If I say the words “predictive analytics,” what do you think of? If you’re like a lot of people, you flashback to high school trigonometry class where you fell deeper and deeper into a mental fog with each word the teacher uttered.
While the topic of data can be a bit dull, the results of using data are anything but. Consider that today’s CMOs are under constant pressure to not only deliver campaigns that get results, but to ensure that each ad dollar is spent as efficiently as possible.
How can they do this?
Well, recognizing audience demographics these days only offers so much in results. Today’s CMOs must be able to deploy integrated marketing strategies that leverage predictive analytics. Analyzing data is ultimately what leads to actionable insights and those typically lead to higher ROI.
Still not convinced you want to tackle all of that data at your disposal? Here are 4 ways data can help your marketing campaigns:
- Helps You Understand Your Audience
How valuable would it be if you could understand what makes your audience tick? Data lets you peak under the hood of your target market and see what kind of copy and offer your prospects respond to and what behaviors they typically have. The more you know about your prospects, the better able you’ll be to craft messaging that makes them convert.
- Better Budget Management
How hard is it to provide targeted ROI while staying within tight budget parameters? Very hard, just ask any CEO. Data helps advertisers keep their campaigns on track to deliver the kind of ROI that makes C-level managers happy.
As an example, by analyzing the data at your disposal, you can quickly see what channels are working for you and which aren’t. You can then reallocate your budget to only those assets and channels that generate leads and sales.
- Leveraging Data for Content Creation
Whether you’re marketing online or off, or a mixture of both, the way you communicate with prospects is through content. And hopefully that content is engaging to them.
One of the smartest ways to ensure you create only relevant and valuable content is to use your data to discover which pieces of content convert the most. You would then use this information to create new content going forward.
So let’s say you take a look at your social media posts and notice that over the course of the past couple of months, the posts you write about topic A and topic H performed the best. You can now feel confident in creating more content around these topics.
- Allows for Testing
Those advertisers that get the best conversion rates do so because they constantly test their ads and offers. This means they test:
- Landing pages
- Newspaper headlines
- Product images
- Subject lines
- Layouts of webpages and print ads
They A/B test EVERYTHING. Collecting and analyzing performance data allows you to make necessary adjustments and can improve your results exponentially.
Without question data-driven marketing is the surest way to driving results and increasing your profits. If you’ve been looking for a secret weapon that will make stakeholders happy while at the same time give you an upper hand on your competition, predictive analytics is it.
Now, we completely understand that going though mounds of data can be boring to some and also a little overwhelming. If you’re not used to collecting and combing through data for clues, it can feel like a daunting task. That’s when working with a media buyer makes sense.
Media Space Solutions eats, sleeps and breathes data. We may go so far as to even suggest we are data nerds. The point is, we love predictive analytics and have helped countless clients use their data to create and launch high-converting campaigns that deliver big ROI.
If you need some help leveraging your data, get in touch with us.