Data analytics are nothing new to the marketing world. You probably use them regularly for things like honing in on your target audience, checking out recent trends, and determining how well a campaign or strategy is working.
While that’s all important and something you should keep up with, it might be time to reassess your relationship with data analytics.
What does that mean, exactly?
Because analytics has become the “norm” for marketers, it’s easy to become too comfortable with what you know. From a marketer’s perspective, you know how important it is not to let things get stagnant in an ever-changing world.
That includes how you view and work through analytics.
So, how can you reassess your relationship with collected data, and how might you use it to change your strategy moving forward?
Getting Back to Basics
Data analytics have been such a useful tool for so long that it’s easy to forget what the basic definition is and how they’re meant to be used. When you get comfortable with a certain type of data collection and analysis, it’s easy to leave out the entire picture.
As a result, you might be missing out on certain aspects of analytics without realizing it. Some of the statistical methods you should be familiar with include:
- Descriptive analytics
- Diagnostic analytics
- Predictive analytics
- Prescriptive analytics
Do all of those sound familiar? Are you using all of them regularly? If you’re only using descriptive analytics, for example, you’ll learn a lot about your strategy’s strengths and weaknesses. But, by leaving out the diagnostic factor, you’ll be missing the “how” and “why” when it comes to certain trends.
Looking at different types of analytics is hugely important for your success, so if you’ve become stagnant with one or two methods, it’s definitely time to revisit a few others.
Overcoming Data Analysis Paralysis
Of course, adopting new data collection strategies can feel easier said than done. Even marketers like the comfort and familiarity of what they already know. Sometimes, however, you can get so caught up in data collection that you get stuck when it comes to the application.
The entire point of data analysis is to do something with your findings. If you’re too focused on drawing a specific conclusion with your data, you’ll lose out on the opportunity to be flexible, and you won’t grow as quickly as you should.
So, how can you overcome that issue?
Remember that you’re in charge of every aspect when it comes to data collection and analytics. It’s your job to not only collect and study but take action on your findings. If you feel like your current approach is causing sluggish growth or making it harder to reach your goals, it could be time to change the way you’re doing things.
The good news? Once you realize you’re stuck in data analysis paralysis, it’s relatively easy to break free. Focus on improving the way you collect and analyze things, so your data will become more useful and you can make more informed decisions on how to utilize it. That could be something as simple as changing the way you collect data or focusing on different areas of your collection sample that you might not have looked at before.
Finding Gaps in Your Collection Strategy
At the end of the day, the data you collect and analyze should be used to establish personal and effective marketing strategies for your consumers. Most consumers are more interested in relationships with their preferred businesses these days than traditional advertising techniques. It should be no surprise as to why, when you consider that the average person sees up to 10,000 advertisements in a day.
So, once you’ve re-evaluated your relationship with data analytics, determine where your gaps are, and how you can fill those gaps to form better connections with your audience. Your data can improve consumer relationships by:
- Understanding how people connect with your brand
- Tracking consumer spending
- Determining how people are visiting your site (on a computer, mobile, etc.)
- Assessing which social media posts or blog posts are getting the most interaction
These small assessments can help you to hone in on customer experience. That’s why your brand needs to determine the best data fit for engagement. The more engaged your audience is, the more data you’ll be able to collect. When done correctly, you can foster a positive growth cycle that helps you to stay relevant and in the know when it comes to what your consumers really want.
If you’ve been relying on one method of data analytics for too long, it could be time to take a closer look at your relationship with it. The sooner you reassess and change your data strategy, the sooner you can start to focus on developing stronger relationships with your target audience, instead.
