There is a lot of pressure on marketers to use big data to increase revenue growth and ROI. But a lot of marketers are struggling to mine their data and turn it into actionable insight, which means they are not only losing opportunities to understand and respond to their customers needs, but they are missing out on increasing their revenue.
Here are some tips to help turn data into actionable insights
Identify your goal
Start with an initiative or goal that makes sense for your business and resources. For example: increase shopping cart size of frequent shoppers
Evaluate your technology
Having the right technology and resources is paramount to be able to turn data into tactics that you can implement. Evaluate your resources and determine what your need in order to get the information you need to solve your goal. Do you have the internal capability to analyze your data? Does your current database have theanalytical reporting functions that you need? Are there any add-on reporting or analytical suites for your database that are available? Do you have the people resources to do the technical and in-depth analysis your company needs? Do you have cookies activated on your website? Is it the right type of cookie? Is your website responsive to be able to personalize it?
Create a plan to get the technology and people you need to accomplish your goals. This may mean enhancing your database, hiring new people, outsourcing, and exploring cloud based analytical platforms that will work with your existing database.
What do you need to know?
Define questions you want answered that will help achieve your goal – for example who are your frequent shoppers? What do they buy? How often do they shop? Do they only shop during sales or shop anytime? Do they pay for shipping or do they take advantage of free shipping offers? How much do they spend per transaction? How often do they visit without making a purchase? What type of products to they look at but not buy? How are they referred to your website – email, direct, ads, social media? How much time do they spend on your site?
Determine how to get answers to your questions. Look at the data that is available to you and start digging to compile answers and customer insights. Not all your data will be useful so stay focused on what will help you achieve your goal. At this point it will be useful to set up reports that you can access regularly. If you’ve decided to purchase a web based analytical platform make sure the dashboard is set-up with all the information you need to look at regularly.
Using insights from your analysis brainstorm on how you can change your insights into action and achieve your goal. Identify ways you can achieve your goals and make an action plan and campaign strategy to achieve your goal. For example, taking action could mean personalizing the online shopping experience for you customers. Use cookie data to provide an unique landing page for your customers highlighting products they will like based on previous purchases. This stage may take some experimentation and measurement until you’re able to achieve your goals.
Are you ready to turn your data into actionable insights? Take our marketing intelligence maturity self-assessment to evaluate if you’re ready to take your marketing to the next level.