What makes a data-driven marketer successful today may not hold true for tomorrow. And just as the analytics department at IBM is vastly different than a startup entirely focused on analytics, the advice needed to ‘optimize your marketing’ career should be doled out accordingly.
Drawing on over 20 years of cumulative experience, Deren Baker, CEO, and Randy Antin, VP of Marketing at Jumpshot, give their top 5 pieces of advice marketers need to maximize the ROI on data-driven campaigns, from metrics to mindset, to drive their careers forward.
Do Your Research
Not all data is created equally. It is so important to do your research and consult with a large, reliable data source – emphasis on the reliable. Too often the focus is on the amount of data because the assumption is the more data, the more insight. But an unexamined data set has the potential to cause more harm to an organization than benefits by leading to incomplete or even inaccurate conclusions that work against your goals.
Don’t Waste Your Budget on a Social Influencer
Social Influencers seems to be the latest big trend for consumer marketers. And while most of these campaigns are less obvious, there have been a few epic fails over the last twelve months that should have marketers concerns about their efficacy.
More important than the potential for embarrassment is the lack of control or measurement built into these campaigns. Content influencers’ posts cannot be tracked through traditional metrics so it is impossible to trace the full sales funnel.
Trends like social influencers will come and go, as we’ve seen over and over. Data-driven marketing may be a little less sexy, but the ability to track what is working and what isn’t is far more valuable.
Avoid Vanity Metrics
Vanity metrics, everything from number of uses to page views to the number of followers on social media, can easily distract a marketer from their goals. For example, an increase in number of visits to a company’s website can seem like a positive, but if those visitors aren’t engaging or purchasing, they don’t have real value to the organization.
Focus instead on the data that drives real ROI. For example, where are your target customers spending time online, what else are they buying and where else are they shopping.
Spread the Wealth
A good marketer will use data to inform the decisions they make; a great marketer will use data to help every part of an organization. Data-driven marketers have unique insights into much more than the ROI of ad spend. A successful data campaign can provide useful details on customer preferences, pricing models and even competitive intelligence, all of which could be useful to business development, design, product or sales departments.
It’s important to find ways to package marketing data in a way that is digestible to people outside the marketing organization and to distribute those findings to anyone who would find them valuable.
Broaden Your Perspective
Your own company’s data offers valuable insights. But it should not be the only source of data you evaluate. Marketers today now have access to a wide variety of data sets that provide insight into where consumers are spending to what they are searching. Coupling external and internal data is where the magic of data driven marketing can really happen.