Why You Should Trust Your Data To Drive Success Out Of COVID
Why you should trust your data to drive success out of COVID
Due to covid, many businesses both small and large have been filled with uncertainty of late. Which has resulted in budgets getting tighter, having less resources and the need to be more creative with budgets and make them go further.
But, how do you go about this, and can you still get strong results? The answer is yes you can, but you need to begin to trust in your own data to drive success out of COVID.
Why trust in data?
Your own data is historical, meaning it’s everything that has happened in the past. It essentially tells a story of what has worked and what hasn’t. The good thing about data is that it is factual and quantitative, meaning it has no bias, therefore making it trustworthy. Using it to inform future decisions allows you to create a roadmap that should lessen the blow and lead you out of COVID or any crisis
So, what should you look for?
Find your highest value customer
Google Analytics is the most widely used analytics tool in the world, and the good thing is, it’s free. Inside GA you can start to find the type of customer who generates the most revenue for you. Look at demographic, geographic, and acquisition data and see which customers have the highest conversion rate and produce the most revenue.
From here, use the insight you found to create targeted marketing campaigns on these types of people, you’ll be cutting out all the excess media spend saving you money, and if done accurately it should allow you to generate a healthy ROI which you can scale over the short and medium-term.
An example of this is you may find that females aged 24-36 who live in Auckland make up 80% of your purchases between the hours of 6 pm-9 pm during weekdays. Use this insight to then target your marketing campaign solely on this demographic in the Auckland region, and pulse the times you advertise so you minimise spend, yet maximise conversion.
Discover what acquisition channels have worked best for you
Every business uses multiple different marketing tactics and channels to get their products in front of people. Look at whether Facebook, EDM’s, Google Ads, etc has performed the best and also what mix has performed best. This allows you to find the perfect formula that will ultimately drive successful conversions.
Focus on brand
There is a high probability that customers coming to your website from ‘brand searches’ are going to have the highest conversion rate alongside the highest lifetime value.
Finding these ‘brand advocates’ inside your data is a great strategy to focus on in the short term while your business may be under duress. The good thing is that brand advocates do not cost much to get in front of, often it is even free. Create content that speaks to your brand advocates and then amplify it organically via EDMs and social posting as well as put paid media behind it.
