Tapping into your data potential today! To achieve this, learn how to transform arid data into a clear and simple story about your company.
Data is a powerful marketing tool for business. Used wisely, it can become an important weapon in your company’s arsenal. It can prove to be among your most lucrative assets and help fund future growth. But like any good tool of business, data requires investment.
Data can be defined as information gathered from traditional and digital sources, both inside and outside your business. It can help you analyze trends and opportunities related to your company’s growth and development, focusing both on the past and future of your company.
Your pool of data can be collected from multiple and varied sources: from customer behavior online and in-store to social network interactions, customer surveys, financial records and transaction histories, to anecdotal over-the-counter and call center feedback, as well as information gleaned from competitors or the wider market.
This information can combine to help consolidate your understanding of your business, develop your thinking, and to drive new blueprints and strategies for development.
However it’s easy to get lost in the myriad sources of information and to be confused by the potential data offers. Data is, after all, everywhere. The key is to learn how to collect it efficiently, structure it, analyze it properly, and then fully utilize it to help make positive changes to your business.
Data and your business marketing
Business owners and managers can use data to better understand their market and their customers. Quality data can provide valuable insights, shape your company’s story, and give you an edge over your competitors.
Crucially, good, reliable data can help introduce your business to your customers’ lifetime value (LTV), which can help inform business and marketing decisions. Each customer’s CAC, or customer acquisition cost, is also easier to pinpoint with quality data.
However this information revolution doesn’t come without challenges. At face value, data can be confusing and even misleading.
That’s why it’s so important to:
- Collect the information that’s most relevant to your company by asking the right questions using the right KPIs. Engaging effectively with customers using an appropriate KPI to tap into the emotions driving purchasing decisions is an important first step. Data can be daunting – you need to make it talk to you.
- Properly analyze the information to pinpoint the story behind the data. You need to look for the ‘why’ as well as the ‘what’. The author Simon Sinek famously used the ‘golden circle’ to demonstrate the key to marketing success. This is a framework you should always use when building your data collection process and writing the story your data is helping you to tell. A user-friendly solution like Emolytics can help you to answer these questions.
- Know what to do with the information once you’ve analyzed it. Data needs to be used effectively to implement smart strategies that keep you one step ahead of your competition.
How to get the best from your data
Smart businesses need to adapt to new technology and use data better and more effectively.
To make the most of your data:
- Know your business: Cut through the data to focus on what matters most to your business. Focus on important KPIs and avoid vanity metrics like visitors counts or time spent on a page. Keep in mind that without context, your data is useless. Understand your page visits and conversion rates and how they apply to your customers. Learn to read the metrics and look for patterns that tie back to your customer base. Make the clear distinction between first-level conversion – like purchase and subscription to a free trial – with second-level conversion, such as subscription to your newsletter, or engagement with your social media.
- Understand the importance of story telling. Make your customers part of your business evolution; help them engage with your products and services, and with your brand. It’s important to know how to communicate the story you are trying to tell with your data. Good visual information and infographics are key to good commuincation. To quote Steve Jobs: “Simple can be harder than complex. You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.”
- Learn the importance of data visualization. ‘Overdosing’ on data can cause confusion. Make data talk by giving it a context. Benchmark your figures, compare your sales or customer evolution over time, compare your various marketing channels, find out what device your customers are using, work out what role word of mouth plays in your customer acquisition. Learn to use simple charts and graphs to digest and illustrate your figures, and to highlight patterns and trends.
- Don’t take it personally: Objectivity is key. Don’t draw conclusions based on the outcomes you’d like to see or the direction you’d like to take your business. Draw conclusions – and develop your strategies – based on cold, hard data.
- Combine your metrics: Looking at page visits won’t tell you much, but if you combine page visits with acquisition stats, or page visits with time spent on each page, or with customer demographics, the page visits start to tell a more detailed story. Google Analytics on its own may help highlight the ‘what’, but you need an integrated system (like Emolytics) to help you fully understand the ‘why’ behind your customers’ behavior.
