Many organizations are using new technologies to reshape their business and to grow them to new levels. Many organizations that have made this shift, have adapted a data-driven approach to their organization. Of all of the business practices, marketing has seen the largest shift towards data-driven approach. Undoubtedly, marketing’s evolution into a mostly-digital practice has made it easier for many organizations to understand what their customers want and how best to deliver it to them. Data-Driven Marketing means that the organization uses the information that the marketing is telling them about the marketplace to better position themselves for future growth.
There is no shortage of marketing metrics in today’s business world. There is also no shortage of marketing acronyms. For every CTR, there’s a corresponding CTA. For many organizations, this deluge of data is not helpful, its overwhelming. Its very difficult to make sense of what data matters, and what is just noise. An organization could deliver on very positive marketing metrics one week, but also take a step back as an organization. A week with several hundred new social media followers is probably a pretty good week, but that doesn’t mean that the business is in any better shape. A high email open rate may be very promising, but if there is no action from the email–then those open rates were largely for naught. In short, not all marketing metrics were created equally. To complicate matters even more, depending on where your organization is, some metrics are completely useless at that time, but may be much more helpful in the future.
Building a Data-Driven Culture
Organizations that embrace Data-Driven Marketing (and operations for that matter) are the ones who find ways to spend $50 on a social media ad and receive thousands of dollars in profit in return. They do this by constantly trying new messages, new offers, new visuals, and new customer sets until they find the one that creates a confluence of interest. Once these organizations find these channels that work, they lean heavily into what has worked. The organizations that go one step farther, even continually improve on these offerings. This relentless pursuit of knowledge, information, and data are at the core of the Saffron Key marketing system.
If you are ready to take learn what your customers think about your position in the marketplace, let’s talk about how we can make that happen for you.