Why Brands Need to Embrace Data Collection and Analysis

– Brands that claim they don’t need more data often lack understanding, proper data collection, and the ability to leverage data effectively.
– Many agencies that claim to be “data-driven” only focus on a few key performance indicators (KPIs) without considering the underlying reasons and causes behind the data.
– Brands should track important data points such as cost per subscriber, quality of subscriber, subscription to conversion rate, timing of conversion, customer journey data, and conversion rates based on customer journey intent to make informed decisions and stay competitive.Commit to understanding and leveraging data by learning about data collection and analysis to make informed decisions and drive growth for your brand.If a brand says, “We don’t need more data,” what it really means is, “I don’t understand data. I’m not collecting the right data. I don’t know how to leverage data, and I don’t have a team that can understand data.” I’ve also heard other versions, such as “I’m just not a data person” and “I just need someone to tell me what it means and what to do.”

We need to move past this idea of “I’m just not a data person” and instead acknowledge that we were never taught how to collect, interpret, and take action based on data. I see this a lot with agencies that claim to be “data-driven,” when in reality, they only look at one or two key performance indicators (KPIs) and make all their decisions based on them, without considering the “why” and the underlying causes behind the data they see. This is often because they are not tracking the fundamental KPIs.

Brands should be tracking the following:

1. Cost per subscriber (by campaign, ad set, or ad)
2. Quality of subscriber (by campaign, ad set, or ad)
3. Subscription to conversion rate (in general, but also by source and by campaign, ad set, or ad)
4. Timing of conversion by percentiles to understand sales velocity in relation to intent actions
5. Any data relevant to the customer journey (in general and in relation to marketing activities)
6. Conversion rates based on customer journey intent data

It’s easy to dismiss something you don’t understand and question its value. However, it’s frustrating when you realize that you’ve been spending on the wrong things because you weren’t sure. It may be challenging to learn something outside of your comfort zone, but that’s what everyone has to do. You have to commit to wanting to understand.

If you don’t understand something, you can’t appreciate its value. And if you can’t appreciate its value, you can’t take action on it. And when markets become more competitive, you’ll lose to your competitors.

The largest corporations in the world are built on data and the customer journey. So why would taking these actions be a waste of time for your brand? It doesn’t make sense.

Growth is a combination of understanding, positioning, and refinement. Show me a brand that thinks they have too much data, I’ll show you a brand that isn’t collecting the right data. I see this a lot with a lot of data analysts that get lost in Google Analytics and other places, it’s passive data collection not active data collection, you know what it’s like, it’s like playing the game where you guess what people do for a living by people watching rather than asking them what they do. These our our tools these days. That’s not helpful. So next time you say you don’t need more data, maybe instead say I’d like to learn more about what data collection and analysis can do for my brand. Odds are we’ll make you more money that what we charge from your existing baseline with ease. #ecommerce #data #strategyhttps://www.linkedin.com/in/jivanco

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