We bet that if someone asks you if your marketing is data-driven, you’ll immediately answer with a “yes!” Data-driven marketing has been around for so long that not doing it sounds like a pretty big mistake. In fact, study shows that data-driven companies are 19 times more likely to be profitable.
Yet according to Forrester, 74% of firms say they want to be data-driven, only 29% say they are good at connecting analytics to action.
So, how do we actually know if you (meaning you, your team, and company) are truly data-driven?
Let’s take a self-check.
1. Do you align your business unit strategy with the company’s goals?
Before you begin with data management, you must have short and long-term goals that are aligned with the company’s. This will guide you at what data to gather, what to look at when analyzing, how to present the insights, and how to implement.
Having a goal in mind will set your marketing strategy to the right direction and will lead you to derive more valuable data insights.
The C-Suite doesn’t care about vanity metrics. They want results, and you can only produce significant outcome if you have a crystal-clear end goal.
2. Do you check your analytics religiously?
Having your Google Analytics integrated into your website and occasionally checking your Facebook insights are not enough.
Checking and analyzing all your online platforms’ analytic tools must be done at least once a week. As data changes over time, marketers can’t be complacent over last month’s insights.
No time to do it? Make time. Otherwise, consider it as setting your projects to failure.
3. Do you double-check your data?
If you’re truly data-driven, you should be data articulate and know where your data comes from.
Be skeptical. Double check the basis of your data findings, how it was derived, and whether the database was accurate, complete, and reliable.
Be aware of the limitations of your data in terms of accuracy and possible loopholes.
Remember, being data-driven doesn’t work unless the data works.
More so, be aware of confirmation bias – “the tendency to interpret new evidence as confirmation of one’s existing beliefs or theories.”
4. Do you highly consider your data findings in every marketing activity?
The core reason for data-driven marketing is to guide you in decision-making. The rigorous gathering and analysis may sound unsexy but the benefits from it can be unbelievably astounding.
Apart from providing information that can help your organization reach its sales quota, your data insights can likewise support your new marketing initiatives and justify its costs. Win-win, right?
Take note though that deriving insight from your data may be crucial but it should only serve as a guide. Look within your brand and analyze beyond numbers. As what Andrew Lang once said, “…use statistics as a drunken man uses lamp-posts—for support rather than for illumination.”
5. Do you allocate budget in data and intelligence platforms?
“Show me your budget, and I’ll tell you what you value.” – Joe Biden
If your organization is serious about data-driven marketing, it must reflect in your annual budget allocation.Gone are the days when settling for free analytic tools is enough unless your first-party data is really all you need to boost sales and outdo your competitors.
There are a couple of intelligence platforms that can bridge your brand to substantial data. Data that can exponentially grow your business as it presents bigger opportunities to improve your offerings.
We recommend checking Tracx and NEAR for social and location data intelligence platforms. You may also check them here and here.
Data-driven marketing isn’t something marketers should take for granted. In fact, it has to be celebrated. Because now, with the presence of analytic tools and intelligence platforms, marketers can do so much more.