According to a recent survey, 62% of executives still use "experience" and "advice" more than data to make decisions.
"Executives feel they understand and can manage risks related to their next big decision. But there are two notable exceptions: developing new products and services and entering new industries. These decisions feel riskier.
Two-thirds (61%) acknowledge their companies could rely on data analysis more and intuition less. They don’t consider their own organisations to be highly data-driven. This puts them at risk of being surpassed by their more data-driven competitors, given recent advances in technology and data and analytics techniques.
Highly data-driven companies are significantly changing how they make decisions, improve operations, or use analytics to deliver products and services."
Do you really want to stay with the crowd or use data to make marketing decisions?
So, what data do you need to make data driven marketing decisions?
Before you begin gathering a bunch of data you need to determine who is your ideal customer and the best way to reach them. One BIG problem we see with many clients is the lack of a clear and distinct picture of their ideal customer. Everyone is NOT your ideal customer. The process of identifying your ideal customer should be methodical. This starts with Buyer Segmentation and Buyer Persona.
Once you have segmented your database, start with basic data collection to finds trends and patterns in buyer persona behaviour.
This would include:
- Google Analytics- measures website activity.
- Email Open and Click through rates - identifies what message resonates with your customers and prospects.
- Google AdWords linked to Google Analytics- allows you to measure what content is resonating.
- Facebook advertising - Make sure you have the facebook pixel installed on your website. See AdWords above.
Collect data for at least 30 days. Look for trends and patterns.
Trends and patterns would include:
- Time of Day
- Day of Week
- Page Visits
- Time on Page
- Content Downloads
- Email Open & Click Through rate
Once you know what is working, amplify your successes. This is a good time to consider A/B testing. We really like HubSpot for this as it allows you to easily measure A/B testing and ties it back to your buyer personas.