Big data: What does it mean for businesses and brands?
Digital marketing has become a combination of science and art – a strict discipline built within a creative process. But how can you successfully utilise systematic data without compromising on ingenuity?
As the CEO of digital marketing agency Fast Web Media (FWM), we enhanced our competencies in data analysis, making us comprehensively geared up to back all decision making; whether Search related, Tech related or other, on sound data. It all comes down to identifying appropriate data that supports the overall end-game, and here’s how.
Everything starts with a business need or problem to solve. Whether that’s the need to get more attention from your target audience, the modernisation of your digital eco-system, or even the need to reduce customer churn.
Digital marketers have learnt to adapt as new technologies and platforms emerge and as they do, these new developments offer a range of opportunities.
However, no opportunity is bigger than the one presented by the increased volume of data that is now available. With the help of sound data, digital marketers have the ability to maximise revenues. By tapping into the range of information, they can work out vital statistics such as customer location, interests and even their day-to-day routine. These insights can help marketers deliver the right message to the right person at the right time in the right format, and ultimately turn potential interest into a sale.
So how can brands tease out the underlying shifts that lead to top-line events, understand those shifts, and use the knowledge to fine-tune their marketing activity? By implementing tried and tested methods, you can extract vital information and convert infinite data into tangible revenue.
What’s data got to do with it?
'Big data' is big money in the marketing industry and the importance of data analysis has never been so prevalent. However, with so much information available from so many channels, it can be difficult to understand how it fits together in a way that will benefit your business, and aid your decision making.
Data analytics lets us understand the type of data that will be of most value; age, gender, viewing habits, how customers consume information – the list goes on.
Previous strategic audits that we have carried out often reveal interesting snippets of information. For example, when we were identifying the behavioural differences of customers within a 24 hour period, we discovered that Monday to Thursday evenings are an open goal in terms of pay-per-click strategies. Across some of our clients, we see the evening cost per-click as much as 50 per cent lower than the middle of the day.
Data analysis looking into more specific elements, such as the weather, can also have a significant impact on revenue and conversion rates. By using a PPC system like weatherFIT, you can integrate live and forecast local weather information in your campaign to control output and maximise search marketing services. By blending this with other decision making data, brands can automate marketing activity as well as analysis.
Big data marketing has never been more essential as a means of powering your marketing strategy, so it’s important to factor in data analysis as a core activity.
Factor in MPO: ‘Marketing Performance Optimisation’
In order to make data into a viable business tool, there needs to be a focus on measuring, managing and analysing your brand’s marketing performance and identifying ways to improve what is already being done. Various marketing channels may be playing different roles in the customer buying cycle and customer acquisition. The study may consist of a web analytics study, customer surveys, attribution modelling and more.
By conducting comprehensive data analysis, you can generate a single customer view of your business and how the various channels play different roles, which can help you to reconfigure the marketing mix.
Understanding customer engagement and loyalty
Engaging with customers and retaining customer loyalty is essential to maintaining a healthy business, built to stand the test of time.
By studying customer engagement using various data sources such as CRM and web analytics, you can deliver business specific loyalty programmes which are developed using advanced data studies of the business.
Value of data driven decisions
The digital marketer’s job is moving from 'Mad Men' to 'Maths Men', involving savvy analytical skills and a keen understanding of attribution modelling. Developing such skills can be a steep learning curve, but offers huge opportunities to maximise profits.
Mike Flynn, CEO, Fast Web Media
Tel: 0845 0739393
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