Does Data Drive Your Decisions?

I am a fact based marketer.  I believe that the best marketing decisions and actions are a result of business intelligence, detailed analysis and data insights.  What is fun about doing this kind of marketing today is the plethora of data sources and information out there for us to use.  In fact, I am amazed at how much business intelligence is out there, even though I've been using it for many years.  Companies like SymphonyIRI have been providing CPG marketers business insights for decades.  Experian Simmons and MRI provide consumer and media usage data and Nielsen delivers media and marketing intelligence for both traditional and digital applications.  Household list companies like Acxiom and Experian maintain extensive information about all of us.  And this doesn't even count all our own internal data we collect and can potentially use to make decisions.

The challenge for us all is how do we avoid "analysis paralysis" and cull top insights from the reams of data at our fingertips.  As a marketing leader, your most valuable asset, in my opinion, is a marketing analyst who can help you turn data into actionable information. As you create your marketing departments, make sure this position is one of your first hires.  The best laid marketing plans are those that start with the end goal in mind.  If you do not have those metrics in place, then creating campaigns and marketing plans is, at best, a lottery. 

Everyone knows the old saying:  "Half the money I spend on advertising is wasted; the trouble is I don't know which half," generally attributed to John Wanamaker.  Today, that statement is no longer true.  There are many tools and business intelligence systems available to assist you.

Do you have the right systems in place to use your data?  Fortunately, there are many companies that can help in this area too.  There are the large database providers used by many major companies such as Oracle or SAS.  But using customer relationship management tools is not exclusive to those with large databases and a lot of money.  FreeCRM provides even the most frugal of us access to the tools to make data driven decisions.

Today, there is no reason at all to not know what part of your marketing is working and not working.  You will insure your own success by implementing these tools to make data driven decisions that improve your results and performance. 

Some information to consider collecting and maintaining:

Customers:
-  Name and address
-  Product usage
-  How they found you
-  Key dates (birthday, last purchase, etc.)
-  Demographics and geographics
-  Lifestyle information

Marketing:
-  Lead source
-  Cost per lead
-  Total impressions by source
-  Cost per impression
-  Conversions (lead to impression)
-  Sales conversions
-  Cost per sale

These are just a few basic examples of the kind of data that you might be collecting.    In designing your business intelligence systems, first ask yourself, what will I do with this information and how will I use it to make better decisions?  For example, if you collect birthday data, how will you treat that customer differently by knowing that information?  Will you offer them a discount on that day?  In 2009 Disney conducted a promotion for a free park pass on your birthday.  It was a good use of the data that provided a real value to consumers and to them.

The same holds true for your marketing performance metrics.  Once you know those figures, how will you adjust?  One of the ways I have used lead and sales conversion figures was to understand which tactics delivered the best return on investment.  In combination with cost data, we were able to figure out how to adjust our marketing budgets to insure we were getting the best performance possible by moving our spends to those tactics that delivered higher volume at a lower cost.  This also allowed our sales teams to work more productively since the prospects we were driving to them were more likely to convert.

Are you using data to drive your decisions?  Most of us do to some degree, but how can you become better?  How can you turn your data into business intelligence?  Finding this answer will help you drive performance and success.

Learn from the Best - How to Tap into a Free Online Learning

One of the reasons I started this blog is because I am a life long learner and wanted to share with others my thoughts and what intrigues me.  There are so many ways to learn and interact that I get excited just thinking about the opportunities so I wanted to talk about just a few that can really help you take it to the next level in your life or career.

Meettheboss.tv - This one is really cool.  Here you can see videos, listen to podcasts or read articles with some of the top leaders in the country and the world speaking about leadership, strategy and more.

See the CEO of Clorox, Don Knauss, talk about leadership and strategy.  One of the things I especially like about what he says is related to the importance of people to your success and the power of trust.



Harvard Open Learning Initiative - Did you know you could take non-credit online courses at Harvard for free?  While the free offerings are limited, you never know what might be there for the taking, such as the current Intensive Introduction to Computer Science Using C, PHP, and JavaScript taught by David J. Malan, PhD, Lecturer on Computer Science.

