Data-Driven Marketing Eludes Many Businesses That Are Otherwise Very Data-Driven
Well-managed businesses often have a solid handle on key performance metrics (often referred to as KPIs). They define them. They track them. They manage them.
And then they become frustrated because the marketing function responsible for growing new customers can’t keep pace with that data-driven approach.
Data-Driven Marketing Strategies Buck the Traditional Methods
One of the hardest obstacles to become more data-driven marketers is letting go. Letting go of what?
Letting go of pre-conceived notions of what works. Letting go of out-moded forms of advertising that can’t be held accountable by your data tracking.
What It Takes to Be Truly Data-Driven Marketers
First, we have to have the ability to track everything that’s happening in the marketing funnel. Here are some common elements of tracking for data-driven marketing strategies:
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- Website Analytics
- Touch Points
- Website Visits
- Phone Calls
- E-Mails
- Marketing Touches
- Customer Relationship Management
- Contacts
- Conversions Toward a Sale
- Marketing Performance
- Reach
- Conversion
- Revenue
- ROI
Data-Driven Marketers Experiment, Learn, Iterate, & Optimize
Data-driven marketing strategies begin with the plausible ideas you can execute and develop a series of experiments to see what gets traction. Based on a fair test, evaluating what worked (and what didn’t) helps us drop what isn’t remotely working to focus more energy on what has potential.
Learn more about our data-driven marketing formula here.
By iterating on what’s working and developing additional A/B testing and other experiments to determine what combination of targeting, messaging, and reach yields optimal results.
At Source Local Media, we created a structure for this iteration process we call our unique Bullseye Digital Marketing Method.
How To Develop Data-Driven Marketing Strategies for Your Business
If you want to be more data-driven and you’re curious how we do this for our clients we’re always happy to invest in you before you invest in us. Schedule a free marketing consultation or just contact us.
