Data analysis is nothing new in the world of marketing. You probably use them regularly for things like narrowing down your target audience, checking recent trends, and determining how well a campaign or strategy is working.
While this is all important and you should keep up to date, it might be time to re-evaluate your relationship with data analytics.
What exactly does this mean?
Since analytics has become the “norm” for marketers, it’s easy to get too comfortable with what you know. From a marketer’s perspective, you know how important it is not to let things stagnate in an ever-changing world.
This includes how you view and use analytics.
So how can you reassess your relationship with the collected data and how could you use it to change your strategy in the future?
Back to basics
Data analytics has been such a useful tool for so long that it’s easy to forget what the basic definition is and how it’s supposed to be used. When you get familiar with a certain type of data collection and analysis, it’s easy to overlook the whole picture.
As a result, you might miss some aspects of the scan without realizing it. Some of the statistical methods you should know about include:
- Descriptive analysis
- Diagnostic analysis
- Predictive analytics
- Prescriptive Analytics
Does any of this sound familiar to you? Do you use them all regularly? If you only use descriptive analytics, for example, you’ll learn a lot about the strengths and weaknesses of your strategy. But, by omitting the diagnostic factor, you will miss the “how” and the “why” when it comes to certain trends.
Reviewing different types of analytics is extremely important to your success, so if you’ve stalled with one or two methods, it’s definitely time to revisit a few others.
Of course, adopting new data collection strategies may seem easier said than done. Even marketers love the comfort and familiarity of what they already know. Sometimes, however, you can get so caught up in data collection that you’re stuck when it comes to the app.
The purpose of data analysis is to do something with your findings. If you’re too focused on coming to a specific conclusion with your data, you’ll lose the opportunity to be flexible, and you won’t grow as quickly as you should.
So how can you overcome this problem?
Remember that you are responsible for all aspects of data collection and analysis. It is your job not only to collect and study, but also to act on your findings. If you feel like your current approach is slowing growth or making it harder to reach your goals, it might be time to change the way you do things.
The good news? Once you realize you’re stuck in data analysis paralysis, it’s relatively easy to break free. Focus on improving the way you collect and analyze things, so your data becomes more useful and you can make more informed decisions about how to use it. This could be something as simple as changing the way you collect data or focusing on different areas of your collection sample that you may not have considered before.
Find gaps in your collection strategy
Ultimately, the data you collect and analyze should be used to establish personal and effective marketing strategies for your consumers. Most consumers these days are more interested in relationships with their favorite businesses than traditional advertising techniques. It should come as no surprise why, considering that the average person sees up to 10,000 ads a day.
So, once you’ve reassessed your relationship with data analytics, figure out where your gaps are and how you can fill those gaps to build better relationships with your audience. Your data can improve consumer relationships by:
- Understand how people connect with your brand
- Consumer Spend Tracking
- Determine how people visit your site (on desktop, mobile, etc.)
- Evaluate which social media posts or blog posts get the most engagement
These small ratings can help you refine the customer experience. That’s why your brand needs to determine the best data for engagement. The more engaged your audience is, the more data you can collect. When done correctly, you can foster a positive growth cycle that helps you stay relevant and on top of what your consumers really want.
If you’ve relied on a data analysis method for too long, it might be time to take a closer look at your relationship with it. The sooner you reassess and modify your data strategy, the sooner you can start focusing on building stronger relationships with your target audience.