Data Driven: Beyond the Data
To do: Write down your brand story and list the key data elements that are important to that story.
3. ROI Parameters
Using the P&L to establish value is an advanced marketing practice. One way this is done is as a risk management exercise.
Let's say you are testing a new marketing channel where setting risk parameters is very important. Data and certain KPIs can be used to set and monitor milestones as investment is committed during the testing phase.
Search is a good example. To test a new search channel, you can use geographic data to test the investment in a controlled environment. A proven and favorable area where the brand is strong has a better chance for success than a broader one. By using "geo" data elements, you can limit the risk of a new investment into search marketing by making sure it works in your best area first.
To do: Get a member of your financial team at the table with the data analysis group.
4. The Art of Marketing
Think of this as leveraging the "gut" of the brand passionistas: The founders of a business or the merchandising person who wears the brand story around 24/7 often have a sixth sense about the consumers who drive success.
An example is a business that was driven by quotes. Strategy and data had always been organized around generating and converting quotes. However, the founder of the business felt, in her gut, that this was not totally correct.
She observed during her interactions with the customers that people were testing out the company with small orders first. Only after being "wowed" by their excellent customer service were they placing the larger orders and becoming loyal customers. Using new data elements, this "theory" was tested over time and proven to be correct. Subsequently, the data collection and rules that existed were reorganized around the new KPIs.