- Ask the right questions: Review questions and go through the data – don’t go through data looking for questions. How do you get a person to spent 10 minutes rather than 10 seconds on your website? Why are some pages more popular than others? If you can establish bounce rates, the next step is to understand why those rates are occurring and how to improve them. For instance, using Emolytics, ImageRaider did this to great effect, lowering bounce rates (the number of people leaving a website without visiting any other page) from 60% to 20%.
- Dig deeper: Look at customers as individuals and carve up the metrics to recognize that different people have different buying behaviors, which are often linked to their emotions. Tracking customer satisfaction is key to providing the data you need in this respect. There’s also a need to recognize the general decline in brand loyalty, and to look for other ways to retain existing customers. How do you develop your customer base while also retaining existing customers and catering for different types of behaviors?
- Allow your data to evolve. Like every aspect of business, your data will change over time as your consumer base changes. You need to plan for ongoing monitoring and analysis of your consumer base. This is where a system that can be adapted and configured in real time – with a direct impact online – is crucial to your business. A system like Emolytics can help you avoid wasting time with agencies or with your IT department, and to enable you to make deisions faster and more effectively.
How to tell a story with data
In order for your data to make sense to your colleagues and your management, you should transform arid data into a clear and simple story about your company. To achieve this, you can follow some very simple rules:
- Put your data into context: Raw data and numbers don’t mean anything in isolation. You need to put them into context if you want them to be meaningful. Usually the best approach here is to compare:
- Data across time (e.g. by using evolution charts)
- Data segment by segment (e.g. by source of referrer – from social media vs. search engine)
- By user category (e.g. customer or not, etc), or
- With industry benchmarks (how do I perform versus the average?)
- You must create personas to tell relevant and interesting stories. Usually, you can create accurate personas only after a first set of data collection, but once it is done, you can easily figure out several categories of your customers, and – in our experience – those categories can be dramatically different. By using personas, you’ll be able to tell a story that is understandable for everyone. You’ll also be able to make the difference between two extremes often hidden behind averages: if you’re not able to make the distinction between men and women, and if women are very interested by our content but men find it irritating, you would see a neutral average without being able to act on your real issue, namely that men are irritated.
- You should also prepare your research questions before crafting your survey and launching the data collection. You should follow a very methodological and scientific approach, asking “what do I want to know that will help my company?” Otherwise, you’ll be walking in the dark and your data and story might be highly biased.
- When you communicate your story, use as many visuals as possible to convey your message effectively. Create infographics and ask yourself at each step of the presentation: “what is this chart telling that nothing else does?” Do not hesitate to get rid of useless data.
Quick recap – 10 things good data can do for you
- Improve the number and quality of your leads
- Boost your conversion rates
- Broaden your potential customer base
- Understand who your customers are (and where they are)
- Help shape your sales and marketing plans
- Highlight what you’re doing well (and what you’re not)
- Show you where you’re losing customers (and where you’re finding them)
- Highlight gaps in customer satisfaction
- Show customer loyalty trends
- Show customer acquisition costs and a customer’s lifetime value
Tapping into your data potential
Emolytics can help you to make the most of your company’s potential. Tap into the emotions of your customers to collect quality data via a range of different marketing channels. The unique Emoscore KPI can accurately capture and analyze customer feedback to boost your business model.
Emolytics offers clear and detailed dashboards with the opportunity to cross-reference and filter results. It makes it easier than ever to cut through your data to find what you need faster and more efficiently.
Work with our data experts and marketing analysts to study your information, and collate the reports and analysis most relevant to your business. Learn to spend less time going through data and more time developing your business.
Start making the most of your data today
Find out how you can start using Emolytics to make the most of your data. Get in touch for a free consultation with our digital experts today.
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Tapping into your data potential today! To achieve this, learn how to transform arid...