Is Your Data Collection Going to Waste?

Data is the future. 

Data, whether marketers are aware of it or not, is what drives all marketing decisions. As technology tracks more and more of our lives, data will be used in ways yet unfathomed. There are two quotes from a great book – Breakthrough Advertising by Eugene Schwartz:

Know your customers better than they know themselves”

Know what they talk to their friends about, but more importantly, know what they don’t talk to their friends about.”

This is becoming more and more possible, not just through marketing intuition, but concrete data.  There will be more written on this in the education area of Walter Insights, but for now, let this serve as an introduction.

 

Application

The owner of a convenience store knows that people will buy more ice-creams in summer, so she buys more ice-creams to sell.  This is data at work.

The banks know that people who haven’t paid back loans to other providers will be less likely to pay back any future loans.  This is data at work.

The kid running the lemonade stand knows that more cars drive past after school and after work hours, so they make sure everything is ready to pour at 3 pm.  This is data at work.

All of this information is more exciting when you look at it like this than in a spreadsheet, but it’s the same thing. As a digital marketer, what you need to be aware of is the point at which intuition and common sense fail to provide insight.

  • What online behaviours are usually exhibited by an expectant mother two months before the due date?
  • How many times will a prospect search for online reviews before they buy a certain type of car?
  • Which age group from which location is most likely to buy insurance from your insurance company?

These are all questions that we can now find concrete answers to. For your business, it means that every single point of data you do not collect at every available opportunity is money sliding off the table.

 

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How to get started

Everything a user does online can be tracked. Everything the user does in relation to your website is free game to you, and should be gathered to the best of your ability.  The danger here is that the sheer volume of data can be overwhelming.  It is of no use to you and your business’s marketing efforts if the data gathered is unusable.  If it remains unprocessed and non understood, it cannot be integrated and utilised into your marketing strategy.

As your business and marketing strategies grow, it is important to talk to people who know how to handle and action this data.

Investing in people and the tools that those people need to be successful is key. But it’s the people who can understand that data that really matter.”

– Bryan Eisenberg

 

While it is ideal to acquire the best possible tools out there for your trade, bear in mind that the data collected by said tools are only as good as the people who acquire, analyse and process the data.

 

Contact us to see which data you could be collecting and using better.

 

2 Responses to Is Your Data Collection Going to Waste?

  1. […] ties in with this article on data utilisation – the point is that it is no longer sufficient to send out a generic email to your […]

  2. […] post links to this one on properly collecting data, and this one on big data, but I intend for this post to fully impress […]

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