To understand the value of data-driven creativity it is important to know that it has a big impact on the customer experience. At the same time, it allows companies to enhance and retain their customer base.
This is why is data-driven creativity is big news for content in 2020.
Data analytics, such as google analytics, will help you to make better decisions and guide you on how to spend your marketing, advertising, and design budgets. Data will also allow you to determine what type of content you need to be releasing.
In short, the ABC’s of data categorization are:
Acquisition
Behavior
Conversions
Building a great product or service is obviously an important part of your future business revenues. However, merely having quality products or services is not enough.
Understanding the power of analytics helps your potential clients turn into actual clients. This is where data analytics come in, and play a pivotal role in your company’s success. Did you know that according to Forbes, 70% of businesses are increasing their budgets on real-time customer analytics tools and solutions?
Businesses rely on these tools and analytics to understand the buyer’s journey and fix any ‘roadblocks’ of this journey to increase conversions. Using data is fundamental in making all your decisions on how to optimize operations, activities, and sales.
Another important factor to consider is the cost of acquisition. The cost of acquiring new customers is five times more than the cost of retaining existing customers. This is an important piece of data that you can use to effectively save money and grow your revenues. Do you know what is more exciting?
A simple increase of 5% in your client retention will result in 25% to 95% higher profits. To top it all off, you have a chance of 70% to sell a new product to an existing client. When you compare that to the 5% – 20% chance to sell to a new client, it becomes clear that client retention must be a priority to businesses.
Creating the Perfect Customer Journey
You have expectations, I have expectations and in general, the whole world has expectations. It is essential that we are We must be in tune with the expectations of our existing and future clients so that we can create the best possible experience for them.
Companies aren’t magicians! And they certainly can’t go around guessing and changing information constantly in hopes that something does the trick. That is a great waste of time, credibility and money. Right?
Generally speaking, the best way to ‘get it’ right is to test many scenarios in a controlled fashion and arrive at a safe, educated guess of what works and what doesn’t. Let’s assume you have a new product launch coming up soon. What should you do?
In simple terms, create three to five different landing pages, connect them to your analytics platform, and see which one performs best. Yes, the initial set up can be a bit intimidating, but you can ask for professional help. If you are more hands-on, then you can simply youtube the process and do it yourself.
Create 3 to 5 different sets of content for landing pages (content in 2020 will become even more important)
Pick a variety of pictures that appeal to different consumer groups (something for the younger crowds and something for the older crowds)
Pick different placements of your CTA (calls to action)
Run your pages for a couple of weeks and watch your analytics.
You will end up with a treasure chest full of insights that you can use to create the perfect buying journey.
Maintain the Perfect Buyer’s Journey
Let’s assume that after some good experimentation and utilization of data analytics, you have created the perfect buyer’s journey and your client acquisition is growing.
You need to continue to monitor your data and remedy any unnatural fluctuations you see in sales or retention. While you are allowed to ‘test’ new ideas and designs, keeping an eye on the data will let you know if you are moving forward or backward.
To keep your customers happy you will need to understand how to use these data points and adjust accordingly. This is the type of knowledge that is best learned in action. No matter how much you read about it, unless you set up data analytics and learn how to use it, you will never grasp the importance of analytics tools.
Analytics can also help you personalize your content in 2020 and create successful digital campaigns.
One of the best examples of this is Netflix. This is one company that gathers relevant data, analyzes it and uses it to enhance their consumer’s experience. In this example, we can see how Netflix uses the data to curate their massive movie library and prioritize what is most relevant to the user’s taste.
Where Do You Start?
There are many tools out there that can provide adequate data for you to know whether something is working or not. For your social media, you can always use the tools that come with each platform. When it comes to your website you can try any of the following:
Google Analytics
Clicky Analytics
Mint
Church Analytics
KISSmetrics
CrazyEgg
CloudFlare
There are many more, do your research and find your personal best fit. In general, google analytics seems to be the leader, but it is not as user-friendly as some newer tools out there. Some come with a price, while others are free.
Use Data Analytics and Build Strong Teams
Data analytics can truly create an environment of responsibility and collaboration.
With the right data at hand, you can see where the weak points and help each other to work on the issues. Data will allow your departments to understand each other better, and how their actions need to be in line with the rest of the team members.
Conclusion
Data analytics is like an x-ray. It pinpoints the issues so you can go ahead and fix them. It can also highlight the strong areas of your business, so you know what is working well to replicate it. To cut through the chase, data analysis is the best way to cut costs and increase profits.