There are two kinds of people in the world: those who love data and those who don’t. Those who love data can get lost in a spreadsheet the way a gamer gets lost in the newest release of Halo. Those who don’t would consider a trip to the dentist a suitable alternative to analyzing pages of numbers and graphs.
I Confess! I geek out on data.
“How do I love thee? Let me count the ways. I love thee to the depth and breadth and height my soul can reach…” taken from Sonnet 43, Elizabeth Barret Browning.
Okay, before you really begin to question my sanity, let me explain why I adore spreadsheets, data, numbers, and reports. I see them as the raw materials and the tools which can create something phenomenal and useful.
Data is just patterns that show us facts, trends, results and other fascinating bits of information. Sure, your eyes may glaze over when presented with hundreds of lines on an Excel spreadsheet, but I see possibilities.
How do most businesses use data?
Sadly, there are many businesses and nonprofits that collect tons of information and then don’t use it to make useful decisions. Others are collecting insufficient or the wrong data.
A 2018 report from Gartner revealed: “Some of the most skilled analytics talent spends their time doing work that is necessary but not necessarily the work that will drive competitive differentiation and breakthrough insights. Analysts don’t have the time, tools or processes to execute on their vision.”
As the reporter wisely phrased it, “they spend their time data wrangling, not implementing.”
Why does data matter in marketing?
How can this information be used to benefit your company? Here are just a few of the ways data implementation can make you money:
- Maximize customer value by identifying long-term customers and building repeat business
- Assess advertising effectiveness with split-testing and identifying better performing content for maximum value
- Ensuring that information compiled in the back-end makes it to your front-end sales staff and customer service people
- Identify the best channels for your targeted customer-centric marketing
- Know which metrics to measure to evaluate success in real-life terms
While 51% of companies recognize they need to make more decisions based on data analysis there is still a lot of confusion on how to implement these objectives.
If you need help navigating the increasingly complicated, yet essential, world of modern marketing, get in touch. Kompaso can help!