In this blog series, we will explore components needed to craft a bold marketing strategy.
The use of data and analytics has transformed marketing to become not only an art, but a science as well. Media has become much more measurable than the old “spray and pray” approach from our grandparents’ days.
Using customer data allows you to personalize your marketing. Personalized marketing yields a much higher response rate than generic messaging. Adding a person’s name, full color and additional database information can increase response rates by up to 500%.
Consumers expect the businesses they buy from to know them at the very least, and ideally to understand and anticipate what they want. Simply customizing your messaging to include their name rather than the generic “Valued Customer” is an easy first step.
Measurement, Reporting, Testing and Analysis
Marketing is expected to drive positive business outcomes. Reporting marketing’s effect on business goals is key.
Each media offers its own methods for measurement, from click-through-rates to coupon redemption rates. The beauty of setting measurable goals is you can measure business outcomes as they relate to the goals you’ve set.
If the campaign isn’t hitting expected numbers, you can pivot and adjust. Perhaps your goals were a bit too aggressive, or maybe your message doesn’t resonate.
If you miss the mark, run an A/B test, measure those results and try again. A/B testing is a science unto itself, but setting 10% of your budget to experimentation will allow you to test different messaging, media, direct mail formats and calls to action. Marketing expert, Seth Godin, says this about mistakes, “Be bold, make mistakes, learn a lesson, and fix what doesn’t work.” Without the data, we might not even see the mistake, let alone, learn our lesson.
You have likely set several different goals to drive different results. Some short-term objectives could be quickly filling the sales funnel or promoting a certain product, while others are more long-term like building brand awareness or gaining market share. Ongoing analysis based on data will drive decisions and allow you to continue to refine your marketing strategy.
Lawton has the expertise (sprinkled with some awesome creative energy) to take your marketing to the next level. Need help with customer data or setting up your analytics tools? We’re your resource to help.
You’re here to be awesome! We’re here to help. Let’s be bold!