Transform your data into

actionable insights
 By Expert commentator 13 Jan, 2022

Essential
Web analytics strategy
 
Best practice advice

     

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Leading digital analytics experts share their examples of how

to effectively use data and analytics to generate actionable
insights for your marketing strategy

The number of data sources that are available is growing every day. For some of us,
this might be a good thing, but for many digital marketers it brings up a lot of
challenges to deal with. With increased data, it can be easy to lose focus, become
obsessed by 'vanity metrics', and fail to generate actionable insights for your business.

McKinsey notes that surges in data caused by rapid digital disruption have not
'provided marketers with a substantially better understanding of their customers,
because their companies’ outdated data modeling isn’t able to capture these shifts with
the necessary granularity and speed'.

So, while the innovators are leading the way with actionable analytics feeding their
data-driven marketing, others become stagnant. In today's competitive marketing
landscape, this means losing market share, and customers, to your competitors. You
don't want that, that's why we've got 10 tactics to help get you back on track.
Unlock actionable, practical strategy with the RACE
Framework
Although we all know we need to start using data in a smarter way, it can be hard to
know where to start! McKinsey warns that for companies to take advantage in the
digital era, businesses will need to 'update their modeling—from pulling in new sorts
of data to retraining algorithms—in order to both keep pace with changing needs and
expectations as well as anticipate shifts in customer behavior'.

That's where our RACE Framework comes in. The RACE Framework empowers
markers and managers to break down their customer journey across the 5-step RACE
structure of plan - reach - act - convert - engage. Within each stage, we will guide you
to set objectives, and measure the metrics and KPIs necessary to achieve your goals.
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Reporting vs. analysis

The job of a digital marketer and analyst is not to come up with a lot of fancy-looking
reports that contain tons of data. In my opinion, data is just input. The insights you
provide should be your most important output.

When you have mastered numbers, you will in fact no longer be reading numbers, any
more than you read words when reading books. You will be reading meanings.
~ W.E.B. Du Bois

You need to answer what the numbers mean to your business and what action should
be taken to improve the most important metrics of the business.

Turn data into actionable insights

I have worked with many companies that really got stuck here.

Bei
ng able to collect the right data is one thing, but making it extremely useful requires a
different skill- and mindset.

We've got marketing solutions to help you boost your use of data and analytics to
inform your marketing strategy. Our marketing tools and templates are integrated
 across the RACE Framework, so you can apply a data-driven approach to planning,
managing, and optimizing your customers' journeys.

Find out more about how your company can benefit from Business Membership by
booking on your free 1-2-1 marketing strategy consultation call. Our calls help you
experience our bespoke services for businesses, kicking off by identifying
opportunities for growth across your customer lifecycle using the RACE Framework.

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Examples of actionable insights

Leading digital analytics experts share their examples of how to effectively use data
and analytics to generate actionable insights for your marketing strategy

1. Measure the right things

You can't optimize what you don't measure. There is not a one-size-fits-all solution.
Every business is different and should be treated in a unique way.

Let's assume you run an e-commerce site. In this case, here are some examples of
what you probably want to know:

 Which channels drive the most conversions?

 What are your leaking buckets (places where people leave your website)?
 Whether people use multiple devices before purchasing your products?
 What are the look-to-buy ratios for your individual products and product categories?
 What landing pages need to be improved and in which channel?
You need to think in advance about what is important for your business. It all starts
with asking the right questions.
 2. Ask the right questions to stakeholders
Go the extra mile to answer all of your stakeholder's questions. This means tapping
into the stakeholderís aspirations and challenges by asking the right questions.

Examples of marketing insights that could add value for your stakeholders:

 Outlining specific events and general trends to support your strategy

 Critical environmental and competitor scanning, and market research
 Commercial insights and ROI
You can easily waste hours of your time by getting lost in your data. And coming up
with "insights" that are already known or not deemed important can be highly
frustrating as well! By ascertaining your stakeholders' expectations for actionable
insights.

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3. Use segmentation to drive action

Go for segmentation if you want to take action on your data! By grouping visitors that
have some attributes in common, you can start digging deeper. Choosing which
segments to study depends on the business question you are trying to answer.

Identifying segments will greatly enhance your understanding of how your customers
behave. You can use this information for setting up an optimization plan.
Digital analytics tools like Google Analytics come with a lot of built-in segments and
provide you with all the freedom to customize them to your needs.

4. Use clear visualizations to convey your

message
The way in which you present your data will make a huge difference in the outcome.
Do you remember these presentations that only include numbers and words? And this
compared to clear visualizations that promote cognition instead of confusion.

It's important to articulate a data story with as much what, how, and why behind it.
This will turn your data into insights and profitable business decisions.

5. Discover the context of your data set

Everyone has got data and their own personal data-driven insight (opinion). In most
cases, a superior understanding of context leads to the best decisions.
 Make sure to establish context for the data you are seeing. Examples of data
contextualizing questions include:

 What do these numbers mean?

 Are they important?
 Does it really affect the business?
 And how is the data collected?
Data without context isn't that meaningful and can actually lead to bad business
decisions because of interpreting it in the wrong way!

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6. Build a solid optimization plan

Use the "Define Measure Analyze Improve Control" process (DMAIC) to improve
your business. It's one of the Six Sigma concepts you can directly apply in your
situation.

Embracing the notion of continuous improvement, we continually aim for the

identification and implementation of best practices and work to move closer
towards perfect solutions for inefficiencies and imperfect processes.
 In short, it comes down to:

 Define the problem or hypothesis, stakeholders and scope of analysis.

 Measure relevant data and conduct basic analysis to spot anomalies.
 Analyze correlations and patterns, put your statistics and visualization skills to work.
 Improvement based on insights and showing several options to explore.
 Control the change by deploying (A/B) tests and monitoring KPIs.

7. Construct a great hypothesis

A clearly articulated hypothesis is the start of any "analysis". And the hypothesis
should have the potential to drive action. Come up with your hypothesis by
completing two fill-in-the-blank statements: 1) I believe __________. (this is the
hypothesis), and 2) If I am right, we will __________. (this is the qualification).

Formulating these statements isn't always easy, but you will save a ton of time
wandering through your data and coming up with interesting - but not actionable -
findings.

8. Integrate data sources

The integration of data sources leads to better and faster business decisions. Think
about integrating traditional databases with big data solutions. Mining through and
connecting all your sources will enhance your customer understanding and can deliver
great insights.

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9. Break down organizational silos

A healthy organization is the foundation of everything. Communication instead of
confrontation. Inspire, motivate and be curious about the data and the possibilities it
has for your organization. Treat any obstacles first and improve the communication
between the business and analytics leaders.

10. Don't forget to hire smart people

Tools can collect data, but people - who understand the business - build insights.
Smart people are required to find useful data, translate it into data-driven stories of
useful knowledge - the insights. It's a team effort where combining internal business
experts with external analysts might be your best bet.
Strategize for actionable insights
Each of the tactics described above can help you fine-tune your action plan for turning
data into actionable insights and profits for your business. You might want to pick a
few tactics and first experiment with them. Find out what works best in your industry
and situation and go from there.

Thanks to Paul Koks for sharing his advice and opinion in this post. Paul Koks is the owner and
Analytics Advocate of Online Metrics. He is specialized in Google Analytics setup audits and digital
analytics coaching. You can follow him on Twitter or connect on LinkedIn.
By Expert commentator
This is a post we've invited from a digital marketing specialist who has agreed to share their
expertise, opinions and case studies. Their details are given at the end of the article.
This blog post has been tagged with:
Actionable Analytics

Digital marketing strategy and planning

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