Data Standardization Worksheet
This worksheet begins with the standardization of your performance data. We’ll walk you through how to combine these mismatched data sets in a step-by-step process so that every metric is speaking the same, common language. With all of your data standardized, it’s easier to locate the strengths of each platform and hone in on ways to optimize campaign performance.
"Lumenad allows me to be platform agnostic. By moving between DSPs I can drive the best performance possible for my clients, and the data flows seamlessly into Lumenad without interruption."
"I think you’d be hard pressed to find a single strategy or goal where you don’t need a multi-touch experience. We want to be in all the places that our customer could be. Lumenad helps us organize and standardize that data so we can evaluate it."
"That very first interaction sold me. With my data organized in an intelligent way, I could see very clearly what action I needed to take, and it didn’t take me drilling deep into reports to find it."
"The Lumenad software is allowing us to scale our business. We are on a growth trajectory, and we are confident to onboard new business because of Lumenad."
"Thanks to Lumenad, it's made collaboration with my team faster and more effective, and it's reduced the number of hours I need to spend on different platforms to get the data I need."
"Normally, when my boss asks me how much we’ve spent in ads this month, I start to sweat a little bit. This morning I was able to on-the-fly pull up my dashboard and quickly give him the number he needed. It was super awesome."
"By using Lumenad, our team spent 50-70% less time on reporting, we were able to use that time to further enrich the campaigns and drive performance for our clients."
"Holy S@%* this is awesome!” (upon logging into Lumenad for the first time.)"
What Does it Mean to Be a Data Driven Marketer?
A data driven marketer is a marketer who conscientiously collects and analyzes data, basing their decisions on the subsequent reporting. Data-driven marketers must have both data science and analytical skills. In return, they will yield substantially better results compared to less data-driven peers.
A data driven marketer is likely to use a consolidated platform that collects information from their many advertising venues — most marketers today use a multi-channel approach and consequently need to connect siloed data. Data-driven marketers rely on their data to yield vital, actionable insights.
Many digital marketers today are driven primarily via data. It’s difficult to make “intuitive” decisions on a platform as complex as the digital world. Digital marketers rely on data to reveal what is really happening in cyberspace. Who is actually visiting their site? At what frequency? Who is converting? And for how much?
Data reveals a very real picture or simulation of what is happening throughout multiple advertising channels. Without data, it’s easy to make incorrect assumptions or flawed decisions. At the same time, there are challenges presented that make it uniquely hard for a marketer to determine the accuracy of their information.
The better the data, the more consistent a marketer will be. The more certain a marketer can be about the decisions they make — and the more likely a marketer is to improve their advertising campaigns.
Consider: It can be difficult if not impossible today to predict how a specific demographic will react to any given ad. A data-driven marketer will run eight different ads for a given audience and isolate the one that performs the best. Through the data, the marketer is able to identify the most successful ad, rather than simply having to guess.
Because data takes the guesswork out of advertising, it also empowers marketers to take on more clients, to operate more effectively for their clients, and to get better results overall. But a data-driven marketer is also only as good as their tools.
What Is Data Driven Marketing?
What is data-driven marketing? The truth is that most marketing today is data-driven. If you look at companies that use data-driven marketing, you’re going to see both small businesses and some of the biggest businesses in the world. Data-driven marketing is what separates failure from success.
Let’s start with what isn’t data-driven. A florist wants to expand her reach. She sends out postcards to a multitude of residents in her neighborhood. She doesn’t track who responds; she just hopes that someone will. She does marketing, but she collects and analyzes no data. She will have no idea how well her campaign worked, how much money it brought in, or ultimately how much each dollar she brought in cost her.
Comparatively, another florist decides she wants to invest in a paid ad campaign. She sends display ads out to two zipcodes near her. She tracks which zipcode responds most positively. From there, this data driven marketer spends all her advertising money on that specific zipcode. She knows exactly what her campaign costs, she knows how much she’s bringing in, and she can make educated decisions regarding where to move from there.
Data-driven marketing is simply marketing that collects, analyzes, and responds to data. Digital marketing lends itself very well to data-driven marketing because all the data is already there; the data driven marketer just needs to be able to access and analyze it. In the above example, the florist who is driven by data is going to be much more successful. She is able to target her campaign more effectively, which also means she’s going to spend less money to get superior results.
Data Driven Marketing Examples
Examples of data-driven marketing are the best way to learn. So, in addition to the above examples of data-driven marketing, let’s look at a few more.
- A pet supply store is interested in marketing a new product that they have. They decide to email their existing customers about this product. They find that their email has very low open rates, but when people do open the email, they are very quick to confirm. They conclude that the subject line is too vague about what is being offered, which is confusing people. Changing the subject line confirms that this was the problem.
