Today's Marketing Cookie points to the importance of data analysis: There are some decisions in business that you simply know are absolutely correct. You know them completely, without question. For example, never spend more to make a sale than you will earn when the project is complete.
For everything else, you must rely on analysis to make good decisions. Today's cookie is about knowing what you didn't know. For some of my clients, I look at their lead generation numbers report every single morning, which tells how they are doing against our monthly goals.
I look at it daily because we simply can't move forward and improve unless I'm sure where we stand. The performance report illustrates how we did and what we did but doesn't tell us why it worked—or why it flopped. Understanding why our programs are working requires deep digging into the data and sometimes a lot of coffee.
Well before a new program launches, we review the landscape, look for white space, and identify the next great marketing opportunity. If I can't clearly identify a great opportunity, then I will have to guess. With careful observation, study, and research, I hope to eventually uncover an "Ah-Hah!" moment that I believe will bring us a lift in response or increased awareness. When I discover something really great, I actually giggle a little bit. True story.
I have been accused of being geeky for all the analysis I do, but it’s well worth the effort. When you're ready to review the numbers, keep in mind that they never lie, so try not to twist, pull, or push them.
Oh! Be careful. If you don't have enough data to produce findings that are statistically significant, you could misread the entire situation. If your perception of the data is flawed, you could wander off course, which will give way to poor decisions and sabotage yourself. It's difficult to be a smart marketer if the data you're listening to is misleading. So, stay sharp, be careful, and may all your perceptions be crystal clear!
by Myles Bristowe
Today's Marketing Cookie
Learn to speak marketing.
"You can't believe our prices."
What marketing says:
"You won't believe our prices."
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