“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Despite this quote by department-store mogul John Wanamaker dating back to the 1800s, it is arguably more relevant than ever.
It is no secret that data analytics is essential in modern marketing, helping to make informed decisions about strategy. However, with so much data available, countless media platforms and digital technologies – it can be overwhelming to know where to start.
At The Sphere Agency, insights are everything and learning how to use them effectively is the key to achieving greatness. Here’s what we’ve learnt along the way:
It’s all about interpretation
Interpreting data correctly is a cornerstone of successful marketing strategies in today’s data-driven world. It provides businesses with valuable insights into consumer behaviour, preferences, and trends, helping them tailor their messaging and offerings to better resonate with their audience. By carefully analysing the data collected from various sources such as website traffic, social media engagement, and customer feedback, marketers can make informed decisions that drive results.
One notable example of an unsuccessful marketing campaign due to a misinterpretation of data is the launch of “New Coke” by The Coca-Cola Company in 1985. Despite trials indicating consumer preference for a new beverage formula, Coca-Cola failed to consider the strong emotional attachment consumers had to the original formula. This even led to the product being boycotted. Read more here.
Humanise the data
Once important insights are extracted, it is our job to communicate the findings to clients in a way that is clear and simple. There is no use throwing around numbers and statistics without translating how this can be of value to a client. Often this will involve tying data into storyline themes and key messaging.
The combination of raw data and case studies or testimonials is a great way of humanising data, making it more relatable and convincing for target audiences.
Setting the benchmarks for success
If you don’t have processes in place to measure success, then you have ultimately failed. Setting benchmarks for success in marketing is crucial for evaluating the effectiveness of campaigns and strategies.
Some ways to set benchmarks are:
The continuous evolution of optimisation
Considering the work involved in executing successful data-driven marketing, it is surprising that many businesses don’t understand the importance of continuous optimisation. This refers to the ongoing process of refining and improving marketing strategies, tactics, and campaigns based on real-time data, feedback, and insights.
By embracing continuous optimisation, marketers can adapt to changing market conditions, consumer preferences, and technological advancements, driving sustained growth over time.
And that’s an insight you can use!Write a comment