“Data-Driven”. The buzz word that stuck, and for good reason. Go into any interview as a marketer and start talking about being data-driven and customer-centric, you’re bound to get some head of department or c-level suit excited.
There is no question, digital noise is louder than ever for the consumer, with no signs of slowing. The very nature of digital and it’s rise to global domination over the past decades has paved the way for data. Big data, small data, so often mildly underrated data - whatever you want to call it, it’s importance is ever increasing.
The concept is quite simple, access to the digital space through a variety of devices (your iPhone being one of them) has allowed a very large amount of information to be gathered almost constantly, that at times, is dauntingly specific. This information has the power to convey which demographic and psychographic traits you fit into. Subsequently providing anyone on the other end, access to the masses but more importantly, access to the few.
But we can go further than just assuming the psychographic trait of being into hello kitty makes you a prime target for Japanese candy sticks that are £10 a pop. If you are clever (well, it should be a standard by now) about setting up your campaigns, then you can access a multitude of touchpoints. These will show you how certain groups of consumers interact with your brand either pre or post-purchase in the digital space.
You can then use this information to make educated decisions on how to proceed.
Simply put, being able to track, measure and report on key touchpoints related to specific KPI’s throughout your marketing campaigns (or funnels, whatever) you can quickly get an idea of where you should invest to get more of a better quality customer, for less.
For example, I am running a multi-channel acquisition focused digital marketing campaign for a mobile application. I am recording every relevant touchpoint consumers have within the “funnel” (there, I said it). For the sake of the example, let’s say I’m recording; Impressions, CPC, CPI and CPA. If I plug these results into google data studio (one of the many, many data tools available) I can create an easily digestible graph that very quickly tells me which channel is going to be the winner.
Of course, if we are talking paid campaigns then beware of very small scale spend as results can be deceiving, don’t make your educated decision too soon. But that’s another conversation…
It goes without saying that digital marketing, by nature, should be data-driven. You can create a narrative, offer, story or even a whole new product based off of the information that you can gather when consumers interact with your brand in the digital space.
I’ll certainly dive into how to be more data-driven with your marketing campaigns and which tools to use in a different article.
But to summarise, if you are thinking about or already are investing (money or time) into digital marketing, you need to start mapping out your customer journeys and recording the KPIs. This will very quickly give you an idea of what is working and what is not working. Allowing you to make educated & informed decisions as you invest more and scale your campaigns up. It’s important to remember it can also tell you where you are going wrong and give great insight into how you can improve your current product. Critical to running lean and bootstrapping.