Anayltics, Modeling and Profiling – Part I: Why Do You Want What Your Data Can Give You?

  • May 9, 2019

“50% of my marketing is working – I just don’t know which 50%…”

For years this comment got a laugh. Everyone assumed it was true. And everyone assumed there was nothing they could do about it.

It’s still common to find businesses and associations that are still not making proper use of analytics to understand their data. I’m not passing judgment – data analytics can be a confusing discipline for a lot of business leaders. If that’s you, this post will help you get a grasp on analytics, modeling and profiling, what they are and how they can help.

In the next post, I’ll share the idea behind converting data, which is the “how.”  But first …

Why do you want what your data can give you?

Let’s be honest. If half your marketing isn’t working, you most likely don’t understand enough about your best customers.  And if you don’t understand enough about the people who pay your bills, you can’t predict whether you will be able to find more of them … or even how long you can keep the lights on.

On the flip side, once you understand this information, you’ll be able target them in a more defined, personalized way.  You’ll be free to use a variety of analytics to identify new prospects who look and act just like your existing clients, flagging them as most likely to respond to your campaigns, and marketing to them. That’s the key to profitable growth.

Predictive modeling helps increase your chances of engaging the right audiences and excluding the wrong audiences, saving you time, money and the worry that comes with having no plan.

The cool thing is, the intelligence you glean from data analytics can be used to inform all of your multi-channel marketing campaigns.  Whether you are a health club, a bank, an insurance company, or an association you will see a significant return on investment from having a customized data solution that gives you valuable insights into your audience base.

I encourage you to make a new commitment to understanding your customer data.  In the next blog post, I’ll share the secret sauce for how to convert this data to new business. Meantime, contact us if you’d like to discuss harnessing your data with a partner who gets it.

 

-Jordan Grable, CEO, Echo Strategic


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