In any business, data and its management play a key role in the success or failure of an organization. Businesses that make decisions after evaluating data stand to benefit from better insights and reacting to situations in a more informed manner. Every department of an organization should implement strategies in place to collect, analyze, and interpret data, for the benefit of making better business decisions. For an organization to realize the full impact and potential of data-driven decisions, it must get its team right. That means constituting a team of data scientists, analysts, and engineers, with the right analytical, statistical, and programming know-how, to drive the data department.
Here are some important tips on how to cultivate a data-driven marketing team.
Put the right analytics in Place
There is no question data can be a big headache. To achieve success, you need to have the right tools in place to collect it. For marketers, their analytics live in silos and this makes it a little bit different to compare data and metrics across channels. You need to bring together a team with the right skills, which can integrate data across a customer relations management system to make the best decisions. You must come up with a team with the potential to analyze every bit of data collected and make the right decision about the same.
You will need to assign specific metrics to individual marketers. Now that you have assembled reliable, integrated, and all-encompassing analytics tools in one place, the next big task is to ensure you can get the right measurements. One of the best ways to drive your measurements is to have individuals assigned to various elements and metrics, where they can measure, analyze and report on results. Identify the most important metrics you will use to measure the success of each marketing challenge and put all these according to priorities of importance.
Establish Data Benchmarks
There are key metrics you need to establish, to determine if your company is on the right track to achieving what it needs to achieve. These can be benchmarks such as landing page conversion rates, likes, clicks among others. You may need to do some research to see if you can establish industry marketing benchmarks where you can compare yourself. Doing so will give you a general sense of how others in the industry are doing and how you stack up in comparison. In other cases, you will still need to establish benchmarks that are specific to your industry and business, and incorporate all the analytics.
You will also need to set metric-driven goals. The goals you set as a marketer will depend on several factors but should mainly be based on all overarching needs of your business. You may incorporate meeting your company management to determine business growth projections and understand how marketing fits into the big picture. You will also need to regularly report on the progress made towards meeting those goals set. Look at key aspects such as conversions, engagements, and reach.