Each type of data is typically obtained from different sources and stored in different locations. Customer data helps marketers understand their target audience. Data collection is the methodological process of gathering information about a specific subject. It’s crucial to ensure your data is complete during the collection phase and that it’s collected legally and ethically.

If not, your analysis won’t be accurate and could have far-reaching consequences. For example, let’s say you’re a dance studio marketer. You’re looking to connect with families in the area that have children ages 3-17 to promote your dance classes. You can invest in third-party data to access the names and mailing addresses of families who live within a 10-mile radius of your studio who have children in the home.

Then, you can market your studio to those who are most likely to actually engage with your brand and take a look at what you have to offer. Demographic data is highly valuable to not only for-profit organizations but nonprofits as well. As Double the Donation’s wealth screening guide explains, nonprofits use demographic data such as income information to identify donors who have a greater capacity to contribute to a large donation. They then use this information to reach out to prospective major donors and create communication plans that strengthen relationships with these individuals..

If you already have access to a comprehensive, well-organized database of your customers and leads, you can create customer personas based on this demographic data or simply use it to fine-tune your outreach strategy. And, a data marketing firm can make this process easier by providing data enhancement services to add missing information to your existing dataset or cleaning your data so you’re prepared to use it more effectively. Some businesses don’t interact with individual customers, but rather other businesses or organizations. If this is the case for your organization, firmographic data offers highly useful insights into the businesses in your target market.

For example, perhaps you work with a company that sells payroll software to other businesses. Using firmographic data, you can understand the specifics of businesses in your target market to narrow down that market and only pitch to those most likely to invest. Website analytics are an extension of your email marketing and IP targeting efforts. If you use each of these channels to guide audience members to your website, you can gather valuable web traffic data using a platform like Google Analytics.

Your web analytics also provide insight into the success of your organic and paid search engine optimization (SEO) strategies. As you continue building on your digital marketing foundation, keep an eye on your website analytics to assess which tactics are working and which could use improvement. It’s hard to predict the future of what will happen with your business or organization, but with propensity data, you can start to get close to this elusive objective. Consumer data that is based on predictive models, also known as propensity data, provides an inside look at the likelihood for members of your audience to take a specific action.

Marketing data is any information that is machine-readable and beneficial to marketing teams. It is collected from public and private sources and helps with identifying ideal customers, crafting compelling content, and building more effective campaigns. KPIs and metrics will vary from company to company. However, product analytics should, on the whole, track and analyze real-time engagement and behavioral data, so organizations can optimize the customer journey with the right promotional strategy and content distribution channel.

It’s crucial for B2B marketing leaders to have a deep understanding and focus on customer marketing data. Your marketing budget has been cut by 10%, 15%, or 30% and you need to refocus your marketing strategy on the best-performing channels and tactics. Marketing analytics is an umbrella term used to describe the processes and technology involved in measuring a company’s marketing activities. The most successful B2B marketing teams use marketing data to inform decision-making, from which events to attend to which blogs to publish.

By selecting marketing metrics and KPIs across each marketing role, and tracking them weekly, teams can gain insights into which tasks are actually producing the best results. Marketing managers build brands, generate demand, promote sales, and help organizations secure customer loyalty in vast and diverse marketing conditions, with many complex and dynamic variables. Most organizations adopt the latter by developing a marketing strategy that includes promoting them as a thought leader, market challenger, or market flanking. Explore the platforms essential to predictive analytics and marketing attribution in the latest edition of this MarTech Intelligence Report.

Thus, it’s becoming increasingly important to connect and integrate your marketing data sources into one (and please forgive us for this buzzword) “single source of truth, which lets you understand your entire marketing ecosystem. Businesses use marketing analytics tools to facilitate the collection, modeling, analysis, and visualization of marketing data. Understanding this data improves target market segmentation and allows businesses to meet target market expectations with strategic content marketing strategies that drive leads down the buyer’s funnel. While analytics provides extensive data, which affects key marketing decisions, it can be challenging to discern which data is most important.

Marketing attribution and predictive analytics platforms are software that employs sophisticated statistical modeling and machine learning to evaluate the impact of each marketing touch a buyer encounters along a purchase journey across all channels, with the goal of helping marketers allocate future spending. Market research can help achieve administrative, social, and economic goals, including the refinement of marketing objectives, public relations, promotion decisions, and product line development. Marketing analytics is an approach to data analysis that helps businesses understand the performance and impact of their marketing investments.



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