Tag Archives: marketing data

Nicola Peaty

Understanding the Fundamentals of Marketing Analytics

By Nicola Peaty

“If you can’t measure it, don’t do it.” Words from the Marketing Director, which will stay with me forever since my days in a centralised marketing department. Gone were the times of ‘how can we spend this money on hospitality, glossy brochures and a few events?’. Now it’s all about accountability, budget justification and ROI.

Analytics have become the solution, largely thanks to online data. So every marketer should be equipped with the facts and figures, which hold the answers to all marketing activities. Every activity should be measured, monitored and assessed for its performance compared to its objective.

Before you immerse yourself in the vast world of data, take time to stop and decide what you fundamentally need for the business. What data actually matters and is meaningful to you? There is so much available you could spend a lot of wasted time tracking the number of everything, when potentially you may need to know the WHO rather than the HOW MANY. This is vital so that you can then set up exactly what you need in terms of data collation, the reporting process and the ongoing analysis to then understand implications and implement improvements.

Marketing activities: Website analytics are of course fundamental in understanding every part of activity that occurs in the main hub of your online presence. Understanding the effectiveness of your website will help feed into the all other activity you carry out online. Every company should have a definitive list of KPIs they require for their website. But when it comes to marketing analytics, the list of marketing KPIs can run on and on. See example:

web vs marketing

So it’s important to decide from the outset, which marketing analytics your company really needs. That comes down to the requirements of the marketing plan. Activities and their analytics should inevitably be chosen to meeting your company’s specific goals.

The next question is, does each activity have a target and if so how? Is this based on previous activities or are they aspirational figures. Setting realistic measures is vital for all concerned. Then you have a genuine basis to compare your data results.

Finding out as much as possible before launching into any activity will ultimately help you get the best results. Assessing all previous marketing will give you the insight to shape and determine the specifics of any campaign. For example:

* If you have set up an SEM campaign, maybe to a specific landing page, what are your aims in terms of traffic or a call to action? Who responds best in your market and what incentive or hook will trigger the required action?
* If you have an email campaign planned, do you know the optimum ways of getting the best results eg type of message to type of audience, sent at the best time of day, to get most response?
* If you are launching a competition via social media, which platforms will you include to draw the best response and interaction?
Knowing the answers to the above questions really build marketing intelligence and thereby demonstrates the importance of choosing the right analytics.

Market analytics: Understanding important data related to your market will also give you useful facts about your audience. Profiling your customers into the highest buyers and most valuable clients will allow you to focus different activities on them compared to lapsed and new customers. So looking at your data, or gaps in your data, do you know the following:

* who is visiting your site
* who is actually purchasing form your site
* who is the most interactive on your social media
* who are the advocates and share your content
* who prefers face to face meetings
* who complains to customer services
* who likes to receive emails
* who unsubscribes to promotional emails

Knowing your market also includes the competition. Research and market share can give the analysis to understand whether the market is shifting, if there are any new opportunities or potentially any loss or gain in certain products/services. Plus it’s important to gauge their marketing activity and online presence and what type of campaigns they are implementing to attract certain customers.

Put this type of data together with your customer profiles and you have yourself some powerful intelligence to keep your company, and marketing, ahead of the curve and of the competition.

The holistic review: A lot of time can be spent analysing the finer details of certain data, but it also has to be assessed as part of the bigger picture. This means pulling together the findings of everything that you have decided is important for your business and learning from the implications this includes:

* the marketing performance across all activities,
* the marketing performance across all channels,
* the response from marketing campaigns across all departments involved eg sales, customer services,
* the performance from past to present marketing,
* the response from segments in your market,
* the activity from the competition,
* the response of the market from activity from the competition.

All the above will feed into your future activities, plans and strategies. You can then test and evaluate new and existing ideas, based on solid facts and figures, and build on these as you develop more and more intelligence.

Process: The final part of the analytical equation is implementing the process within your company. Everyone involved must be briefed into their part of the process and how they feed into the overall data collation and objectives. Dedicated staff are now employed to handle data analytics, but other departments play their part such as sales, customer services, market research and even IT and accounts.

Technology is so advanced in helping with data collection, analysis and predictions, but you obviously need the experts to help manage and decipher the findings. You can use anything from Google analytics to content management scoring and predictive conversion rates to planned ROI. As long as you know the following, you can establish a basic but comprehensive marketing analytics action plan:

* exactly which data you need,
* how best to collect the required data,
* how to report on the findings of the data,
* learning and Implications of data findings for the business.

Here’s a useful infographic about the analytics based online marketing and how it works:

analyticsbased-online-marketing--how-it-works_50291ccca42e5_w587

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Nicola Peaty

Top Tips for Successful Direct Mail

By Nicola Peaty

Think direct mail is dead? Well, think again. Yes, we have swung right over to digital marketing, but do not be misled in thinking that the DM channel no longer exists. Time for an Infographic to prove some results:

Direct-Mail-Statistics-2014-Ver2-WEB
Note the quotes at the bottom showing the benefits of direct mail: people are more likely to remember a message, direct mail is easier to take in than email and that it is a channel that shows value to customers.

So here are some tips to consider when planning and executing your direct mail to make it an effective channel in your marketing mix.

