Data led advertising
Are you sat on a mountain of data? The death of the third party cookie in the next year or two means first party data is more important than ever. You may use a self-serve platform, like Facebook, Google, or Shopify and so how do you get the most out of your data in those platforms? Data and insights are useless without being acted upon. As you begin the new year why not consider having a more data led approach, starting with your own data.
Customer data is a huge asset
Everyone talks about data, but not everyone utilises it. Since GDPR (General Data Protection Regulation) came into practice in Spring 2018, it’s not only marketers who understand the collection of data, but customers too. We know that data is collected at every digital touch point, and we know this data continues to grow and expand. To stay ahead in the digital landscape and against competition being able to use data and turn it into insight and then business action will take your business to the next level.
As marketers we know that data should be used to inform business decisions. However, many businesses have a hard time acting upon it. This could be because the business doesn’t have the time or the resource, it can be tricky to know what to look for in order to create the most useful outputs, and then how do you transform interesting insights into actual, activation outputs and real results. This is made a whole lot easier with dedicated data analysts.
You’ve identified that you need to start deep diving into your data, but this can be overwhelming. Without the technology and expertise you can miss out on the full potential of all the data you’re sat on. You understand the decision making power from understanding the value of data, but then you realise the extent of the data available to you. So where do you begin?
Understand your opportunity
Start by understanding what variables are being captured and what they mean to the business. Then build a structured view of the available data and possibly linking together multiple files. You will start to surface top level business insights, such as how many products are being sold, what seasonality looks like, which products are generating the most revenue, and which geos are home to the most customers. The next stage will identify different pockets of opportunity within your customer base.
Do you know who are your most valuable customers? How can you retain customers and get repeat business? How do you increase basket size value? How do you increase purchase frequency? Imagine your business potential if you could answer these questions. This can be achieved through analysing your data, and then activating a clear plan based on the insights uncovered.
Collating everything unearthed in data analysis and compiling them into usable information is where the value is found. CRM data analysis is relatively low cost, but high value to brands. The insights can inform product suggestions, seasonality suggestion and media activation suggestions utilising newly created audience segments.
PROFILE. ACTIVATE. ANALYSE.
As programmatic marketing specialists data is at the heart of what we do. Regital’s PROFILE product is designed to help brands become data led in their advertising campaigns and get more out of their marketing budgets. We begin by creating a detailed profile of who your audience is. We’ll interrogate your own data and combine it with market leading platforms, to give us the most comprehensive view of who we should be targeting, where, and when.
We can use lookalike modelling to find more customers, like your most valuable ones, across Facebook, Instagram and Google. We can drive more first time customers by using products most likely to appeal. We can encourage one time customers to purchase again by targeting them with products they will most likely buy next.
Programmatic marketing is an exciting and advancing area of marketing, but it can only drive fundamental business change when combined with the expertise of real people. Data alone cannot change the way you communicate with your customers. Stop making marketing decisions based on uncertainties. Start understanding your audience so that you can speak to the right people, with the right message and when it matters most.