Data has done more than change the roles of executives, it has entirely disrupted the system. What was once a field focused on campaigns and communication has become one that requires a focus on data. Here’s how to utilize the right data to connect your value chain in marketing.
Words of Advice
Using the right data, better data, to connect your entire marketing value chain can seem daunting at first. Like all things, however, you just need the right approach. First, understand what is available from first- to third-party data and how those relevant data sets can combine to create better insights for your business.
Sharper consumer insights, the full consumer journey, and campaign planning are the building blocks of creating this connection. Teams may need rewiring to become a more data-centric organization, but it’s worth the effort for your ROI. Better data yields new products, new consumer segments, and even distribution channels.
It’s also important to brush up an on new laws and recommendation, allowing you to better understand where the world of data is headed as you stay ahead of the game. Also, don’t fall into a data-only approach. This undermines innovation and creativity. Data is an immensely helpful tool, but it is a partner to idea development. With that said, here’s how to utilize the right data.
The Digital World
Holding the attention of even a small audience can be incredibly challenging. The consumer’s mind is in a state of constant flux, seeing their interests shift by the day. Brands need to understand where those interests are and meet those audiences at those intersections.
This becomes complicated considering that digital platforms have vastly different ways of evaluating interests. Likes, shares, and engagement change from one algorithm to the next. To overcome this, your teams need to work together. Clients, partners, ad agencies, and brands must collectively work to establish measurement standards before insightful data can be generated.
The Right Data
When data is spot-on, it allows for the building of actionable insights and attribution models. All too many brands fail to make the connections between data points, though, leading to poor insight and mediocre actions.
Data orientation is one way to achieve better understanding, resulting in increased ROI. Leaders in the industry are creating a faster track for the data journey, helping create a more unified standard for accurate measurements and collection. As the world becomes more connected, major players like Google and Facebook can help brands better integrate into the overarching model.
The Marketing Value Chain
With a clearer path for collection and analyzation, marketers can better integrate data with business. The unification of several departments also improves coordination and speed of response. From there, marketers can accurately assess value across the chain and draw the correct correlations to actionable investments that yield results.
This applies to all consumer segments, even new and more focused ones. It gives insight into the practices that draw consumers in as well as retaining them, and what stands out as a pain point for the dissatisfied customer. It allows for the innovation of new products to meet need and demand, all by simply better understanding the full consumer journey and what impact your brand has on it.