Seven steps to an effective data strategy and a virtuous circle of insight
The process of gaining and maintaining customer insights needs to be thorough. Only then will it yield the expected fruitful results. Through this article, we’re hoping to share some steps to gain good customer insights. The growth in this context generally comes from first party data that the digital marketing agencies in Mumbai collect. The catch is that it is inaccessible because of silos and legacy technology.
It is, thus, tough to use data to form an effective data and technology strategy if you don’t have the proper guidelines for it. Here are seven steps approved by the top digital marketing agencies in Mumbai in order to develop a good circle of customer insights.
Step 1: Assess
Every organisation should consider assessing their position and what the company is doing with the data they obtain. Ideally, a mature organisation is equipped to obtain and use advanced customer insights that are attained by first, second and third party sources. We suggest you don’t depend on only third party sources. Every digital marketing agency in Mumbai would recommend that you build your own data driven customer segments instead of relying on third party data sources.
We also suggest that you have a clear strategy that includes CRM, the ad tech and martech strategy that comes with it and either a data management platform (DMP) or customer data platform to alter media and messaging for segmented audiences. A less concerned organisation doesn’t generate much customer insights and doesn’t know how to integrate the data they have received from various sources.
Step 2: Plan
Data collection is only the beginning of the circle of obtaining customer insights. The organisation now must have a plan of action that improves its functioning. You should know whether the data you have received will be enough and if it is a good idea to integrate online and offline sources. As a startup digital marketing agency in Mumbai, we at Webtraffic.agency definitely recommend this.
If you start propensity modelling, it can predict the customers and prospects are most likely to convert or have a higher lifetime value.
The questions you must ask yourself about your organisation’s strategy is how you want to move forward and what internal governance should be administered.
Step 3: Data capture
The best digital marketing agencies in Mumbai would argue that the data mix is mainly depends on where the data was procured from- customers or partners. At this stage, you need to know how frequently you need to update and refresh your data for booming insights.
First party data normally includes transactional information, loyalty cards, demographics and surveys. This can also come from a third party. In case of third party data, PII (personally identifiable information) should be removed, thus making the data anonymous. We insist you know what kind of data is used for obtaining which insights. Transactional data is best suited to attribution and surveys give an insight about brand health.
The first 3 steps were about the importance of various kinds of data and the party source they are obtained from. These steps would have helped you understand how we should integrate the data we have acquired from first, second and third party sources. The next four steps are as interesting and insightful as these and they talk about enhancing, interpreting and using the data procured to be able to gain insights and use them in a campaign.
Step 4: Enhance your data
Not many companies have enough data to secure the best possible insights. However, your digital marketing company Navi Mumbai can enhance the data they have obtained. First, second and third party data often complement each other.
Step 5: Organise data
Once you have integrated and enhanced the data in your hands, it should be organised. Organised data provides a singular outlook to your team. The best digital marketing services in Mumbai manage the data properly and thus help them build good propensity models.
Organisation of data is important because it helps you identify the groups that cannot be converted. This way you can minimise wastage of resources of your digital marketing company in Mumbai by not targeting groups who are least likely to buy.
Step 6: Activate
When organising your data, you have opened up several options for action. Enhancing and organising your data makes it ready for it to be used to formulate a campaign. The data and its findings enable you to form an effective campaign message and plan. Furthermore, campaigns are optimised by looking at the statistics about customers and prospects like the frequency of interactions with the brand.
Step 7: Update
Activating a campaign is not the end of it. There should always be space for fresh insights from the data you have acquired. There is also a constant flow of new data that can enable new insights about prospects and customers like what product was purchased and from which location. Accordingly, you can change your next part of the strategy in effect of the fresh insights. These fresh insights make you adjust your strategy as per the customer’s behaviour and as a result gain you a response from the campaign message which is considered a success. This is why digital marketing services Mumbai establish various tactics for each customer segment. Additionally, this makes it easy to experiment on groups to understand the actual revenue that is created. This only enhances the future performance of your campaign.
As a top digital marketing company in Mumbai, we feel that effective insights can be generated which enable a brand to plan marketing strategy that will positively affect the sales of the brand.
With a data driven strategy, you can show a real change in the sales because it allows you to monitor what kind of resources are spent on which segment. It vastly improves the results yielded by the campaign. We, at Webtraffic.agency, ensure you that this strategy helps improve consistency in results. Brands thus end up delivering an immersive customer experience that focuses on not only advertising but also brand loyalty.
March 14, 2018