03 Jun From Data to Actionable, Step-by-Step
News flash – your pre-pandemic data and modeling is worthless (okay… nearly worthless.) What now? Use your most recent customer and market information to move your marketing plan from data to actionable, step-by-step.
If we’ve learned anything during the pandemic, it’s that the world of marketing and customer behavior took a wild ride into the unknown and unpredictable. Remember Q1 of 2020 when you tossed your marketing plan? It made absolutely no sense in the new normal of life and commerce during Covid-19?
So, what do you do now? Is the data you’ve gathered in the last year any good when it comes to planning for the future? Some marketers say nope to that. According to recent information from McKinsey, between March and August 2020, one in five consumers switched brands, and seven in 10 tried new digital shopping channels. The retail sector experienced ten years of growth in digital penetration in a matter of months.
From Data to Actionable
You’d think the wealth of data produced over the last year would turn every wheel for marketers. Not so. The volume of data is not giving marketers any better understanding of their customers, according to recent articles in Forbes, MoneyWatch, and online learning platform Smart Insights. In fact, customer behavior was changing so fast, many marketers ditched digital and went back to mass marketing in 2020. Furthermore, what you know about your customers pre-pandemic may not help in the future not precisely anyway. They’ve changed will behave differently. Now is the time to take a look at your data and get back on the digi-track.
Step 1: Focus on Essential Information
Not all data is insightful. Consider what you want to know. Focus on what you need to know to reach your business goals. It’s that simple.
Step 2: Build a Foundation of Solid Data
Whether you’re confirming your foundation or building a new approach for your business, start by analyzing all your sources as a whole. It’s an opportunity well worth the time; especially now. Consider target markets, competitors, prospect data and qualitative data. Work up analysis of each source, then compare them. What does the competitor analysis tell you about your prospect data? Perhaps the most valuable information is data coming from the buying habits of long-standing customers pre- and post-pandemic.
Scrutinize and question what you have. Focus on the dashboard data – key indicator information – that gives you the power to motivate and move the needle for your organization.
Step 3: Know Your Customers
Yes, you’ve done customer personas in the past. We hear that often from clients. They do know their customers…or did. Do you know them now? What’s different and what’s the same? It’s time for that first date again and take it to a more granular level, meaning a deeper level of detail for each customer type. Consider new customers as well.
Step 4: Understand the Customer Journey
This is where things could look quite a bit different than they did in 2019. Each customer has its own journey to the purchase decision. What’s different could include the influencers impacting awareness, method of evaluation for consideration and the speed with which a buying decision is made.
Step 5: Channel Mix-ology Formula
At this point you know what the data says, you understand what your customers want and how they go about choosing your product. Choosing the right channel mix is the secret sauce, but good news: the recipe can change any time. In fact, we encourage testing and then testing again and again, to refine your plan. The great thing about using data-driven insights is the ability to consider what each channel can deliver. That knowledge creates the ability to engage cross-channel strategies aimed at reaching your customers in a variety of ways to build awareness, engagement and consideration.
For more insight on data driven analytics, contact us at Axiom: firstname.lastname@example.org.