- A programming bootcamp is trying to advertise to people all over the globe. The bootcamp discovers that people in some countries are very interested and people in other countries are not. The bootcamp can make a decision: They can either increase their advertising in the disinterested countries to try to bring them in, or they can increase their advertising spend in the countries that are interested. Since they are going for ROI as their major KPI, they decide to increase their spend on already interested companies.
These data driven marketer examples use KPIs to ensure that the marketing is still on target. In the above example scenarios, those KPIs had to be targeted toward what the data driven marketer wanted as results.
Data Driven Marketing Strategy
It’s clear that a data-driven marketing strategy is generally the way to go. But regardless, how does a digital marketer go about creating a data-driven marketing strategy?
Let’s look at another data-driven strategy example. A B2B SaaS company has a new product they want to advertise. They’re trying to build brand awareness, not necessarily sales. What do they do?
First, they know that they want awareness. So, they want traffic and clicks. They need to find out where to advertise; in this case, they decide to advertise on Twitter and Google.
Now, they need a way to collect information. They will collect information through Google Analytics about their website. But their Twitter data may need to be pushed through another platform, such as a marketing platform that can consolidate Twitter data and their website data.
A data driven marketer can look at their views, followers, and engagement to see whether their marketing strategy is working. If they consistently see engagement rising, they are raising their brand awareness. But if they see it falling or leveling off, they know that they may have reached saturation or need to change their campaign or demographic targeting.
Data Driven Marketing Statistics
Here are some compelling data driven marketing statistics:
- Companies that adopt a data-driven approach are more likely than their peers to increase their revenue and profitability. They are six times more likely to be more profitable year-over-year.
- 49 percent of companies now use data to improve the customer experience. This is important now that customers are more marketing savvy and more reluctant to buy in.
- Customers today expect to be customized and tailored to. Despite this, only about 7 percent of companies are prepared to deliver a customized, real-time experience.
- 63 percent of marketers increased their spending on data-driven marketing last year. They also reported that about 20 percent of their spend went to data-driven marketing.
- 44 percent of marketers have data-driven platforms. Having a data-driven platform can be a significant competitive advantage.
Marketing statistics clearly show that the more data you have, the more effective your advertising will be.
Most marketers already know this. The challenge isn’t convincing marketers to collect data. It’s providing them the tools with which to do so.
Most marketers today are inundated with data along many channels and many aspects. They need a system that can help them automate, streamline, and consolidate.
Data Driven Marketing Trends
What are some current data-driven marketing trends? How do these trends impact the growth of data-driven marketing and data analytics?
First, companies are finding that data doesn’t just flow one way. Customers are expecting a personalized, unique experience when they are advertised to. Consider: a company no longer advertises just an assortment of products through a display ad. Instead, the company specifically advertises products the individual has looked at or purchased before.
Most marketers believe that data-driven advertising is going to increase over the next few years. This means that those who are not already using data-driven marketing techniques and who haven’t invested in data-driven marketing technology will likely be left behind. Most enterprise-level companies are already planning to increase their spending on data-driven marketing.
While data-driven marketing may improve the acquisition of new customers, it’s actually best at retaining older customers. This is critical because customer retention is actually far less costly than customer acquisition. Companies are able to develop loyalty and improve customer lifetime value through the right data-driven marketing.
Often, bad data is what hinders data-driven marketing. Companies are becoming more aware of how critical their marketing data really is and how conscientious they need to be regarding data collection and data auditing.
Future Of Data Driven Marketing
The future of data-driven marketing is a bright one. Data-driven marketing shows every sign of accelerating. Many companies are increasing their advertising spend for their data-driven marketing. They are planning ahead to invest more in data-driven marketing and data customization as the tools become available to them.
Data-driven marketing isn’t just more effective for the advertiser. Many customers simply assume that their advertising is going to be customized to them and will respond better when it is. So, it’s going to become a necessity and a standard in many industries.
Through data-driven marketing, companies are able to yield substantially better results. They are able to spend less money and gain a larger audience. And they are able to make their existing clientele happier. The data-driven marketing industry is only growing.
There are some principle technologies that are also improving the accessibility and accuracy of data-driven marketing. Machine learning and AI solutions, for instance, are making it easier for organizations to track large volumes of information and mine it for relevant data. In addition to machine learning and AI, systems like Advertising Intelligence are making it possible to collect data from disparate sources and mine it for important information.
What is very clear is that data-driven marketing isn’t going away. If anything, it’s becoming ever more necessary and more complex. Organizations that don’t switch to a data-driven advertising model are very likely to get left behind as their competitors do. Luckily, it’s becoming much easier to commit to becoming a data-driven marketer, as more tools become available.