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Do you need a better strategy? Wondering how to use data to gauge when to start, stop, or scale your marketing efforts?
In this article, you’ll discover why data is important, what data to look at, and how to use data to inform your strategy.
Why Data Is Crucial to Your Marketing Strategy
It’s important to understand that data is for everyone, whether you’re a new business owner or have been in business for a long time and already know your ideal customer very well. Without data, as you’re building your strategy, you’re flying blind with little more than a feeling and some hope that you’re right.
We tend to develop our strategies focusing on things we like, things we’ve been told, and ideas that we see others finding success in, and put blinders on to whether these things are actually working. Are your time, money, and effort being returned to you in the form of conversions moving toward your goal?
Data removes those blinders.
Additionally, data makes it easier to connect each of your efforts to dollars. Whether you’re a marketer or business owner running all of your own marketing, understanding exactly how each point within your marketing strategy connects to that revenue helps identify the value of that point in the big picture. This is one of the ways in which data becomes so powerful in the realm of social media marketing because it lets you see exactly where you’re leaking money.
Pro Tip: As a best practice, you should start collecting the data even before you need it. If you’re starting a brand-new business and you don’t need the data right away, track it anyway. Because once you need the data, you need the data. As with anything else, data takes a while to collect, and Google Analytics doesn’t work retroactively. So while you may not look at the data right away, having it collected as early in the business as possible will only help you in the long run.
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