With the advancements of Internet technology, the vast amounts of data we can collect from the digital interactions we have with our customers is nothing short of staggering.
However, for many business owners, trying to make sense of all of those numbers can be confusing and overwhelming.
What experienced markers know that rookies do not can be boiled down to just a few tips, largely dealing with how to find the data that is most relevant and useful to you.
Here are five tips for organizing your marketing data reporting.
Start With The Data You Already Own - Often the best place to start is with your own first-party, Internet-based data, in other words, the data you get from analyzing the traffic to your website.
This data is often incredibly valuable and completely free after creating an account and installing the Analytics tracking code on your website.
Start by taking inventory of your existing audience.
Explore Other Data Channels and Sources - Beyond that, start exploring other data-collection methods available to you, such as your CRM database, apps and mobile sites, and records of leads, inquiries, and sales from your sales team.
Beyond this, you can further supplement your data collection by hiring a third party data provider.
These companies can help you better understand how and why your customers behave in purchasing decisions.
Try to Identify Valuable Patterns Having a wealth of data is useless if you are unable of identifying trends with in that data and acting on them.
This begins by identifying the highest quality data points that you have collected, and then put these data points together to gain insights into customer segments.
By playing with your segments and looking at the data in different ways, you should be able to manipulate your analytics to design and execute successful marketing campaigns.
Use Targeting for Greater Customer Response After you have culled all of your data and segmented your customers, it is time to put that data to work.
The typical way that marketers do this is to target specific segments of their market with custom messages.
This leads to highly efficient marketing campaigns with impressive return on investment.
For instance, consider a company that notices that one segment of their product buys for the value, whereas another segment purchases due to the environmentally-friendly image of the company.
This company can send specialized messages to these separate markets to capitalize on their interest and passions as it relates to the product.
Don't Stop at Just Advertising While you can easily use market segmentation to design targeted advertisements, direct mail pieces, or email marketing, it also stands at the ready to be used in optimizing your content marketing platform.
If you have a blog or website, you can start tracking your audience segments on your site, and use that information to create a unique content experience, or content funnel, for each visitor.