3 Strategies for Making Your Data Work Harder
Data used to be misunderstood. Companies hungrily gathered all of the data they could to drive business without necessarily knowing what to do with it. Today, marketers have a better understanding of what that data means, but still aren’t getting the most out of it.
Being able to seamlessly optimize campaigns based off of current and historic metrics enables you to drive increased return on investment (ROI). In today’s environment, this is more than just a good to have—it could be life-changing for your brand. Here are three things to consider when it comes to using data to boost the bottom line.
Go beyond with personalization
Brands have access to more information about their consumers now than they did even just last year. In a study conducted by Salesforce, 54% of respondents said it’s harder than ever for brands to earn their trust. High-quality personalized experiences can help you earn that trust and increase conversion rates.
To do so, step away from basic demographic information and examine how your consumers act on an emotional and behavioral level. These rich insights will allow you to target consumers with personalized advertising to increase conversions. Think about it, you put an ad into the mass market. Market A is converting at 10%, Market B at 22% and Market C at 18%. Where do you focus your efforts?
To answer that question you need a clear understanding of why the markets are converting like they are. By utilizing platforms that collate your delivery data, you’ll be able to determine exactly why Market B is converting at a higher rate. For example, it could be the time of day, day of the week, or an economic stimuli that’s driving supply and demand in your favor. With this information you can analyze Market A to determine if additional investment is needed or if what is being advertised is not a market necessity at the moment.
Cross-media visibility in an increasingly complex world
From video ads to paid media to social media advertising, having cross-channel visibility on campaign performance has become increasingly challenging. Greater visibility is a key benefit of having large amounts of data.
Tracking consumers’ full-funnel journeys enables you to provide the right ads, messaging and content at the right stages to drive the journey forward. The beauty is that by utilizing technology platforms that provide a single view of the customer journey marketers can paint a masterpiece around their consumer profiles—think Picasso level masterpieces.
There is no worse feeling than realizing you’ve wasted budget on channels that just didn’t work. Ad delivery dashboards are just one example of what marketers need to get visibility and in turn reduce wasted resources.
Implementing dashboards that put KPIs at your fingertips enables you to make decisions quickly and empowers leadership by showcasing the best performing channels. Whether it’s Google Ads or a new sponsored dance on Tik Tok, identifying these channels allows you to optimize your budget by reducing resource wastage, allocating resource effectiveness and driving unparalleled ROI.
Building a future, now
The marketing industry is alive with innovation and the future of data-driven advertising has seemingly endless possibilities.
Identity resolution for 360 views of the consumer, predictive analytics in ABM strategies, data onboarding for targeted advertising—the list of innovations is endless and continues to grow. Combine this with environmental factors and brands can become even more proactive in their outreach and efforts to create long-term relationships with consumers.
More data is being produced than ever before, to the point where it may seem overwhelming. The key is being able to garnish insights from this vast ocean of qualitative and quantitative information. Be sure to take a step back as well and look at the present. Now more than ever reducing wasted resources, budget and time are key to increasing productivity and aligning your team to be even more successful in this challenging environment.
Trevor Williams is the global marketing director for Adstream where he is paving the way for continued digital transformation in a highly competitive industry. Before joining Adstream, he did marketing at Samsung.
Credit: Ad Week