Understanding the Importance of Marketing Data
- Transactional: This data helps businesses understand what customers are buying, when they are buying it, what steps they are taking in the process, and more. This data can help expose performance issues and also better understand what marketing and sales strategies are driving success. A record of a purchase on an e-commerce website might serve as an example of this type of data.
- Collected: Using online lead forms or survey questions can help collect data on the individual. Whether it be email, demographic, gender, or more, this information can be used to create campaigns to target specific audiences.
- Created: This refers to the market research processes that companies may put in place. Initiating online focus groups to evaluate consumers, their likelihood to buy, messaging preferences, or other specific pieces of information could be an example.
- Compiled: This data is more general, like census data, that may reflect overall trends occurring in the country.
- Experimental: This refers to data that comes from experiments or tests that businesses might utilize when creating marketing messaging and communications. An example could be using the results of an A/B or spit test.
- Captured: This refers to data regarding user behavior. When someone enters a keyword into Google, this becomes captured data. An example of a business utilizing captured data would be use of Google Analytics or other analytics sources tied to a business’s website to understand impressions, clicks and other important information. Another example would be a review of back end CRMs for data like customer lifetime value and other loyalty metrics.
- User generated: This is the data that businesses can compile from social media, like collecting Facebook posts or other using information from other sites, like YouTube comments or Yel reviews that may indicate the landscape in which a business is operating.
- Awareness metrics: followers, likes and visits to the website.
- Return On Investment: calculating cost per lead or quantity of leads generated.
- Conversion Metrics: open rates, click-through rates, cost per conversion and bounce rates.