We ask this to our clients all the time. . . What are you measuring and why?
In today’s data craved world, it seems like we have metrics on everything; clicks, likes, favourites, navigation patterns, amount of time spent per page and so on. However, with all this data that we are collecting, do we really know what it means?
Everyone seems to collect data, far less take the time to segment data and even fewer truly know what that data really means in terms of how our clients buy and WHY. The WHYis the missing factor and data on its own cannot tell you that.
Metrics and data management can only take us so far as marketers. In the end it is about understanding people, motivation and values that allow all those metrics to become valuable information.
Years ago, in the heady days of direct mail, we got involved with a casino as their marketing partner. I signed the non-disclosure agreement, went into their data room, sat down, sifted through the data and drooled. The client had no idea what they had or why I was so excited. We knew when they came, how often, who they came with, how much money they spent and on what games. With that information and our understanding of humans to want to feel special, we developed a birthday card campaign that went out to 50000 people each and every month. Depending on what you spent on an average year, you got an offer for free chips based upon your value to the casino. You also got a free lunch and a piece of birthday cake and 50% off lunch for all of your guests who came with you. Response rate month after month on these time sensitive offers was around 45%. Unheard of. . . right? Wrong! It was possible because we knew the motivations behind WHY people came to the casino and the fact that it was a social experience for them. Both of these factors were key to that understanding and success of the program. It is all about context and interpretation.
I really enjoyed watching this Ted Talk by Susan Etlinger: What do we do with all this big data? I hope you do as well.
Don’t get me wrong. . . metrics are important in today’s marketing universe, as is digital marketing. However, neither is a silver bullet. Understanding how to interpret data and showing people the value of your offering to them needs to be a vital part of your overall marketing strategy for you to succeed.
We are here to listen and help you communicate your value. . . give us a call when you are ready to talk.