Stay ahead of the marketing curve: make your data visual
Today marketers have access to more customer data than ever before, from demographic and socio-economic data to information on customer preferences, purchase histories and spending behavior. In fact, many marketers now have access to more than they can comfortably handle.
Plus, the benefits of harnessing all this data keep growing. For example, marketers can leverage vast amounts of data to more effectively target brand campaigns, gain real-time customer insights, and influence behavior at the point of sale.
While there is still room for intuition-driven decision making in an ultra-competitive landscape, it is essential for organizations of all sizes to embrace a data-driven culture. Every corner of today’s marketing world can and should harness the value that data can bring to businesses. Marketers should use it as a tool to inform ideas and make smart decisions. Fortunately, access to and understanding of data is growing with a new generation of easy-to-use software and services. By following three simple steps, organizations can put the power of data directly into the hands of employees and empower them to make informed branding decisions.
Keep it simple
When implementing data analysis software, it is important to keep the data and software accessible to everyone. In this regard, self-service data analytics are fueling a process of democratization. By adopting easy-to-use software, businesses can give marketers at all levels of an organization the ability to quickly explore specific details. Marketers can then make day-to-day decisions based on the information gathered from the analysis, without depending on data scientists within the company or requiring in-depth knowledge of things such as the basics of data, SQL or Hadoop.
Keeping it simple also helps encourage adoption of new tools across the organization. When employees can easily access data to show things like trends, progress, and outliers, they’ll be more likely to embrace them as part of their daily routine and decision-making process.
Harness the power of visualization
With visual analytics, marketers can more easily see and understand their data. Indeed, research shows that people can interpret visual information about 60,000 times faster than text (2012, Billion Dollar Graphics, The Power of Visual Communication). As a result, the ability to visualize data in charts and diagrams instead of having to navigate through multiple rows of numbers not only saves time, but also allows marketers to interact with their data to uncover insights. answers that would otherwise be hidden. They can drag and drop variables that create instant visualizations without a single line of code or a PhD. in statistics. It stimulates thought processes, allowing marketers to ask different questions and find their own answers.
See and forecast trends
A powerful analytics tool paired with the right set of data can help brands see the telltale signs of an emerging trend. With data visuals, marketers can identify new trends, even microtrends, over time. With this information, brands can make better decisions about where they want to go and gain a better understanding of future campaigns, as well as more accurately predict what will happen next.
This also applies in retrospect, as marketing departments can predict trends using analysis software to visualize historical data. Customer purchase history, loyalty surveys, demographic or geographic statistics can be used for this purpose.
For example, retailers can use data analytics to combine information about the weather with data on the buying behavior of customers. Tesco recently did this to prepare customers who buy barbecues on hot weekends. With this information, the retailer ensured that barbecue products and equipment were well stocked in its stores during the summer and hot spring days. A perfect example of capitalizing on data analytics to improve customer loyalty and drive business impact.