Hero Image
25th November 2016
|
Categories: Business TipsData

How Well Is Your Business Using Its Data?

Estimated Read Time: 5 minutes

Your marketing is only as good as your data and the insight that you can get from it. Businesses of all scales create data, which when utilised effectively can be used to improve their company’s performance. What should you be doing in order to make better use of your data?

Setting Up Your Web Analytics Correctly

88% of businesses don’t have their web analytics set up correctly. This stops them being able to identify where customers are coming from; where they are going; what they are doing and if that is providing you value.

Setting up your web analytics may seem daunting. To overcome this, a holistic approach is key. You want to develop a strong understanding of your objectives and the KPI’s that will develop your business. We have a dedicated team that can implement your tracking and create custom reporting dashboards for you, so you can see the metrics that matter at every level of your organisation.

Your analytics are the foundation of your campaign and if you aren’t keeping score you won’t know if you’re winning.

Using a CRM System

Excel is a phenomenal and highly adaptable tool, but it has its fair share of drawbacks when it comes to advanced functionality and intuitive use. Too many businesses cling on to it longer than it is useful and it begins to hold them back. A custom CRM (customer relationship management) or an off the shelf system will unify your customer data; linking up your marketing, sales, finances and operations in to one easy to use tool.

The biggest advantage of your CRM is that it gives you a single customer view. The uses and insight available are incredible.  Businesses using ecommerce can identify their most valuable customers through recency, frequency monetary value analysis. Creating campaigns targeted to specific parts of your customer base and helping you to create personalised messages for each of your customers.

If you struggle to keep up with your customers and manage their journeys a CRM will help you. It will not only make your life easier allowing you to keep track of all your customers interactions, but it will allow you to create scalable journeys, with a connected cross channel experience that leaves your customers wanting more.

GIS (Geographical Information Systems) is a powerful tool that has expanded rapidly. Sadly most people, outside of a few in large businesses and the public sector have ever heard of it, let alone understand how it can help them.

GIS is empowered by the internet of things, big data, remote sensing and satellites; it is possible to create detailed maps showing any form of geospatial data as a point, line or polygon overlaid on a raster or vector base layer. It has helped businesses create streamlined global supply chains, analyse risk and understand the state of their market.  You can see an example of what is possible with UK’s 2011 census data UK Data Explorer.

For marketers using the latest technologies it is an excellent tool for improving the precision of your campaigns performance. Where logistics uses maps to view and plan the best routes, you can use them to see where your best customers live, work or travel; letting you target them when and where they are most susceptible to your message.

Analysing the usage of promotional codes by location can reveal your hotspots and dead-spots. Identifying where your advertising is working and where it isn’t. Allowing you to draw relevant hypotheses about your customer’s habits and continue to improve your business’s performance.

The Cloud and Big Data

Data is central to our world as marketers but, with such enormous amounts of data being created finding what matters to you is more important than ever. Cloud Saas tools can enable you to reverse engineer your competitor’s strategies; identify challenges and identify new market opportunities.

Improving both the quantity and quality of your data is invaluable for your business. It will give you broader insight and new perspectives that challenge your existing assumptions and lead to higher profits.

Collecting, measuring and analysing your data, is critical to improving the effectiveness of your marketing and gaining a strong competitive advantage. Get in touch with us today to find out how we can help you or you can visit our analytics page.

Get the latest news from MRS

    More Related Posts