Transcript – Use Your Business Data!
When it comes to marketing, I guarantee you there’s something you’re missing when it comes to formulating an overall strategy and building up your campaigns and optimizing performance, and that is underutilisation of your company’s data.
Hey there guys, Darren Taylor of the bigmarketer.co.uk here giving you tips, insight and opinion on all things marketing. If that’s up your street, you should consider subscribing to my channel. Today, we’re looking at internal data and the data your company holds and using that to empower and inform your marketing campaigns.
Let’s jump right in and start off at the beginning as to why this is a big missed opportunity for a lot of businesses in the UK today. First of all, what kind of data do I mean? I mean literally anything that can inform your marketing campaigns. For example, you might be a software company and the data you hold in your products will be key in determining new features, new USPs and new ways to inform user behavior in your marketing campaigns to understand pain points of people using your software.
You might sell an offline product where the sale takes place over the phone or in person, face to face and contracts are signed and you might want to pull data on the kinds of deals you’ve been doing in your business, for example, the size of contract, the average duration length, all these factors are really going to help inform your marketing campaigns and make the usability of your sales process and your marketing process a lot easier.
I can already hear you guys asking, “Darren, what can I do as a business owner or a marketer working in a marketing department to surface data for my business?” Well, that’s simple, you need to come up with a plan and a strategy to create a situation where people share data willingly and the flow of data in the business is guaranteed. What I mean by that is create a specific schedule as to when the different departments within the business share data. It might be product data, it might be sales data, it might even be financial data that’s necessary for a marketing campaign. The more data freedom there is in a business, the more powerful their marketing campaigns will be.
I can hear already again because of all the craziness around GDPR and data sharing within organizations that I can already hear people saying, “Darren, freedom of data within an organization sounds great in theory for marketing campaigns, but what about protecting that data and making sure it’s safe?” Well, to put it simply, you’ve got to trust the people in your organization and of course, only share data with those who are needed to access it. Adding marketing as a layer of those who needs to access data is fine. Marketing is an internal function.
If you outsource your marketing, there might be questions around your policies, around sharing data with third parties, but apart from that within your organization, within your business you should know marketing is a function that needs to be informed by data. Sharing data with marketing shouldn’t pose any problems when it comes to that famous GDPR.
I’ve talked enough about theory and the reasons as to why we should surface data in organizations, but let’s go with a practical example. Say for example I’m a reseller of business broadband. Imagine on my website, I’ve different options for different packages, different speeds, fiber optic, et cetera, and I’ve that broken down on my home page. From a digital point of view, purely marketing conversion rate optimization point of view, I could quite easily see which options are clicked the most, which people click through the most, but say for example the sale takes place offline because it’s a brokerage. Now, there’s a break in the communication there, therefore, I need to liaise with my sales and finance department to find out which products are being sold.
There’s a simple example there, but beyond that, say for example on my main page for selling these products, I had a listing for a product that costs £50, another listing for a product that costs £30 and from the click-throughs I’m seeing the £30 is the best option in terms of click volume and going through its conversion in terms of an inquiry, but say for example when I look in the financial report and the sales reports, it tells a different story. What if from a sales point of view, the £30 package didn’t convert to an actual paying customer not nearly as much as the £50 package which is more expensive but the conversion rate is better?
That kind of information can help inform my marketing strategy and I guess look at the things on the page I’m promoting products with to better promote them and more strategically promote them based on the users’ behavior when it comes to buying. It’s in these instances we can really see that using business data really helps make intelligent decisions when it comes to your marketing.
My question to you is, what are you going to do to surface data through your organization? Start having those conversations, get everyone around the table who needs to be involved and start using your company’s data. I can’t stress this enough.
Thank you guys so much for watching this video. If you liked it, please leave me a like below, let me know what you’re going to do in terms of getting people around the table to optimize campaigns using your business data, and more important than that, don’t forget to subscribe. Check out the other content on my channel, you’ll learn a lot about marketing there and I’ll see you guys on my next video.