Today, we live in what many call the ‘Information Age.’ Data, now plays an important role in all stages of marketing. It is proven that when applied appropriately, data has the ability to drive growth for brands and have a noteworthy impact on revenues.
In our recent session, our panelists highlighted instances of how data has become indispensable and currently is one of the main drivers of every digital marketing strategy.
Here are a few significant Q & A’s from the session:
1. What are the types of data that marketers can use as insights in their digital strategy?
Data is broadly divided into two types – Structured and non-structured data. Structured data is the data that can be taken from Facebook/Twitter insights and can be used to study consumer behavior and more. However, 80% of the data found online is in the form of non-structured data. Analytics executives compile this data using excel sheets, databases, tools, and Arc (It summarizes Google Analytics data into easy to read text) to get a complete picture of the analytics. Both types are essential to gain insights and to create digital marketing strategies for brands.
2. How do we utilize the data we find online?
The main aim for any digital strategy is to understand the objective behind the usage of data. Since a lot of data is available, it can be overwhelming for a marketer to absorb. Hence, it is essential to break down the objectives of the brand and determine whether the data available will help build your strategy. For example, for a retail brand, regional cultural impulses, footfalls and average transaction value is something that you would have to start understanding to best encourage digital audiences to go offline and walk into the store.
3. How is data visualization changing the e-commerce market?
The average attention span of a consumer is less than 8 seconds, but if you have a visual aspect for a particular creative, then the time of visualization increases by 42%. That’s the reason why most brands invest in their own websites. For example, Zara is coming up with their e-commerce website as they want to invest in a visual merchandise platform.
4. What are the top data points that a marketer needs to remember in e-commerce?
It is a capital mistake to theorize data. The entire objective is to take data and drive information and from information you drive insights. To push sales on e-commerce, you can extract data from a particular pin code/city, observe the behavioral pattern of consumers in a particular category and use it as a key insight for your strategy. Brands should also spend a good amount of money on ecosystems like Amazon for special category product searches, as consumers search these products more as compared to Google.
To sum it up, the path towards digital transformation for a brand is a critical one and data can help you optimise your processes and stay a step ahead of the competition.