Analyzing marketing data can be a challenging and time consuming task if you try and tackle every single piece of data. In fact, analyzing marketing data can be just as challenging if you only take a “big data” approach. So, just how do you analyze marketing data to help you fine tune your various campaigns?
Analyze The Right Data
There is no cookie cutter solution for analyzing marketing data; however there are three tips that will help you to gain valuable insights into your gathered data.
Tip #1: Look at the data from all angles. — Analyzing data starts with asking the question, “what is happening.” However, after you have answered this question you must answer the more valuable question, “why is this happening.” Looking at the data from one angle to answer the second question will give you a false reading. Instead, you must look at the data from multiple angles to determine why you are receiving certain marketing results.
For example, you must look at the bounce rates, open rates, unsubscribe rates, and changes to subscription preferences in order to answer the “what is happening” question. If you want to know why each of the rates is happening, then you must dig deeper. As an example of digging deeper, you might discover that you have high bounce rates because the email addresses were incorrect. Digging further you might realize that the email addresses were incorrect because the people no longer work for the company and thus no longer have that email address. In short, you must use multiple angles if you want to truly understand your marketing data.
Tip #2: Be strategic. — In an effort to understand the data from multiple angles, don’t become trapped trying to analyze every single piece of data. Instead, be strategic. Keep your focus on the metrics that will give you the insights you need to improve your marketing efforts. In this vein, have specific KPIs in mind when you begin to analyze your marketing data.
Tip #3: Understand how the data relates to your business. — Every business can gather marketing data, however, the data will relate differently to each type of business. In order to understand how the data relates to your business you will need to keep the following factors in mind: type of business, industry, target audience, and revenue model.
The Bottom Line: Practice Makes Perfect
It might take you a few tries to figure out how to properly analyze your marketing data; however, the journey will be well worth it. Properly analyzed marketing data can provide you with the valuable insights that you need to improve your marketing campaigns and subsequently increase your ROI.
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