We are in the midst of a pandemic and at the same time, technology is also developing at break-neck speed. These two factors significantly affect data in many ways.
Because of the crisis, many companies had to stop their marketing campaigns suddenly because previous data about what consumers want and what drives them to buy are no longer reliable. In other words, everyone was taken aback without any warning and everyone is scrambling what to do. More so, something new comes up every day forcing companies and businesses to make quick decisions on a daily basis.
On the other hand, fast technological development has given businesses access to new data sources. This development has enabled marketers to gather a big amount of personal data from consumers, some even in real time.
The pool of huge data waiting to be discovered might sound like every marketer’s paradise yet many still feel that they are still getting an incomplete picture of their customers as well as their performance.
It doesn’t have to be this way.
Start with the simplest data set
People are always fascinated with big things. It evokes awe, fear, and worship. However, big is not always good, especially when you’re dealing with data. You might be swimming in an ocean of data but if you don’t know how to swim, you will drown.
What does that mean?
If you have no clear-cut strategy what to do with that large amount of data, you’ll end up tired and frustrated trying to sort and analyze all of them. Data-fatigue can drive you to make assumption-based decisions which can further harm not only your marketing campaign but your sales as well.
To avoid that, start with the simplest data set first in order to create an informed business decision rather than one based on assumption. From that small data, you can create a loop that includes: data > insight > action. That might give you small wins but in the long run, the business impact you’ll create to your customers and prospects are much more meaningful.
Another advantage of starting small is that your confidence in data handling grows as the information you handle. As you become more comfortable, you add more to your existing data set.
Focus on usage patterns
No matter what channel or platform – mobile, online, offline — you use, they all generate digital data. Furthermore, the Internet of Things (IoT) have allowed businesses to monitor how consumers are using their services like car mileage and Internet usage.
By looking at the usage patterns of your consumers, not only can you deliver a more personalized service but it helps you understand if your customers are really using their products and services, and getting any value from what they are offering.
What does it mean for you?
Because you have insight whether your customers are using your product/service and the frequency of their usage, you know what will lead them to make that buying decision.
Micro-moments are those points in a buyer’s journey where they decided to make a purchase. The reason why they are called “micro” is because they are subtle which could slip under your noses if you’re not attentive enough. They can also happen unexpectedly, putting you out of balance.
An example of this is a prospective customer searching for mobile devices and click through to a mobile phone landing page. He did not click right away to buy the phone, continued to navigate the site and ended up buying a tablet. The important micro-moment is the landing page of another product because it shaped the consumer’s impression of the brand and ended up taking the next action.
Look for conversations that convert
We engage in many different types of conversation every day, and marketing teams need to focus on those conversations that lead to revenue. These interactions are not how many people visit your website or your email open rates – these are easy to monitor and optimize. Rather, these are interactions that convert to sales.
These conversations are not limited to your social media interactions but to all communication channels you use including your phone calls. In other words, you need to treat and analyze these conversations just like your other digital activities.
You need all the resources you have so you are always in step with what your customers and prospects are doing, especially during these uncertain times.