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Some in the digital marketing space are becoming quite uneasy over the many changes in data marketing. The diminishment of third-party data from major firms like Google and Apple has been especially unnerving to many. But there are still a multitude of ways that marketers can utilize data in their strategies.
Here are six examples of how data and data analytics can be used, even if you do not have access to cookies and other types of third-party data.
In lieu of third-party data, companies can still find great value in using their first-party data—which is simply data that you alone have access to because of customer and existing marketing efforts. There is great value in first-party data because it is proprietary to your business and reflects your specific efforts and consumer audience.
First-party data can be collected through a variety of means, including call tracking, lead tracking, client surveys, click tracking, email marketing, and more.
A key to actually utilizing your data is to use automation in your data collection and analysis. Tools, like a lead management system or call analytics will help to organize your data and format it into reports to highlight opportunities for marketing optimization.
By using call tracking, a business can see the performance of all their call campaigns or get a more granular view by looking at call details. With caller details, you can get insights like where your calls originated, when callers dialled you, how long the call was, and more. These particulars of each call can add up to tell a story about the efficacy of your call campaigns.
One of the most powerful uses of data comes in the form of predictive analytics because it gives firms the ability to plot out future campaign initiatives while minimizing their risk. Predictive analytics uses your existing data with predictive modelling to forecast probable outcomes for your campaigns under different variables.
With predictive modelling driven by data, you are able to forecast your profits that could result of expanding which territories you target or what hours your call centre is open. By providing you with a glimpse into the future, predictive analytics can have a major impact on your business just by using first-party data.
With a greater volume of data comes more opportunities to use it, and that couldn’t be more apparent with the usage of comparison reports. These reports allow marketers to see data sets side-by-side, looking at differences in performance on a day-to-day, month-to-month, or year-to-year basis.
These comparisons can show the success or ineffectiveness of new initiatives or reveal trends that can be capitalised upon. By comparing data from different times, marketers are able to see how their campaigns have performed and make strategic adjustments.
The key to having a data-driven marketing strategy begins with having a data-driven tech stack. You must be able to collect data from varying sources. If your marketing funnel is not integrated in a way that shares data, it might be time to look at a new solution for your tracking and distribution.