Why Should Your Business Turn Customer Data into Marketing Insights?

Your Business Turn Customer Data into Marketing Insights

Data-driven marketing has completely changed the face of the industry. What was once a fairly uncertain field that could yield mixed results is now a carefully structured system that relies entirely on data. Instead of guessing, marketing managers can use customer data to gain a greater understanding of what clients want, what they like, and how best to capture their attention.

Currently, 64% of marketing executives state that making data is a core part of their marketing strategy. This number has only risen over recent years, with the precision of customer insights that data can offer becoming even more exact.

As we surge into 2023 and beyond, if your business isn’t making the most of customer data, you’re going to fall behind. In this article, we’ll walk you through everything you need to know about turning customer data into marketing insights. We’ll cover every step of the process, explaining how you can create a system that delivers unique insights directly to your business.

Let’s dive right into the data.

How To Turn Customer Data into Marketing Insights

Customer data is vital for getting a clear picture of how your client base responds to your products. Everything from site information and traffic to which marketing campaigns people respond to best, you can trace it all.

Once you’ve got a steady stream of data, you can then convert it into high-impact marketing insights. These insights will bring a level of objectivity to your strategy, helping to increase profits and reduce needless expenditure.

In order to turn customer data into marketing insights, we need to move through a few core steps:

  1. Build a Centralized Data Network
  2. Gather Customer Data
  3. Extrapolate Insights

Let’s break these steps down further.

Build a Centralized Data Network

Of course, without customer data, you’re not going to be able to draw out any useful insights. Most businesses will have at least a baseline level of data that’s coming into their business. For example, the vast majority of websites will receive site data from tools like Google Search Console.

While that’s a great place to start, it won’t be enough to just have a few disparate tools all working away. Your business needs to create a centralized data center where all data comes into. There is a range of apps that could do this for you, pulling in social media data, sales data, customer relationship management data, and site data into one location. However, businesses that want to make the very most of this tactic should take this one step further.

If you currently have a software and data engineering team, you can even ask for them to create data apps specifically for your business. Beyond just gaining embedded analytics, this would allow you to capture the full extent of the customer data that you’re looking for. While out-of-the-box services will typically be enough, if you work in a specific market, getting a data team to build you a complete experience could be the way to go here.

Gather Customer Data

Once you have your method of methods in place of capturing data and moving it to a single location for analysis, it’s time to make sure that you have a steady stream of data in your business.

There are a number of ways that you can begin to gather data on a larger scale:

  • Expand tracking tools - In our age of information, you can incorporate a range of information trackers into your websites, social media accounts, and any customer-facing tool. From farming basic demographic data within your sign-up portals to using NLP and social listening tools to get to the core of what your audience thinks, there are a variety of strategies that you could turn to. Just make sure that your tracking tools can integrate with the data infrastructure that you’ve designed for your business.
  • Ask the Customer - Don’t forget about good old surveys. We don’t mean that you should bombard your audience with questionnaires every week. Instead, try asking them directly for some data. Make sure to include a range of questions and make the process of giving answers as simple as possible. The faster a customer can finish a survey, the more likely they are to actually continue with it till the end.
  • A/B Testing - Running A/B testing on your audience is a fantastic way of gaining data that will convert directly into high-value marketing insights. By running two distinct versions of your homepage, you can then work out which your customers respond better to. From there, you can use this to create insight into your customers’ preferences. If you want to optimize any part of your site or media strategy, this is the way to go.

Extrapolate Insights

Once you’ve got all of your customer data in one place, you can then start to conduct analysis on it. If you want to know something specific, begin with a question and work backward. For example, to know how successful your Christmas campaign was, look at engagement data for that campaign.

By comparing it to past data, you can instantly bring a level of qualitative research into your marketing strategy. Using this, you can then make sure that when you next launch a similar campaign, you’ll have some elements to avoid or include based on previous data.

What’s great about having a centralized data center here is that as time goes on, the precision of your insights will only increase. While you may begin with a small set of data, over time, you’ll rapidly build your data store into a highly-valuable commodity.

Using data, you can extrapolate from previous information to predict future success, and refine your strategy as you go. You can even directly target certain metrics that are important to you. Data-driven marketing is an all-encompassing tactic.

Final Thoughts

Customer data is a treasure trove of information for your business. Instead of letting that information slip through your fingers, gather it and convert it into marketing insights. This is an incredibly effective way of boosting the efficiency of your marketing and capturing new customers.

With data-driven marketing, you’ll be able to make campaigns that directly accommodate the type of users you want to capture. In no time, you’ll be crafting strong campaigns that get to the very core of what your audience is looking for. Using actionable insights is nothing short of a superpower for your business.

Best of luck with your supercharged marketing in 2023!

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