First, it is important to know the definition of marketing data before knowing the advantages of marketing data management.
Marketing data refers to all the information that can be interpreted by digital systems (computers), which is very useful for marketing teams. This type of data is collected by public and private means, which also facilitates the identification of ideal customers, the development of content that attracts them, and finally the creation of campaigns so that they are effective.
As a company that works with marketing data to empower customers, we developed this blog with the aim of showing the great value it has but above all the advantages it provides.
In this blog, the following topics will be addressed:
- Advantages of marketing data management
- Best practices for marketing data management
- The software to meet marketing data management needs
Advantages of marketing data management
It is possible to evaluate marketing campaigns
For example, it is possible to determine which campaigns worked well and which channels allowed the most optimal results.
To achieve this, it is necessary to make an analysis that includes concrete data that provide an accurate visualization of the performance of the campaigns, it is not enough just to see the numbers of good or bad and the number of sales. To better understand the above, let's look at this example:
There are two marketing channels: social media advertising and paid search.
You might think that paid search ads are lower in terms of success because their revenue is lower, however by analyzing it more deeply and comprehensively it is possible to determine that the return on investment (ROI) is higher because the cost of putting it in place was lower. Thanks to the correct management of marketing data, these and other patterns can be analyzed to make informed and reliable decisions.
Moreover, this allows the company to break down the channels it uses based on objectives, which could be customer loyalty.
Another advantage of marketing data management is the ability to determine which platforms or campaign strategies are most functional on a case-by-case basis and also what value this has for each customer, for example, whether they are new or returning.
The optimization of marketing campaigns is another advantage since, interpreting the influence that different marketing campaigns have on your bottom line, allows you to make adjustments in real-time to get more results from each of them.
An example of the above is The paid search campaign. Suppose the campaign has a high ROI but its referral revenue is lower than the other channels. It is in this case where with well-organized and unified data it is possible to visualize the patterns that provide the necessary information to improve this campaign and the following ones so that the results are increasingly optimal.
Nurturing your potential customers through the sales funnel
Having a solid strategy for managing data allows you to understand your audience at an aggregate and individual level.
Whatever you can say about the benefits, it has to do with the loyalty of the customers who are potential customers for the business. That is why if the customer segment is already known, everything must be customized to interact with them, but not only that but also to nurture customers through the sales funnel.
The analysis of the most efficient and effective channels in conjunction with the continuous optimization of the database directly benefits the process of nurturing potential customers for the business.
Linked to the above, it is also possible to attribute the results of a campaign to the right channels and for this is that the ROI plays a fundamental role when correct management of the data is carried out since it communicates the value of each of the marketing channels to achieve a guarantee for future budgets.
It is also important to mention that ROI based on well-managed marketing data is up to 20% higher than when it is not managed correctly. To maximize the benefits of management, ROI plays a key role.
Benefits of automated marketing data management
- Be more efficient
- Less repetition, more creativity
- Reduced staff costs
- Improve data governance
- Increase revenue and average deal size
- Improve accountability of marketing and sales teams
- Streamline your marketing processes
- Improve productivity
Best practices for marketing data management
The beginning of good practices starts with making the right approach for each case in order to get the most out of the data you have. To achieve this, the following practices should be followed:
All the data obtained from different sources and at isolated moments must be unified in a platform to be able to analyze them as a whole and thus have accurate results that positively impact the business.
For example, through data pipelining, it is possible to move data to a central location for easy access and analysis.
From this, it is detected that in most cases no customer interacts through a single point of contact and therefore it is essential to detect patterns and focus attention to unify them.
Such is the case of the same customer who performs the following actions:
- Navigates the website in search of information.
- He sees the advertising displayed on social networks.
- Subscribes with his email address
- Searches for the company's brand on the Internet
Certainly, all metrics are important, but more so is analyzing the interaction of customers through the channels and the entire journey they make in relation to the business.
The protection of customer data is key and the privacy regulations of your customers' information must be respected. You must therefore be absolutely sure that you are aware of the rules but, above all, that your management does not violate any of them.
Analyze and apply the data
The data obtained alone is not enough, it is necessary to analyze it in order to be able to apply it and draw conclusions for the growth of the business. Once the analysis has been done, it is possible to adjust and optimize processes and strategies, not only the existing ones but also open the possibility of creating more in the future.
Communicate data to all teams
It is essential that the results obtained from data management are communicated to the other teams of the company, for example to the sales and development department, so that with small improvements in each of them, the company as a whole can grow.
For this communication, reports should be made that are understandable by everyone so that there is no confusion and therefore misinterpretation of data and affecting the business.
Part of the reports should also be directed to the leaders of the company so that they can analyze the impact of the marketing campaigns and determine the next steps for the continuous improvement of the organization.
The software to meet marketing data management needs
The recommended software to do all the data management and many more tasks as part of marketing strategies is Hubspot, which continuously improves to offer the best tools to obtain data, analyze it and draw conclusions that facilitate the growth of the company. In addition, it offers a large number of integrations with other tools.
It is time to start managing your customers' data correctly, to offer them the best experience, and at the same time grow as a company. Don't hesitate to apply the practices explained in this blog to enjoy the great benefits. And if you already do, take the time to analyze and improve your marketing data processes.