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Data, Insights and Analytics Explained – Marketing’s ‘Triple Threat’
If you are marketing your business, you will have heard these three words tossed around, but what are they and how do you turn them into actionable information to boost your marketing?
Let me explain the ‘Triple Threat’ and why it’s so important for anyone marketing their business…
What is ‘Data’?
Data is collected from most online actions, whether it is from visiting a website, downloading an app, using a social media platform… and so on. We’ve all ticked the ‘allow (name of App) to access your information in order to run’ box, or allowed Facebook to access our location and details. Information from location, demographic and gender, to browser history and personal information, is gathered from customers and users and sent to the platform or app. Now they have large amounts of data of your user behavior and personal information – either given by your permission or collected by third parties.
What are Analytics?
In order to make sense of all this data, the app or platform uses analytics to collate and separate it into smaller ‘sections’ or groups.
If you are marketing your business online through your website, a tool like Google Analytics allows you to dial into specifics from the collected data, such as the data that 100 people visit your website every day, but 70% of them leave without taking an action.
Analytics allow you to sort the data to see the behaviour and information of the people using your website or app.
This brings us to Insights.
By collecting data and ‘sorting’ it with analytics, you now have valuable insights into who your customers are and how they are using or interacting with your business online.
This might sound scary to you as a consumer, but on the plus side, this allows the owners and developers of your favourite platforms and apps to personalise their offerings and improve your experience as a user. In your role of business owner, you can use data, analytics and insights to do the same for your own customers and service!
For example, now that you know what is happening on your website, you can test and review it, then make changes to increase the number of people taking an action to 40, 50 or 60%. By tracking this data, you can turn it into actionable insights and use this to improve your business. Once you know what is or isn’t happening, you are in a position to make informed changes to what you are doing and improve your results.
If you aren’t using this ‘Triple Threat’ available to you, you are missing out on collecting the crucial information needed to understand and service your customers better, and make sure your marketing is working for you.
If you aren’t currently data-driven in your marketing, reach out and I can talk you through what you need and help you implement the ‘Triple Threat’ in your business.
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