Why are marketing data insights important when making tactical business decisions?
With marketing insights, companies, product managers, promotion teams, and performance marketers can identify the most effective marketing mediums that attract the most relevant customers and enhance the overall customer experience.
In brief, marketing data insights refer to analysing marketing data and employing the retrieved patterns to increase marketing performance, allowing companies to produce more profits. These insights will help you understand what motivates customers to take action, where the promotion budget is being wasted, and much more. In essence, insights allow companies to better understand the client journey and check growth possibilities.
Why is Gathering Marketing Data Insights So Essential?
Here, let’s get into detail and discuss how various companies and marketers can benefit from combining the right data.
1. Assess Your Marketing Plan
Understand whether your marketing tactics work. With marketing data insights, you will identify leaking buckets that exhaust your marketing budget (aka campaigns that are not bringing in prospects or bringing in the wrong audience).
Similarly, you will identify marketing campaigns that offer the most value. Thus, you can invest more money into scaling these mediums or get buy-ins from stakeholders for trying various traffic sources.
Make sure you are getting the likely ROI and business growth. Marketing analytics represent whether or not you are getting the expected numbers. If not, look deeper into the data to get more growth possibilities.
Ultimately, data analysis allows marketers to process their marketing plan and optimise the ROI.
2. Get Actionable Insights on Customer Behaviour
Marketing analytics will assist you in checking the common behaviour of your target audience so that you can classify users’ spending towards their contribution to revenue growth. Knowing your power segments will help you target new users with the same behaviour.
Overall, you will understand what marketing activities and messages boost conversion rates and ensure long-lasting adoption.
3. Know the Customer Journey Better
Understand how customers are going through the entire journey. With funnel discovery, you can break every step and find out how different user paths take all through your site.
Find what is stopping them from moving ahead so you can make the customer journey better. For instance, you can use a product analytics tool or Easy Insights services to check drop-off points.
With real-time analysis, you will have a better understanding of what your customer journey looks like. In addition, you will recognise the friction points to improve the journey.
4. Make Data-Oriented Marketing Decisions
When you have marketing and client data in place, you can check what is working and what is not and solve the problems:
- Optimise expenses on marketing. Find campaigns with inconsistent ad spending and stop them.
- Experiment, analyse outcomes, and scale what is working.
- Update your product roadmap by checking the pain points that affect conversion rates.
- Strategise your promotion activities based on user sections that add to increased lifetime value.
In brief, marketing analytics significantly affect business decisions at different levels.
Understand the Common Marketing Data Types
Marketing data comes from various sources. Here, we have discussed the most common marketing data sources and what they are for:
- Market research
- Competitors’ data
- Sales data
- Customer interactions
- Customer choices
- Customer response
Let’s discuss each marketing type in more detail.
1. Market Research
Most frequently, market research shows surveying the target audience and arranging discovery calls to check pain points within the niche. Product teams and marketers can use the data to indicate product growth, and pricing plans, create personalised customer experiences, and update marketing strategy.
The final target is to refine marketing tactics and product growth to fulfil market requirements. Thus ensuring client acquisition and retention and, finally, improving customers’ lifetime value.
2. Competitors’ Data
Competitors’ data insights include assessing competitors’ marketing plans and customer behaviour in relation to their services. You can do so by checking customer responses on review services, tracking social media activity, and assessing online PR strategies.
Search for both positive and negative reviews, the issues customers state on social media, and the content they are involved in the most. Then, you can use this data to amend your plan and product roadmap, allowing you to surpass the competition and grab the biggest market share.
3. Sales Data
Sales and marketing must be aligned properly and work as a single system. Sales analytics offers marketers the most significant metrics on the sales funnel, depending on which they can assess their marketing campaigns’ performance. Examples are the number of marketing and sales qualified leads, the regular sales cycle and revenue throughout various customer segments, etc.
This data helps identify the quality of marketing efforts and clarify client acquisition tactics.
4. Customer Interactions
Customer interaction relates to any communication between a business and its clients:
Customer support chat
Sales calls
Onboarding calls
Social media, etc.
A company can gain hugely from these mediums since customers behave naturally throughout such interactions and tend to state the truth regarding their opinions. Marketers then will use the data to create a value plan, while product managers will act on client insights to identify and resolve friction.
5. Customer Choices
Understanding customer expectations and targets at the start of the customer journey and after some time helps marketers send the right information to the right audience at the right time.
If customers address their requirements and jobs to be completed, you can employ this knowledge in ad messages. When you know what users are not happy with your product or service, you can run an informative campaign showing the positive points of disliked attributes.
6. Customer Response
Customer response is precious for locating users’ pain points and knowing what solution they are searching for. You can then use this data to customise marketing campaigns and increase customer acquisition with user experience.
When reading responses, answer these queries:
What do they think about your product or service?
Are they pleased, or do they have issues?
What recommendations do they have?
What requirements need to be improved?
Final Words
Customer data and marketing are closely linked. Both assist you in finding friction points, letting you create effective strategies for scaling. Thus, you can use marketing data to improve customer experience and increase your product growth.
Want to collect invaluable marketing data insights into your customer journey and behaviour and deliver exceptional customer experiences? Or if your performance marketing ROAS is declining, get in touch with Easy Insights and collect customised customer data for improved marketing outcomes.
