Three Foundational Steps for Effective Marketing Practices

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Three Foundational Steps for Effective Marketing Practices

 It seems like no one can go a day without hearing about data analytics, but why is it really necessary? Over the past couple of decades, the ability to collect data has become easier and more essential to growth. Your data may be holding information that you just simply cannot observe on your own. These days it’s nearly impossible to market to your customer base effectively without the proper use of data analytics. Let’s explore three foundational steps to make sure you’re in tip top analytics/marketing shape.


1. Data Collection and Maintenance  


Collecting and maintaining good, clean data is crucial. It’s not always fun, but it pays off in the long run. You never know what features of your data will end up enlightening you to something you never noticed before. So how are you collecting good, clean data? Are you taking advantage of all the resources available to you? Are you maximizing your credit bureau data’s potential? The credit bureaus collect extreme amounts of rich data on millions of people throughout the country. And one of the best and worst aspects of data is that things change, so it’s imperative that we make sure our data are fresh.

Updating your data and the data you’ve collected from the credit bureau will result in more reliable and valid conclusions to be used for marketing decisions. Most Visible Equity clients obtain credit bureau data on a semi-annual basis (however, quarterly updates aren’t far behind). Without sufficient data collection and maintenance protocols, all subsequent steps are moot in terms of their validity.

2. Visualization and Summarization


Good data collection and upkeep is great, but it’s nothing if you’re not using the data in a smart way. This is where statistics and data visualization will make your life easier. The beauty of statistics is that we can take a lot of data and summarize it into a more digestible amount of information. This will help us understand our customers’ behaviors better. Sometimes statistical summaries aren’t the optimal choice for gaining key insights into your customer base. Sometimes visualizations, such as tables and plots, point out trends that stats don’t as effectively. For example, a plot of your customers’ average FICO scores may show a downward trend, which could be more difficult to observe if you’re simply staring at numbers on a spreadsheet. Proper summarization and visualization are the keys to making data useful.

3. Action and Measurement


Now that you can make more sense of your data, it’s time to act. The better your data collection and summarization, the easier it should be for your data to guide you as to where to focus your efforts. Marketing tools such as wallet share and propensity scores are fantastic for guiding you into the right direction. How you choose to respond to your findings and how you’ll market to your customers is where your expertise comes in. As great as data analytics are, they can’t beat industry experience and expertise. When enacting a campaign, make sure to keep track of who responds and how. Learning from past campaigns lends itself to better decision-making for future campaigns.

 So are you using your data to make informed marketing decisions? If you find you are lacking in any of these areas, then Visible Equity is here to help! Schedule a demo for Customer Analytics today, or contact your Client Success Manager to see what steps need to be taken to market like you’ve never marketed before. And now for a haiku…

 


Marketing is tough, but Customer Analytics? That is the answer.





Keaton Baughan

Product Manager


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