Written by: Nancy Spektor, Freelance Writer
Every marketer reviews tons of data on a regular basis, including both qualitative and quantitative. It can describe customers, markets, results of studies and help to make informed decisions about important actions.
In other words, the quantity and specificity of marketing data available has revolutionized the industry. Given the abundance of ways in which it is used by marketers and the frequency of use, there are different perceptions of data.
Also, there are a lot of misconceptions about its application. Seven of them are reviewed in this article.
Some marketers suggest that more data leads to better decision-making because, well, the more you know, the more effective decisions you can make. However, this is not true because a massive amount of data rapidly increases the chances of making inaccurate decisions based on it.
Simply explained, you will be overloaded with information (which is something that 70 percent of chief marketing officers reported fearing), which will make a thorough evaluation almost impossible.
Marketers employ a number of tools to gather data. However, once you collect it, it needs to be properly reviewed and analyzed.
Data doesn’t take care of itself. It needs your attention. For example, it has to be sorted, checked for issues and tracked in a proper manner. If you don’t take the proper care when collecting and later reviewing this data, you could run into reporting mistakes later on.
Data-driven marketing is not limited to digital marketing. Quite on the contrary, it works across a company. Let’s consider a call centre for example. By analyzing the data about visitors on your website, one could identify hot lead and give them an individual score.
This score can be provided to your call centre operators, which will allow them to customize their approach for these people with high purchase intent.
This is another misconception that undermines the importance of data.
“Offline businesses need data, how would they understand their customers without it?” says Olivia White, a marketer from A-writer.com. “For example, to stay competitive, these businesses must analyze customer behavioural trends, which are nothing more than rich data.”
Offline businesses need to combine customer behavioural trends with in-store data to know how and what to sell.
Those counting on data to resolve the problem of uncertainty should not do it. While data can decrease uncertainty to a great extent, it can’t eliminate it completely. Remember, you will always have to make decisions with a certain level of uncertainty, and you can’t escape it no matter how much data you collect.
On the other hand, if you do rely on data to eliminate uncertainty, this strategy will eventually lead to unrealistic expectations and frustration.
Think again. For example, how would a small logo maker company grow into a large one? Data would be one of the most important factors because it would show design trends and, therefore, the opportunity to get more customers and grow.
Data is for everyone. A data-driven marketing is a tool for building all types of brands, big and small.
Of course, they are the core of all successful digital marketing campaigns, but they will achieve nothing without a well thought out strategy and creativity. Customers are driven by a strong creative hook so data alone cannot move them to action.
Data is not going anywhere soon, so it’s better to learn to avoid these misconceptions so they don’t reduce the effectiveness of your marketing effort.
Nancy Spektor has sharpened her pencil at “The Daily”, a newspaper for the University of Washington. After graduating, she decided to combine her business degree with her passion for written communication at college-paper.org. Nancy writes about marketing strategies, content management and other topics she finds interesting. If she’s not composing on her laptop or notebook, you can find her playing with her dog, Bok Choy.