Down in the data: but do you know how to use it?
Many brands love the thought of collecting data on their customers. However, often they have no clue on how to compile it and even less of an idea on how to use it effectively. At its core, data and insight is more valuable than any resource in the world according to The Economist.
Obtaining information on your target market has never been easier, despite a few setbacks with the introduction of GDPR last year. Whether you’re using Google Analytics or insights from your activity on social media platforms, you probably know your customers better than they know themselves.
It’s all about achieving a secure level of trust. If your customers feel as though you’re valuing the relationship you have with them, they won’t hesitate to engage with any content that you put out which aligns with their own interests i.e. using data to steer all marketing decisions.
An insight into your brand
Measuring data is crucial for businesses with an online presence. Through in-depth organisational and strategy analysis, brands are able to detect what has had the most impact and use the same information to drive wider company growth.
Methods like this have arguably led to the death of the high street, and just like BackRub, Google’s original name, shopping offline will soon be a distant memory for future generations. As a result, the online market has become such a lucrative avenue for brands, and with the right approach, it can make a significant difference in any campaign while delivering exceptional results to increase both exposure and conversions.
A survey of 200 marketing and customer experience experts across both the US and UK found some staggering results when it came to data. Interestingly, 53% of respondents believe that you can never have too much data. Correction: you can never have too much useful data. Despite what you may think, there’s a key difference and limited insights aren’t interesting enough to inform the direction of a campaign. This is something that has become a downfall for many brands, who have found themselves caught up on the ‘collect what you can’ trend controlling the industry.
This leads onto our next point with. Apparently, one in three of those surveyed didn’t know what to do with the data they’ve collected. This is a huge problem and could even pose as a threat. Why? Because this goes to show that there has been no real thought-process or strategy developed to handle the data in a safe way for both your brand and customers, but also shows that there is no route for growth, which should be one of the main focuses of any kind of data collection. Collect the data you need and understand how the information you are gathering will help your business not just in the short-term, but in the long-run too.
Here at Mediaworks, we live by the motto “the goal is to turn data into information, and information into insight”. Although this seems like a simple concept to get your head around, the survey discovered that 28% of those asked didn’t know how to turn the in-page data they collect into powerful insights. Additionally, a further 32% were found not to be converting their on-site search and navigational data into insight, which is something that your competitors will likely be doing. If this is you, you might as well be taking 10 steps back.
Other findings included that only 46% of respondents said they believed they have a strong understanding of their customers behaviours across their brands digital channels. But when it comes to the type of data they’d like to collect, 47% said they would like data to learn more about customers visit intent, and 34% said to learn about in-page behaviour which would state the opposite.