearly communicate the findings on a regular basis. Consistently incorporating this information allows you to frequently revisit and adjust your strategy.
Digital marketing should be a fluid process. Always learning, always testing and looking for the next opportunity. If your organization is not yet data-driven, we can help. Contact us to discuss how we can assist you in making that shift.