Harvard is not the only school that offers free online learning.  Other free online learning universities include Stanford, MIT and many more.

Others learning resources I use regularly include:  Linkedin Groups, Industry newsletters and YouTube.  And of course, stay tapped in to your local professional organizations for learning and networking.  I actively participate in the American Marketing Association, American Advertising Federation, Online Marketing Connect, Doterati, Hotel Sales and Marketing Association.  Even if you are not a member, there is still a lot of learning to be had.

Happy Learning!

Are You "Checked In" - Location Based Apps

Location Based Apps, Check In!

As marketers we are always tasked with figuring out how to allocate our budgets and most effectively and spend our funds wisely to generate sales.  We must also try to stay on top of the trends and newest applications that can potentially drive business.

One area I believe will grow exponentially fast in the coming months and years is location based apps.  These are applications for mobile devices that allow you to "check in" to tell your friends and colleagues where you are.  For businesses, this becomes a new marketing tools where your customers vote for you and your brand by showing up in your retail store.

Two of the better known of these type services are Foursquare and Loopt.  Right now, the number of users of these tools is still minuscule:  Foursquare, only about a year old, had less than a million users as of March 2010 and over 2 million currently, but is estimated to be adding 15,000 new users every day (http://bit.ly/bpAqtY) .


Businesses are figuring out how to engage you even more by incenting members with real values and rewards, not just recognition (Foursquare appoints people "mayor" of locations based on the most check ins for a particular location over the last 60 days).  For example, Gap recently offered a 25% discount on clothes for all customers who check in using Foursquare at their retail stores (http://bit.ly/cGKEX4).

My favorite provider of incentives for content, Izea, recently launched WeReward, an application that rewards you for check ins.  You can earn 25 points for a check in at Domino's here.

What I believe makes this area most exciting however is the improvements in the technology that will make these type of applications easier to use and more prolific beyond the iPhone and Android apps.  RFID (radio frequency identification) applications from companies such as Votum Technology will simply recognize you when you walk in to a retail location using a key card or RFID tag.  So no logging in to check in.

A brand new entrant is already making inroads here.  Shopkick emits a high pitched sound that automatically checks you in when the app is opened on your phone .  This new service, launched August 17th, features points earnings opportunities from retailers such as Best Buy, Macy's, American Eagle Outfitters and Sports Authority (http://bit.ly/9hiEOp).

The big challenge with these applications for business will be how to use them as a value driver for loyalty and repeat behavior as well as to shift market share and gain new business without degrading revenue.  We should also ask ourselves if the ROI of these will exceed that of other marketing tactics.  Perhaps the answer is a resounding "yes" and the new advertising model further reduces traditional advertising spending, both on and off line in favor of direct incentives and relationships with customers.

Are you "checked in?"

Engaging the Conversation

I've been in Internet marketing (and marketing in general) for many years, online pretty much back to the very beginning in the mid to late 1990's, but have resisted doing a blog.  All the typical reasons:  not enough time, not sure what it gets me, etc.  In the meantime, however, I have been actively engaged in the conversations, listening initially, responding and now becoming more proactive.  I've been using Linkedin since it first started and engage in 34 group discussions.  I respond and post where I think appropriate and have enjoyed the variety and scope of the kind of conversations going on there.  I have also looked at and used Linkedin Answers, as well as many other industry newsletters, again commenting where I have something to add to the conversation and forwarding content I think of interest. 

I have found all of this interesting, informative and thought provoking.  One of the challenges I have and continue to have though is how to manage my time, how to engage and converse in the most meaningful manner and how to share my thoughts, ideas and observations and visions of great marketing in the best way that provides growth and development for me and for any others I engage with.

So my question to all my colleagues out there is:  What are the most powerful communications and learning tools for you in your career?

I will plan on using my blog to consolidate some of the best of the best that I see out there as well as delve more deeply into what I believe makes them visionary and of value.  The great value of this new form of content and communication is that it makes it very easy for all of us to share.  I am humbled to be a part of such a diverse and knowledgable group of connections, regardless where they are:  Twitter, Facebook, LinkedIn, eNewsletters, Blogs and more.  Thanks to all those who share and engage and make us all that much smarter!