Data is one of the most valuable elements that we rely on in our daily lives. There is data about virtually everything and anything. The era of information rapidly advanced how much of our personal data is accessible online. Tracking marketing data puts you on the same level as other companies and other organizations as they continuously mine marketing data.
The companies that engage in these practices utilize this information in any number of ways. They use our data for anything from composing and delivering hyper-personal marketing material to selling our personal information to the highest bidder. No matter how the data gets used, the fact remains that data is essentially virtual gold.
Marketing professionals and marketing teams need to gather and record data on marketing campaigns in the same vein. There is a massive data pool that becomes available from marketing campaigns. However, there is a distinct difference between having access to data and reading or interpreting that data.
The difference is that one is actionable, and the other is not. In other words, gathering and tracking big data and having a library of marketing information is very different from interpreting that big-data, creating action plans from the information library, and eventually executing those action plans.
Types of Marketing Data
As mentioned above, there is an innumerous amount of data-points relating to individual consumers and marketing campaigns. Understanding data mining is one thing, but understanding which data-points to pay attention to is another beast entirely.
Different marketing campaigns carry with them various objectives. For example, an email marketing campaign might increase the number of newsletter subscriptions for a company. On the other hand, a direct mailing campaign might attempt to bring in additional business during a sale or special event. Knowing that different marketing campaigns have varying goals means that the most impactful data will also vary from campaign to campaign.
Tracking The Right Data
It can be hard to know which data is the most impactful or most crucial for you and your company to track. However, identifying which data-fields these are for your various campaigns will elevate your marketing efforts to the next level.
For instance, in the context of web-traffic, a website with 5000 views an hour seems like a website with excellent traffic. However, if that same website has a bounce rate of 80%, then that means only 1000 of those views were actually substantial and significant.
Yet, there is still value in the example above. Knowing that the website is seeing heavy traffic, but experiencing a high bounce rate, indicates to the designer or web-manager that there is a disconnect between the website’s content and the search terms that direct traffic there.
Making this connection, web managers can adjust and pivot marketing strategies to play into their strengths. The same theory applies to other forms of marketing as well. The best marketing professionals use data to their advantage, neutralizing weaknesses and supplementing their strengths.
Data is everywhere. There’s no denying that, and it is one of the most valuable commodities in the marketplace today. There’s a reason, after all, that major companies and cyber-criminals alike are tracking and data-mining night and day.
The best companies and elite marketing professionals don’t just acknowledge the crucial role data plays in marketing. They are dedicated to understanding and leveraging their data to the best of their ability.
Don’t just gather data on your marketing campaigns. Take the time to interpret the data collected from campaigns, make adjustments, and elevate your marketing strategy altogether.