Why Having a High Data IQ Gives You Endless Marketing OpportunitiesAssociation of Strategic Marketing
April 8, 2014 — 1,406 views
Segmentation and targeting are key elements of marketing and almost 91 percent of marketers agree that high quality data is of prime importance for all marketing efforts. As per the results of BluKai survey conducted among 133 marketing executives, 36 percent of respondents said that they were trying to utilize at least 20 percent of their overall budget for data driven practices. According to them, this has earlier shown positive results such as an impressive hike in the conversion rates as well as sales.
Other benefits of data driven marketing, as revealed by these executives, include better communication of relevant messages to target customers, a noticeable increase in traffic and number of clicks. It is common sense that when you are able to collect meaningful first hand data about your target market, your marketing plan will be better laid out with minimum risks and cost involved.
Importance of Data IQ
The importance of responses of real people over a period of time cannot be emphasized enough. So is the case with the analysis and measurement of individual campaigns. For instance, if you are a restaurant owner, you would plan your menu according to the preferences and taste of your target customers. If they are more likely to order organic meat items, you will make the change in your menu accordingly so that you are able attract more customers and earn maximum returns out of the venture. This is an example of having high data IQ so that you are able to successfully analyze the customer information at hand to make profits.
A lot of industry marketing professionals report sort of a ‘gap’ in data utilization. This essentially means that what marketing analytics produce is data and not ‘insights’. And what is actually required out of this marketer’s data or information needed is insight. That is what helps in developing creative marketing strategies and relevant messaging to reach out to target customers.
Pushing for Relevant Data Analysis
The role of top managers comes into play in such situations. The results produced by the marketing analysts need to be studied in detail by top managers. They need to question the data, ask for relevant insights regarding customer responses and in the end also take appropriate action to develop creative marketing plans and take meaningful decisions.