Businesses must learn to extract value from their data collection. Consumers and customers have access to a lot of information about the brands, products and services they use, and this information is a strategic asset for businesses…
Yes, data is everywhere. And the main mistake we often make is considering ourselves “data-driven” when we have our noses at company internal data. While the first good advice we should give to a data-driven marketer is to look out (by the way if you want to know if you’re a little awake on the subject, or, in other words, if you have a data-driven mindset, I recommend you to read this article and test yourself by reading it).
1. Define your objectives and indicators
The first step in a data-driven marketing approach is to define your objectives. And you won’t be able to do it if you set goals focused only on yourself, your navel, your brand, your life, your work, your stock price, and the CFO’s birthday.
So define your goals.
In what words do you put them? Improve sales or improve margins? And if margins are to improve, what will be the key to this improvement? Loyalty that helps reduce marketing costs? Price hike, in which case how would you justify it?
Improve brand image? In which case, when we say, “image, image”, what did we actually say? How does a beautiful image appear? How would you translate that, in a nutshell (don’t forget the CFO’s birthday, he can only reason with numbers)?
In the medium term, how do you intend to improve the value of the company? Is there a Gross Business Development Objective? Is this business growing organically or through acquisitions? And how will you make this acquisition?
For each objective, of course, it will be necessary to be sure to have an idea of the measure, the frame of reference, and the metric.
Then, we must ensure that this objective is achieved. and this is the reason, It will be necessary to establish an action plan (And while you’re at it, a list of anything that might be keeping you from reaching the goal). And finally, it will be necessary to take stock of the results obtained.
So the second thing to do in this first step is Define performance indicators, Indicators are also important. Because they will give you an idea of how you can optimize your action plan. And finally, in the medium term, they will allow you to make progress.
A good indicator must be measurable, that is, everyone should be able to tell you whether you have achieved your goal or not. It should be relevant, that is, it should be directly related to the goal that you have set for yourself.
That’s why the definition of indicators is very important. But be careful, you should know that these indicators must necessarily be based on accurate and realistic forecasts. Each indicator should be measured at the same time so that you can compare the results obtained.
Small. So far, in this first phase, we have mainly streamlined things. We’ve become a little square, a little tough. Maybe our hair has fallen out, we have started looking like egg skulls, which we did not want to be in childhood.
Maybe we’re looking at ourselves in the mirror, telling ourselves that we’re too faded, that we’ll actually end up looking like CFOs, when, already at a very young age, we take up a creative job instead. Wanted to do, original. And so we did “marketing” in business school, not “finance”.
Rest assured, data-driven doesn’t stop you from being creative, opposite of this. Only, as the best artists will tell you, the strongest creativity comes from coercion. It’s better when you know what you’re looking for. That it is pushed by the indicators, right.
2. Collect and analyze your data
Once you have your metrics, You have to get the data. As the name suggests, data-driven mindset goes through data. Internal data, external data, they are everywhere. what makes you a business really data driven, this is the full circle of this data. That is to say, a full view of the following points: what hands they pass through and how they are used to optimize, modify and reshape your marketing actions.
A company that wants to understand what content generates subscriptions for its readers does not collect the same amount of data as a global company that wants to calculate the daily cost of sales for each campaign and in each country. Data-driven requires a little bit of tailoring in the collection and processing of data.
Visualize Your Data
Once you have collected your data, You have to understand them. You need to be able to anticipate their business, their path, use them and make useful predictions in order to act on it.
Just because you have the most accurate and detailed data on the market, doesn’t mean you are data-driven. How to use them matters.
This is where visualizations come in. Visualize and interpret your data to better understand it. Then you can share, comment and trade. It allows you to build a community around this data.
Visualization allows you to get information at a glance and learn practical lessons.
share this data
It’s up to you to share this data In a useful, even educational way (with a presentation that is understandable to all) so that every employee of the company can rely on it in real time and establish measures to meet customer expectations.
So a data-driven mindset is much more than a digital strategy or digital communication, It’s also a digital culture, It is your way of thinking, imagining digital, IT and new technologies matter. Change of a business involves change of group of people.
we must have understood, in fact To engage in data-driven marketing, we contribute to the company’s digital transformation, To make a digital business transformation, you need to know where to start. And the best way to build a resume is to look at things like customers, not the business. Which, by the way, is the very definition of marketing.
3. Repeat and Customize
Yours Data-driven strategy should also be iterative, And for this, to be part of an automated process that always minimizes the so-called “time-to-insight”. this notion time of insight is important. In fact, it corresponds to the period between the collection and use of data, which is necessary to obtain answers to the questions asked. On the other hand, it has nothing to do with the interval between two sales campaigns.
The more automated a process, the faster it is. Of course, this assumes that you’ve taken the trouble to incorporate data-driven tools into your action plan. Once again, this cannot be improved. Even the simplest data-driven tools require extensive training and good practice before they can be implemented within a company. Either way, timing is a key factor in the success of your data-driven strategy. The faster it is, the more relevant it is. In fact, experience has taught you that you have to be trendy to be able to take advantage of emerging trends (this is where creativity comes back and your mirror will smile again when you see it. Not really, no, an egg skull head).
And that, this art of reacting to trends, you have very little time.
So your data-driven strategy should also be agile. This notion is tied to the past “times of insight”. This allows you to customize your action plan for each situation. In other words, it allows you to face any developments in the market and any new data that May disrupt your work plan. If we talk about agility for companies today, it’s because their markets are becoming harder to predict, Therefore their success depends more on their ability to adapt to new situations.
This is why your data-driven strategy should be agile.
Now that we’ve established some of the prerequisites for the success of your data-driven strategy, we’ll look at what resources will allow you to achieve it. You can’t afford to launch a data-driven strategy without a plan necessary resources. Because lack of resources can have negative consequences on the result. The first is that you may not have time to use the data at your disposal. The second is that the action you take may be completely ineffective.
One of the most important resources this is training, In fact, this is the best way for a data-driven strategy to work. This is why it is essential that all employees in your company be trained in data-driven practice. In addition, this training should be continued so that your employees get used to working with data and a knowledge base on the subject.
head of the CIO
Another important resource of your data-driven strategy, this is computer science, Today, computing is the discipline that allows data to be processed at a much faster rate than it was a few years ago. This greatly improves the reaction time to a trend. This is why it is important to take the IT dimension into account in your data-driven strategy.
But hey, here we are, entering a new universe. It’s not your over financial ratio, you are a marketer. Now, your mirror shouldn’t tell you that you look like the CIO.
As you can see, to act as a data-driven marketer, You have to be a marketer at heart, but look for a sort of general culture from two of my friends in finance and IT: The agility and processes that themselves collect information can change everything.