According to CMS Wire, marketeers who put data at the centre of their marketing decisions can increase their ROI by 15-20%.
In our daily lives we are making hundreds and potentially thousands of decisions every day, some are complicated , some carry greater risk ,some are harder to implement and some need more reliable data.
We all process data to some degree or other, but ever noticed how the successful companies use it more than others in their decision making process?
When “Antennagate” was raging round the launch of the iPhone 4, Steve Jobs was on holiday, and rather than react to the emotion and suggestion, he stayed on the beach with the family – until the data confirmed the existence and size of the problem. When he then returned to his office and said “OK here’s the data what do we do?”
Ever wonder why Banks are always advertising new and improved services? Because the data shows that 3% of all Banking customers change their bank every year, for better services and ease of use.
Data can guide decisions on where to spend your marketing budget – Dominos Pizza took the decision to the increase the budget for digital marketing from 38% to 51% in 2014 based on the data that showed an increasing shift to online and mobile order placement.
Looking to differentiate themselves in the Betting market Ladbrokes rolled out a re-launch to all 2,300+ stores based on the test market results from just 10 stores – so convincing was the data.
During my time at Breville, data decisions (along with a creative TV ad) increased our market share by 10.6% in the critical Christmas period.
So when using data in your decision making process, try to remember these 5 principles.
1. Rubbish in means Rubbish out.
2. Know what you want from the data.
3. Know how you want to manipulate the data.
4. Don’t use the data to support a preconceived idea.
5. And it’s cheaper to fail on paper.