Marketers today know more about their businesses than ever before thanks to data, but knowledge isn’t enough to benefit the company’s bottom line. It’s easy to kick back and pat yourself on the back after collecting data, but the reality is that the best marketers are moving past data exploration and putting it into action. If you’re not there already, it’s time you joined the club.
Here are three tips for next-gen marketers to put data into action and enhance the bottom line:
Tip #1: Get Strategic.
Setting data goals is key to driving bottom-line benefit. Otherwise, data sits in a repository and becomes quickly outdated and unusable. You can get strategic by setting realistic business outcomes for data, such as enhanced reporting or optimizing the customer purchase path. According to a Sybase study, the median Forbes 1000 company could increase revenue by $2 billion a year (yes, with a “b”) by increasing existing data usability by a meager 10%. Translation—taking the time for data strategy is well worth it.
Tip #2: Funnel Data into Specific KPIs.
As a marketer, you live and breathe KPIs. Conversion rates, sales by lead sources, and marketing spend—you live and die by results. But marketers are only as effective as the quality of their KPIs. Diving into data gives your KPIs context to act on. For example, a common KPI is marketing spend. If revenue is down, it’s not enough to know how much spending is down by. You need to know what is being spent, where, and what marketing channels are failing to perform. Bolster your KPIs with data and get the insight to actually make effective business decisions.
Tip #3: Utilize next generation business intelligence.
Too many marketers sit on a mountain of data while lacking a way to act on it in a timely, efficient way. You may want to be the next Phil Schiller (Apple) or Trevor Edwards (Nike), but it won’t happen until you get off the sidelines and start acting on data.
You need a better way to run your marketing, so we created Domo. Domo gives you dynamic data visualizations that make it easy to act on company data without hounding IT or relying on expensive consultants. With hundreds of data connectors like Salesforce, SQL, and spreadsheets, you can make data a key part of your mission to drive revenue. Built-in collaboration tools with KPI -auditors also make it simple to keep C-suite informed and—dare I say it—happy.
You can see Domo in action by requesting a demo.