Many businesses today leverage big data collected from internet surfing to make more calculated decisions and improve their business efforts. Data-driven strategies are more effective at capturing the right prospects, designing marketing campaigns, creating top-quality content and so on. Digital marketers use the information obtained from big data to gain better insight into customer behavior, their purchasing decisions, as well as predict future market trends.
However, gathering big data and extracting valuable information from it is quite a daunting task. As a matter of fact, businesses oftentimes get so overwhelmed with data, that they find it difficult to determine which information is useful and which isn’t. Nevertheless, there are ways to sort through big data and extract only the information that has value to your business. Here are a few ways to deal with too much data in marketing.
Determine clear goals
Every business develops and grows at a steady pace and there’s a good reason for that. When you’re growing your business one step at a time, you actually have more control of how your business grows. If you try to develop everything at once, you’ll inevitably fail at some point or make a crucial mistake that will ruin your business. Big data, as the name suggests, is a vast amount of information about the digital world.
In fact, around 44 Zetabytes of data exists online today. Instead of drowning in it, set clear goals for your business and leverage only the information that will help you achieve those goals. For instance, your goals can be brand recognition, attracting new customers, improving conversions and so on. That way, you’ll be able to effectively leverage data to achieve goals that will bring value to your business.
Don’t track too many metrics at once
To digital marketers, metrics are an invaluable source of information. They provide insight into specific business processes and marketing efforts. However, digital marketers oftentimes make the mistake of tracking too many metrics at once. Truthfully, metrics can provide a lot of data, but more doesn’t necessarily mean better in the marketing world. Instead, you should only track metrics that align with your established benchmarks and business goals, in order for them to provide valuable context.
That way, you can extract important information to a KPI dashboard and determine whether your efforts require improvement or not. Furthermore, data tracking happens in real-time and tracking too many metrics will only overwhelm you with information. If you fail to interpret the data or fail to spot an opportunity on time, you’ll miss out on the chance to gain an advantage.
Make sure you understand the data
Analyzing data the right way can mean the difference between success and failure. The data is what it is, but it’s how you understand it that will determine the result. When you analyze data properly, it will give you the right response. On the other hand, if your data-driven decisions aren’t yielding the best results, you need to go back and reassess your strategy.
Furthermore, only understanding the numbers isn’t enough to successfully leverage data to your advantage, but you must also understand its strategic implications. If you have difficulties managing that task on your own, it’s always a good idea to bring in a specialist to help you out. That way, you’ll have a fresh perspective and someone who can help you analyze and interpret data the right way, as well as create actionable recommendations for your marketing efforts.
Break the silo
Businesses that base their operations on relevant data usually store their gathered data in a silo. That means that only one department is responsible for the data and it’s kept isolated from the rest of the organization. However, if you want to leverage big data successfully and avoid becoming overwhelmed with too much information, you must break away from the silo.
Simply put, data must be utilized and examined organization-wide and everyone must collaborate to effectively analyze the gathered data. Make sure that you educate your employees on how to read the data properly. Moreover, your entire organization will work together to extract only valuable information from it and discard the rest. That way, you’ll be able to handle too much data and only focus on the information that will affect your bottom line.
There’s a huge amount of data available in the digital world. Digital marketers who want to leverage it need to find ways to extract only the information that adds value to their goals. That way, they can greatly improve their efforts and avoid data that’s unnecessary and misleading.