Quality data: No junk mail please! Just sending out a ton of leaflets to all and sundry and hoping that someone will respond, will not produce the best ROI. Using a carefully selected list of contacts to receive your proposed mail piece will give you the best chance of response. The best data is your own built up list from respondents who have previously interacted with your company together with intelligence details which allow precision targeting. If you have to purchase your list, it is worth being as ‘picky’ as you possibly can, to choose the criteria to meet your requirements.

Personalisation: As with most marketing now, customers want to feel like you are talking directly and specifically to them. So take the opportunity to include their name and tailor the message to meet their details. We all recognise blanket letters that have generic content which mostly end up in the bin. Be different and make yours stand out, it will always be worth the effort to get the respondent to engage with your message.

Creative: This leads nicely on to ensuring that the creativity also gives the right impact. The chosen font and colours should reflect the brand and tone of the message, but also be relevant to your target audience. That means considering the demographics (eg old or young, female or male) and whether it is consumer or B2B (eg beauty salons or financial services). The execution can be in many formats, be they brochures, letters or postcards. Just take time thinking through what will catch their attention and resonate most. Also, consider what the competition are doing and try to be original, but still relevant, to get the best response.

CTA: So you’ve reached the right customers, tailored the message and creative so that they’ve opened and read your mail piece. Now what do you want them to do? By including a call to action you will hopefully generate a response that you can monitor and drive the customer to the next stage of the purchasing funnel. Incentives like registering online to enter a competition or using a promotional code for a discount will allow you to track response but also give you the opportunity to engage with that customer.

Follow up: And engaging with your customer is what it’s all about. So once they have responded don’t leave them hanging. Follow up with your next point of marketing contact, whether that be by email, telephone or another direct mail piece. Keep the conversation going, move the customer relationship forward and build on what you have started. Just ensure to collate all customer details and actions on your database to build a useful profile.

Integration: One marketing channel is good, but it’s always more effective if a message is supported as part of a bigger campaign. So consider targeting the same audience with the same message via other means such as advertising, social media and email. It is vital to track each channel, and remember to use different channel promotional codes, to assess the overall campaign. Advertising could build awareness, while email notifies the customer to look out for the direct mail and social media could encourage discussion or get customers to post as part of the call to action.

Check, check, check: Never let any marketing go out before it has been through thorough checking, but especially a mail piece. With all the time and effort that has been spent on planning and execution, it would be a complete waste if there was a typo or the wrong details. Customers would lose respect and may disregard the message as a result. So ensure all branding, content and customer details have been verified and approved before anything is sent out.

For further tips and advice on direct mail marketing go to: http://www.dma.org.uk/

 

Nicola Peaty

Top tips on how to segment your marketing data.

By Nicola Peaty

Through various marketing methods over a period of time you will hopefully have amassed a substantial amount of customer data. However, as we all know, data is only valuable if it is kept up-to-date and provides a form of intelligence. In order to get the most out of our data, we need segment and build profiles so that we can tailor and target our communications effectively and efficiently.

Below are our top tips on how to segment your data:

1. Do you have business objectives? Before you stare into the database abyss, you must consider whether the business got a specific objective connected with a particular target market? Do you have a priority type of customer that your company needs to focus on? For example, are you trying to raise awareness of a product in a certain market segment or do you need to target lapsed customers who previously bought a range of products? This will give you the direction and focus so that you can identify and group the data to form specific lists with a marketing purpose.

market segmentation

 

 

 

 

 

 

2. Analyse the data. Just by looking at your data in different ways, you may be able to discover trends and behaviours characterised by specific groups of customers. This in itself could produce great intelligence which will then allow you to develop and target your marketing accordingly. You may not have realised that your newest and highest spenders all fall within a definitive demographic or are buying a certain group of products. Imagine what you could do with your marketing to develop and grow this segment.

3. Identify gaps. As you start to segment your data, you mind find shortfalls in particular details. This needs to be addressed to ensure you can accurately communicate with your chosen customers. This also means making sure the details are updated with a data refresh on a frequent basis. Customers don’t mind verifying their details if you explain it is in order to ensure they receive relevant messages. Sending pre-populated fields make it even easier for them to check and verify.

4. Build profiles. Once you have chosen a segment of data that you wish to focus your marketing efforts on, you may find it useful to build a fuller profile of this particular audience. By investigating and asking additional questions to your customers, it may highlight significant findings to help your targeted communications. For example, is there a common characteristic which will help personalise your message or do they have the same motivation in purchasing a particular product/service? The aim is to get closer to this segment so that your marketing is as effective as possible.

5. Cover the basics. There is nothing wrong with segmenting according the basic demographics. Most companies start this way until they can build more intelligence. Gender, age groups, geography are the most common but add to this pyschographics such as lifestyle and life stage, and they will really develop your data. You may also be able to sort your data into new, lapsed and loyal customers and even those with the highest spend or just new enquiries. Any way to segment into lists will help your marketing have a more specific message and avoid blanket communications which may not be relevant to some of the targeted customers.

demographics20and20psychographics1

 

 

 

 

 

6. Choose wisely. Not every segment will be the most effective for your business. Your chosen target market must suit your company and your company must suit them. Are you the best placed to deliver their needs? Are you going head to head with the competition? Will this segment give you a profitable ROI for your marketing efforts? Is this a transient segment or long-term to build future investment? These are essential questions for your business which will determine the emphasis of your targeted marketing.

 
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