The definition of insanity is “doing the same thing over and over and expecting different results.” Not that we’re insinuating marketers who haven’t reviewed their data strategy in a while are insane. Or are we?
What worked a decade ago often won’t cut it today. It is pivotal to have a clearly defined data strategy but it is equally crucial to be flexible and to pivot when required. And so, we pose this question to you.
What would happen if you were working under an outdated data-driven strategy?
You won’t ever create a data-driven strategy that will stand the test of time. It’s impossible. Businesses, consumers, markets, and economies can change at a moment’s notice. However, it’s important every now and then to down tools and assesses if your data-driven strategy is still relevant.
To get you started, we’ve compiled your check-up guide to ensure your data strategy is still working in harmony with your business.
What’s the state of your market?
The state of a market is unique to each industry. However, what do market changes mean for your data strategy?
If a change in the market occurs, then both business and data strategies should work together to pivot accordingly.
For example, if you find your current market has become saturated, and it doesn’t look to be changing anytime soon, then your potential for growth will be affected. Data comes into play here as it can inform on aspects of the business that can either be enhanced or reduced.
If your goal is to increase profitability but the potential to grow sales is limited then you need to distinguish which aspects of the business have high operational costs and understand how to reduce them.
Data leads to insights and insights lead to decisions. These decisions are backed by facts and can prove they’re the right choice for your business.
What’s your priority now?
By now, we’ve all heard the term coined by Simon Sinek. Start with why. But it still rings true in 2019, even if you last asked “why” when you established your strategy.
What’s your new why?
Every business can access huge amounts of data. But, without a clear objective of what you want to find out, it just becomes a tidal wave of reports ready to drown your team in confusion.
Is the data you’re gathering still relevant to your business goals?
Confirming what your new strategic goals are and asking how your data strategy can help achieve these is a match made in heaven.
Has your audience changed?
As most businesses are aiming for a ‘customer-first’ mindset, this is probably one of the more crucial insights you need to continuously assess.
With the greatest respect, customers can sometimes be a fickle bunch. Jumping ship from your brand to a competitor is common practice, given their plethora of choice in the market. Gathering the data on why your customer chose someone else to shop with, rather than you, is an ongoing exercise. Ditto for when they switch to you.
Consumer behaviour constantly changes, so asking ‘why’ isn’t a flash in the pan question. What was relevant to them six months ago may be a distant memory by now.
Why did your customer react negatively to a specific ad? What are they saying about your brand, as opposed to six months ago? What do they feel you do great, and not so great?
Has technology changed?
Consumer behaviour has become easier to track and continuously assess, have better technologies or techniques to find these insights appeared on the market since you last checked? Social media sweeps are a good place to start. What are the recent tweets saying about your brand? What kind of people are you attracting? Vendors, such as Audiense, present intelligent platforms that can swiftly provide you with the up-to-date data which gives you insight on your audience (or a subset of that audience) and what they care about.
Additionally, technology such as Infinity’s Conversation Analytics offers insights into how your customers are interacting and behaving with your brand when their journey goes from online to offline. By deploying conversation analytics you could continuously learn just a few of the following:
- What did a customer call about?
- How do they feel about your product?
- Did they make a payment?
- Was a competitor mentioned?
- Have they called before?
- How can you predict the outcome of a call in the future?
This wasn’t an option for businesses a few years ago, what else could you have been missing out on?
Next patient, please
Like any strategy, it’s important to reassess what’s working for you and what’s working against you. Data is no different. Realigning your data strategy with the current mood of the climate, consumer behaviour, and overall business priorities is a sure way to keep you on track.
With our customisable goal tracking feature, Infinity gives you a comprehensive collection of the data that matters, no matter how often you update your strategy. Start a conversation with us today to see how we can align with your data strategy.