Data can be leveraged to drive profits for business in two ways. Generally Accepted Accounting Principles (GAAP) are the recognized standard practices for financial data, and are based on profit and loss reporting using general ledger accounts.
The role of data within customer acquisition involves capturing and maintaining a record of the person or business that made a purchase. The basic information includes 1) who made the purchase, 2) when that purchase occurred, 3) what media channel the order was placed through and 4) the value of the purchase. Beyond the basics, there is a wealth of intelligence that can add value to customer acquisition programs. Above all, this record needs to be easily accessible for analysis in a query environment.
For many marketers reading this column, data is fun! We love the challenge of figuring out how to find and use data to solve problems and drive all kinds of marketing initiatives. However, we also operate in a business environment and have to ultimately answer the question of value. How do we create true value using our expertise and experience?
In Data Driven this year, we have explored opportunities unfolding in real time within the world of data-driven marketing. Data and design are not often part of the same conversation—but in a truly holistic campaign, they should be. Data can inform design in significant ways.
The most important recent change in the world of data-driven marketing is a single data analyst can now drive significant value using the powerful and affordable tools that are available in today's information technology world. Let's look at the opportunities that are involved with Web data and, specifically, two actionable ways for creating value with a high ROI: 1) Web data within its own reporting environment and 2) Integrating Web data into a multichannel reporting and marketing environment.
This year in "Data Driven," we're exploring the opportunities unfolding in real time within the world of data-driven marketing. The single most important change recently is a single data analyst can now drive significant value using the powerful and affordable tools available in today's information technology arena. Let's look at the data processes involved with a sales team and the four parts required to create value with high ROI in this arena.
It is the combination of people and tools that create value of any kind, in any industry. In the world of data and analytics, the data or processes themselves are meaningless without a person to make it all happen and to interpret the result. Sure, computers and databases can churn out value, but they have to be loaded with programs and rules first—not to mention the strategic understanding afterward.
Data is usually spoken in the context of collecting and organizing data, queries to gain intelligence and reporting to measure various key performance indicators. One rarely hears about data prowess together with creative design and marketing calls to action. This can only happen when both the left and right brain meet together in a combined environment.
The first thing that comes to mind when considering data's role within social marketing is Web analytics. Social marketing, as a new marketing term that has evolved during the past decade, can be defined as "communication opportunities between consumers and businesses that use the Internet as a platform." As all this communication is taking place between Internet URLs, it makes sense Web analytics would form the foundation of data's role in this powerful medium. So let's discuss three actionable opportunities for data's role in social media.
As I began writing this column, I was immediately struck by one of the words in the deck. Using "from" suggests fitting new marketing data into an existing process integration after new initiatives are introduced, while the word "with" requires a different approach altogether, indicating a process that considers the data before the initiative is launched. These are very different approaches.
We are in the midst of a true paradigm shift. Consumer behavior suggests consumers want to be more in control of their interaction with the marketing that brands are pushing out. As marketers collect more data and gain access to more powerful analytic technologies, there also is a new dimension we need to access to understand consumer behavior.
Over the past season, we have been looking at many data-driven elements, including the data itself and the processes that are involved in analysis and reporting. However, a simple, often-overlooked, but key part of the whole process is the people who work with the data. Different people are involved across so many parts of the data process that it is worth a few moments to consider this fundamental question: How much does the WAY people interact with the data have to do with the quality and usefulness of the data itself?
"Data" has become the darling of the marketing world recently as information technology and database marketing really hit their strides in business. Marketers now know more than ever about their customers and their shopping behavior. We also have extremely powerful technology to drive a mind-boggling number of calculations in record time.
Web analytics are notoriously difficult to reconcile with other reporting sources, as well as to comparative Web analytics. So let's explore why this happens and what can be done about it.
"Big Data" is a buzzword these days. More importantly, under the hood there have been new data emerging from so many sources, we are all scrambling to keep up. As new media channels have been born during the past decade, so have new databases that serve as repositories for all the new data. In some cases, each media channel has its own database. In other cases, the data is combined where it is easy to do so. In all cases, we need to figure out how to make sense of this escalating confusion of data.