Are you twisting data to suit theories, or theories to suits data?

It’s a capital mistake to theorize before one have data - Sherlock Holmes

According to the Sherlock Holmes quote, you're supposed to know what the right approach is!

I remember in my first report I did at my current company, I ended it with “Data never lies”. Yes I believe in humans, yes there are some theories who seem correct, but data are more precise. And in business and even in life you have to be perspicacious and perceive.

One of the mistakes that people do is trying to start a business process or strategy relying on theories, without any projection and no evident path. They launch the process thinking or hoping that the data will match with there theories. Don’t get me wrong, sometimes it could happen, Sometimes luck can be on your side, but we don’t go throw business relying on luck or assumptions.

What is data?

In simple way, data are facts or numbers used to help decision-making.

It's the same for marketing, it’s any information beneficial for the marketing team, which help to identify customers, crafting content, and making better campaigns.

Marketers should be constantly seeking an edge to gain a deeper understanding of their audience, improve operational efficiency, and drive financial success.

To unlock the full potential of big data in marketing, it's crucial to recognize the power of three key data types: customer data, financial data, and operational data.

Customer Data

Customer data is the pillar for any successful marketing strategy. It provides marketers with a comprehensive view of their target audience, helping them tailor their campaigns for maximum impact.

Before selling or offering something to people, you should know what kind of people you’re targeting, their behavior, their story, what they want and what they will reject.

You can see it as an American football match NFL , and you are, of course, the quarterback of the team. If you don’t know the capability and the quality of your Wide receivers you can not do the right pass, and even if you do, there's little chance that any of them will receive it or even understand you.

Financial data

Financial data is the backbone of any business operation. It encompasses a wide range of metrics and statistics that are crucial for measuring performance and operating efficiently.

Effectively utilizing financial data not only leads to better-informed marketing decisions but also enhances overall business profitability.

- Sales and Marketing Statistics: This data category tracks the performance of marketing campaigns, conversion rates, and revenue generation. Analyzing these metrics enables marketers to identify successful strategies and allocate resources effectively.

- Cost Analysis: Understanding the costs associated with various marketing initiatives is essential for budget allocation and cost control.

- Competitive Pricing Analysis: It's essential to monitor competitors' pricing strategies. This information can help adjust your pricing strategy to remain competitive in the market.

Operational Data:

Operational data is the hidden gem that can significantly impact marketing operations and overall business efficiency. It include logistics, and customer relationship management systems.

- Logistics Optimization: Operational data can be used to streamline shipping and logistics operations, ensuring timely product delivery and reducing shipping costs.

-CRM Insights: Customer Relationship Management (CRM) systems provide invaluable data on customer interactions and behavior. Leveraging this data can help enhance customer experiences and drive more personalized marketing efforts.

There information can be applied to leverage and improve the customer data.

Embracing the power of big data in marketing is a necessity for those who aspire to stay ahead in the ever-evolving landscape of modern marketing.

Bring data to the table! That's what every business owner should ask their CMO or marketing manager.

Don't underestimate the power of data and the power of having clear, mesurable and atteignable information and metrics. This is what can lead you to the desired result.