When your team designs a strategy for an upcoming campaign, do you rely on data-driven predictions? Doing so can be helpful as you work to understand the market climate, outline a strategy and begin tracking outputs.
But you also have to ask yourself, are the predictions you’re working with accurate? Thorough data analysis will pay out in dividends. While many analytics tools offer a free look at marketing performance, an experienced data analyst can better interpret what these numbers mean. Then, your team can use these insights to predict future marketing performance and prepare new strategies.
When planning your next campaign, leverage data-driven predictions to:
Compare data from both internal and external sources when evaluating market climate. This may include market research by outside firms or government sources. Also use tools such as Google Adwords and Compete.com to learn about how consumers engage with others in your industry. By considering information from all these types of sources together, your data analysts can gain a better understanding of the market as a whole.
Your organization can use the data from past campaigns to guide current strategy and set accurate KPIs. Considering multiple campaigns will give you a good idea of marketing performance over time. Brainstorm a few possible approaches to your next campaign. Then, use the data to evaluate each strategic plan and choose the best.
Prior to beginning your campaign, set realistic marketing goals based on analysis of past campaigns. Use your data insights to project progress toward these goals. Once the campaign has launched, measure results alongside these predictions.
How closely do your results match your expectations? The new marketing value chain offers marketers more tools to achieve marketing predictability than ever before, but individual campaigns will still vary in performance. Remain nimble in your approach as you gather insights into what’s working this time.
Data-driven predictions can make the difference between marketing success and failure. Use these insights to drive decisions for your next campaign.
Photo Credit: Sebastiaan ter Burg via Flickr Creative Commons
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