More Competition Among Digital Marketing Experts
It’s no secret that big data drastically impacts the goals and success of digital marketers. Gaining access to millions of data points from your audience and potential prospect is a game-changer. However, paid search, display, and shopping experts find it difficult to break down and analyze trends or certain human behaviors in their data.
Simply put, digital marketers don’t have access to actionable insights or meaningful insights that could impact their business. This circumstance is largely due to gaps in the technology market.
50% of digital marketers spend their time sifting through data—not analyzing it.
The problem isn’t that the data does not exist; the problem is that it’s nearly impossible to get access to it. Nearly 50% of digital marketers spend most of their time sifting through data rather than analyzing it. With the majority of marketers needing to make data-informed decisions, the time could not be more crucial to have the right data structure in place to receive actionable insights. If you’re looking to get ahead of your competition, you need to know how to gain access to and leverage big data.
DITCH THE BLACK BOX SO YOU KNOW WHAT TO DO WITH YOUR DATA
Even more important than having access to your data is knowing what to do with it. Advertising platforms like Google Ads and Microsoft Advertising hold the upper hand with their customers. Advertisers who use Google and Microsoft often realize that their data is in a Black Box; the ad platforms remain somewhat reserved in what they share with you. Gaps in the technology market make it difficult to obtain actionable business insights from digital marketing platforms.
If these pain points sound familiar, the good news is that you’re not alone. Most of your competitors exist within the same status quo. The bad news? Your lack of actionable insights into your data is why it seems so difficult to hit your performance goals. You waste time and money trying to find the solution. The answer isn’t hiring more analysts; it’s finding the right solution to empower your team members to do their jobs.
SET UP ACCOUNTS THROUGH A GRANULAR STRUCTURE
It may sound obvious, but the importance of granular data can’t be understated. If you knew the most critical data points about your audience or potential customer, then you’d already have the upper hand when it comes to predictive intent. But what if you could calculate the exact cost it would take to convert your prospects—and knew the potential value of that click? Would that change your bidding strategy? Absolutely—with this level of insight, you would convert every time!
But getting to this level of transparency will require work on your end.
You would need to build an API that could automatically create clean, structured data from your advertising accounts. Or, you could always use the Finch Platform for a quicker solution. From here, you can leverage your data for more meaningful insights: information more valuable than strictly predicting customer value.
EXAMPLES OF ACTIONABLE DATA (MORE THAN PREDICTING CLICKS)
The real power of clean, structured data is how it directly impacts audience management and expansion. As you convert more buyers through your bottom-funnel tactics, you can see what “traits” comprise your customers on a large scale. Consider the impact this amount of transparency will have as you continue to build out audiences for other channels—or on other advertising networks. By knowing who your buyers are, you can replicate audience data to build new audiences in these different channels.
What are some examples of actionable data? For instance, knowing the value of a click before it happens. Or, knowing the percentage of your buyers who are female, live in Nova Scotia, and are curiously-obsessed with seashell art. Having these types of meaningful insights will let you make better targeting and campaign decisions. Additionally, these pieces of data bring actionable business insights to your overall campaign goals.
CREATE A CLOSED-LOOP OF TARGETED AUDIENCES
With the right technology, you can replicate audiences across Bing, Amazon, GDN, and various Display Networks. Imagine having the ability to better predict and track your buyers in display, search, and shopping campaigns—but also having the power to convert them through an ad on Amazon Advertising. You can do this within the same customer journey, regardless of advertising platforms and channels.
If you have access to your audience data, put it into a Data Management Platform (DMP) solution. DMPs allow you to identify similar-type audiences and then funnel them back into your advertising channels. Having a DMP communicate with your advertising channels (and networks) will allow you to build a closed-loop of targeted audiences naturally. Inadvertently, this solution creates an accelerated revenue cycle model.
Data is no longer the essential aspect of digital marketing success. Instead, having the right digital marketing analytics, having more meaningful insights (and actionable data) is what makes all the difference. But gaps in the technology market make it hard to do so.
Building the actionable data analytics you need is a big challenge. You need to have the proper data structure in place. There are, however, actionable insights solutions currently available.
This solution is the first step to making data actionable and improving your digital marketing analytics. In reality, you need to have transparency into who your audience is—before your competition does.
Questions? Reach out! I’d love to hear from you. Email me at firstname.lastname@example.org