Digital marketing enables companies to use data to analyze marketing measures in real time. For example, you can measure website traffic very precisely and use conversion rates to determine exactly which marketing channels you should focus on. In this article we will introduce you to the advantages of digital, data-based decisions, make a proposal for structuring your data and recommend a tool that allows you to bundle and visualize it.
The advantages of digital, data-based decisions in companies
Company decisions are based on objective, quantitative and qualitative data. Smart data and business intelligence dashboards help with analysis, consideration and preventive measures. You can use them to identify patterns, trends and influencing factors on the market, in your target group and on the part of the competition. This gives you greater control over the direction your business is taking.
The quality of your decisions thus has a direct impact on your future profitability. Smart data enabled
- more transparency and overview
- recognizing trends
- reliable forecasting options
- best possible control
What is the best way to aggregate and visualize the data?
Whether in your database, bundled with individual employees or in the wide network, important data sources can be found everywhere. But it is only by bringing together the data from these different sources that you can create a basis for your decision-making in the company.
In order to maintain an overview and to structure the data, it is advisable to look at the following four perspectives:
- Competition (Competitor View)
- Customers (Customer View)
- Market (Market View)
- Company (Company View)
Understand your competitive environment better
The competitor view enables you to adapt your online strategy directly to the behavior of your competitors and thus use competitive advantages in a targeted manner.
Leverage your digital data sources and
- measure various rankings of your competitors (such as competitive relevance, traffic, brand interest, social media buzz, marketing performance),
- make comparisons (such as organic traffic, paid traffic, traffic volume, social media interactions, audience sentiment),
- observe developments (such as traffic flow, social media presence, brand interest)
- Find out what keywords your competitors are ranking for
Understand your customers better
Based on the customer view, you can better estimate your future sales. Use this information to plan your new customer acquisition in a targeted and efficient manner and exploit the cross-selling potential of your existing customers.
are important here
- for general needs, customer segmentation (age, region, gender, purchase value, product group)
- to be able to estimate the effort of customer acquisition, the forecasts (customer life cycle, future customer lifetime value)
- history (purchasing behavior, repeat purchase rate, activation of new customers) to assess profitability
Understand your relevant market better
With the Market View, you can identify trends and changes within your specific market segment in good time and use them to your advantage.
Help as a base
- External data sources (such as weather data, mobility data, Covid19 data, trend data, financial market data, social listening, holidays and public holidays)
- Market development data (such as benchmarks in the market, changes in market shares, demand recognition, sentiment on social media)
- Data for trend recognition (such as consumer interest, market influences, sales potential, characteristics of your audience)
Understand your business numbers better
With Company View you can see how your company is developing. Trends and deviations can be identified quickly and converted into data-based and transparent decisions.
Regardless of whether
- Website (visits, session duration, acquisition channels, bounce rates),
- important key figures (sales, inquiries, CPO, ROAS, media costs, best seller),
- Traffic analysis (demographics, devices, locations, comparisons) or
- Social listening (brand mentions, social media buzz, audience sentiment, audience analytics)
The place where everything comes together: the right software
In order to use your data to the maximum and to conduct digital marketing in a customer-centric and targeted manner, you need the right tool in addition to a convincing structure. Because the right software bundles all the information relevant to you and processes it in a visually appealing way. There are various providers on the market for this.
jfkcash recommends the BIGNITE tool from Performance One
All-in-one dashboards in BIGNITE are created automatically and are self-explanatory and extremely user-friendly. The data structure is modular in the perspectives of competitor, customer, market and company views:
The individually set up modules create clarity and orientation for data-based decisions in real time. This helps you to keep an optimal eye on your company, your competition and your customers.
Curious? Simply request your product demo via this website:
Conclusion
Would you like to use your data in the best possible way for your digital marketing? Then, as a first step, you should determine how you want to bundle and evaluate your data. We recommend an overview from the perspectives of competitor, customer, market and company and hope that we have been able to inspire you with this article. Do You Have Questions? Feel free to contact us!