By 2020, any business with a pulse will be lead by Data Driven Marketing (DDM) and Big-Data. Right now you should be well along the DDM pathway to ensure you are not left behind the data revolution. This isn’t just online data, its traditional bricks and mortar, advertising and software data competing against disruptive digital, growth hacking, SEM and organic opportunities. Read our series on Data Driven Marketing Series (launching soon) to learn our pro-tips and propel your strategy.
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Any data your organisation already has, is developing or on the horizon as part of Data Driven Marketing or Big Data Strategy purpose Insights or Customer Profiling
Insights or Customer Profiling- Data is only data without strategic insights. Insights are far more valuable than data and help define the guidance and feedback loop around data centric decisions. Customer Profiling is the very basics of data grouping, for example geographic or demographic bucketing of customers.
Goals – Goals like insights aren’t basic. They shouldn’t be the number of Facebook likes or traffic walking past your store. They are well defined Key Performance Indicators (KPIs) which have a strong correlation with business profitability. For example, a goal could be Weekly Sales or a Specific Channel Marketing’s Conversions. CPL and CPA are both essential goals.
Cost Per Lead. You should know this or have it easily accessible in a dashboard for every channel you are marketing in.
Cost Per Acquisition. You should know this or have it easily accessible in a dashboard for every channel you are marketing in. Data Driven Marketing falls over if this metric is an afterthought. Organisations well seasoned in CPA will also be clear about their purchasing power with regards to
and most importantly
with respect to CPA.
Conversion Rate Optimisation aka Split Testing, AB Testing, Multivariate Testing. This is where Data Driven Marketing really starts to turn on, we like to call it the Darwinism of DDM, survival of the fittest across Channels, Campaigns, Creative, Goals both digital and offline.
There is no point the executive team pouring over pages and pages of data. Insights need to deliver strategic feedback on the DDM and Big-Data processes in your organisation. A step ahead of this is real-time Dash-boarding of online and offline channel mechanics. This allows at a glance insights to be visualised and performance, once core insights established, to be monitored efficiently by multiple stakeholders.
Customer Relationship Management software is another core aspect of every 2020 business. We recommend moving to an wholly owned and scaleable CRM technology which, alongside the benefits of CRM for logistics and process can provide rich data for business and marketing optimisation. Our clients who develop end-to-end Lead Generation and Marketing into CRM are able to follow funnel pathways and see marketing gaps in real-time. This enables smarter decisions to happen faster, not at the end of financial years or campaign reviews.
– Often organisations already have a mountain of internal data on their customers and processes. This may be part of CRM or sitting in fragmented or silo databases. It may also be in technology or transaction processes yet to be realised as data opportunities. These are ripe for optimisation and often low hanging fruit is easily leveraged to improve a company’s bottom line.
More complex ‘Big Data Value’ and Optimisation is the domain of statistical analysis and solution sets, the prize of mathematicians and economists. However models are rarely realised as beneficial return on investment often requires complex algorithms and programming. The holy-grail of true Big-Data return sits at the intersection of significant professional minds. Market leaders and technology disruptors know how to leverage Big Data, and know recurring enterprise investment in this space will help retain their dominance.
As Big-Data value is realised it will influence all aspects of your business including Sales Funnels, Direct Response, Prompted and Unprompted Brand Awareness, Consumer Profiling, Staff Optimisation, Software Optimisation, Manufacturing Processes and Logistics. Organic heuristics are already defining early pathways for most organisations around Data-Driven Marketing and Big-Data Opportunities, but far too many are sitting on the fence near the too-hard-basket on our scale. Those that don’t have a strategy in place to leverage the looming data dominance will be gambling their future on instincts.