3 Strategies for Making Your Data Work Harder

Data used to be misunderstood. Companies hungrily gathered all of the data they could to drive business without necessarily knowing what to do with it. Today, marketers have a better understanding of what that data means, but still aren’t getting the most out of it.

Being able to seamlessly optimize campaigns based off of current and historic metrics enables you to drive increased return on investment (ROI). In today’s environment, this is more than just a good to have—it could be life-changing for your brand. Here are three things to consider when it comes to using data to boost the bottom line.

Go beyond with personalization

Brands have access to more information about their consumers now than they did even just last year. In a study conducted by Salesforce, 54% of respondents said it’s harder than ever for brands to earn their trust. High-quality personalized experiences can help you earn that trust and increase conversion rates.

To do so, step away from basic demographic information and examine how your consumers act on an emotional and behavioral level. These rich insights will allow you to target consumers with personalized advertising to increase conversions. Think about it, you put an ad into the mass market. Market A is converting at 10%, Market B at 22%, and Market C at 18%. Where do you focus your efforts?

To answer that question you need a clear understanding of why the markets are converting like they are. By utilizing platforms that collate your delivery data, you’ll be able to determine exactly why Market B is converting at a higher rate. For example, it could be the time of day, day of the week, or an economic stimuli that’s driving supply and demand in your favor. With this information you can analyze Market A to determine if additional investment is needed or if what is being advertised is not a market necessity at the moment.

Cross-media visibility in an increasingly complex world

From video ads to paid media to social media advertising, having cross-channel visibility on campaign performance has become increasingly challenging. Greater visibility is a key benefit of having large amounts of data.

Tracking consumers’ full-funnel journeys enables you to provide the right ads, messaging and content at the right stages to drive the journey forward. The beauty is that by utilizing technology platforms that provide a single view of the customer journey marketers can paint a masterpiece around their consumer profiles—think Picasso level masterpieces.

There is no worse feeling than realizing you’ve wasted budget on channels that just didn’t work.  Ad delivery dashboards are just one example of what marketers need to get visibility and in turn reduce wasted resources.

Implementing dashboards that put KPIs at your fingertips enables you to make decisions quickly and empowers leadership by showcasing the best performing channels. Whether it’s Google Ads or a new sponsored dance on Tik Tok, identifying these channels allows you to optimize your budget by reducing resource wastage, allocating resource effectiveness and driving unparalleled ROI.

Building a future, now

The marketing industry is alive with innovation and the future of data-driven advertising has seemingly endless possibilities.

Identity resolution for 360 views of the consumer, predictive analytics in ABM strategies, data onboarding for targeted advertising—the list of innovations is endless and continues to grow. Combine this with environmental factors and brands can become even more proactive in their outreach and efforts to create long-term relationships with consumers.

More data is being produced than ever before, to the point where it may seem overwhelming. The key is being able to garnish insights from this vast ocean of qualitative and quantitative information. Be sure to take a step back as well and look at the present. Now more than ever reducing wasted resources, budget and time are key to increasing productivity and aligning your team to be even more successful in this challenging environment.

Source: https://www.adweek.com/sponsored/3-strategies-for-making-your-data-work-harder/

8 Ways To Tune Your Startup Execution For Success

Building a business should never be a random walk. Here are some key strategy elements that work.

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I’m sure you have all seen entrepreneurs and startups with great ideas that never seem to live up to their potential, while others with more mundane solutions seem to take off quickly and never slow down.

In my experience as an advisor to startups, the difference is almost always related to the founder and their execution strategy, more so than to the solution quality or the market.

For example, I used to regularly hear pitches for the next great social media site, usually focused on a special interest or niche, such as photography, cooking, healthy living, or a thousand others.

Unfortunately none of the struggling entrepreneurs I worked with turned out to be the founders of successful ones like Pinterest (photo sharing), NextDoor (neighborhood), or Classmates (school).

After investigating these successes, I have isolated certain strategy elements which I now offer to you as expeditors of success in starting a new business, independent of the product or service you are offering, as well as the market segment you are targeting. Of course, none of these are a substitute for doing your homework on the opportunity, and maintaining the energy to drive it:

1. Break the journey into small sprints with milestones.

We all need to see progress toward a goal to keep us motived and focused. If you tell me that you have been working on your startup for two years, but can’t quite quantify the progress, I’m not impressed.

If you have completed four out of five milestones, we can both see success in your future.

2. Define success metrics, and measure progress regularly.

Smart entrepreneurs set reasonable progress targets, and use these as lead indicators to provide feedback and allow pivots based on things learned along the way. Startup success is rarely a straight-line process, so knowing where you stand at any given point is critical to success.

3. Look for tools to automate and simplify strategy execution.

Initially, you may be able to do everything in your startup, including product development, marketing, and shipping orders.

Too many entrepreneurs I know burn themselves out as this burden grows, and they are hesitant to use available tools or outsourcing non-critical tasks to allow scaling.

4. Focus on communication and responsibility assignment.

As you move from development to rollout, a team effort is required, including marketing, sales, funding, and customers. Your success and growth as a business is now highly dependent on your ability to clearly communicate what you expect from others, and keep them motivated.

5. Define and implement a rhythm to minimize business chaos.

Everyone on the team, including yourself, will be more confident and productive if they see things happening on a predictable schedule.

Most people like a weekly schedule, where they can see reports, predict management appearances and decisions, and feel in control of the business.

6. Regularly schedule time with outside advisors for perspective.

I can tell you from personal experience that it’s easy to get blinded by daily crises, and miss key issues that gate success. Every startup should have at least quarterly meetings with an Advisory Board or key investors to bring a new perspective to what is working and what is not.

7. Make strategy updates part of your normal business cycle.

Nothing kills startups like an entrepreneur who is too fixed on a given strategy, and refuses to change in light of real data that changes are needed. Part of the culture that you must create is one of learning and regular updates, not requiring a crisis and loss of momentum on the team.

8. Most importantly, create a strategy before you start.

Too many entrepreneurs I have known started their business without any strategy or plan to make it grow.

They try to do everything at once – sell online, go retail, expand their product line, and be the premium brand as well as the low-cost producer. Choose your focus and do it well to succeed.

Thus I’m convinced that any strategy is better than no strategy. However, the best entrepreneurs provide the agility and foresight to incorporate the elements outlined here, allowing them to seemingly take any solution and build a successful business.

Richard Branson, founder of the Virgin Group, now drives the strategy of over 400 companies. But even he started with just one.

Source: https://www.inc.com/martin-zwilling/8-ways-to-tune-your-startup-execution-for-success.html