- July 21, 2016
- Posted by: Nabler Marketing
- Category: Data Visualization
The field of marketing relies on data. Marketers are constantly playing with numbers to make some sense out of those data sets, in order to optimize their marketing efforts in future and generate more profits for the organization. It’s needless to say that the field of marketing and all its sub-parts are heavily dependent on data and it might get very confusing or unusable if it is not visualized properly. Moreover, marketers have to frequently make business cases to present to other leaders; and in such scenarios easy-to-understand and attractive visualizations can make all the difference. Here are some ways visualization can be a key to marketing success:
Integrating multi-faceted data to get a complete picture
Whether it is data from digital marketing campaigns or your mobile website – all the data can be integrated into a single visualization tool to achieve a coherent picture that speaks a thousand words. Often, marketers are able to see unique correlations that show up their hidden faces only when the data is merged from across channels and platforms. Utilizing a digital marketing cloud becomes a reality with effective visualization. And once the KPIs are set, getting timely or ad-hoc reports in an appealing format that gives out real insights can be a great tool in the CMO’s arsenal.
Creating attractive visualizations in a jiffy
CMOs not only have to understand data to optimize marketing but they also need to present their cases to other stakeholders in the company in order to procure the right amount of marketing dollars and demonstrate the effectiveness of the previous efforts. With of use of visualization tools, CMOs can drill down to exactly the kind of information they need, play with the data to capture the hidden insights, and design attractive charts, graphs or infographics to make their point heard. Moreover, the visualization tools are way faster today and all this can be done instantly on real-time data feeds as well.
Understanding the customers and refining targeting
The biggest need of any CMO is to understand the customer behavior better across channels and across scenarios. This is the foundation of all other marketing activities that are directed at those customers. So, how do you do it? With advanced visualization tools, marketers don’t need to rely on sampling data, but can use the massive customer data in its entirety and get accurate results for each query they have in mind. CMOs can study purchase history, behavior on the site, past responses, demographics, spending power, gender, life stage and many other parameters all by themselves – without involving the IT team and create customer specific, personalized and relevant marketing campaigns that generate better results.
Increasing business revenue and optimizing marketing effectiveness
Business revenue is directly proportional to marketing effectiveness. To increase revenue marketers rely on identifying opportunities for up-selling or cross-selling, testing new ways to present products, product recommendations, and so on. All these activities depend on finding unique correlations between various items and then using those insights to optimize future marketing campaigns. These correlations are easier to find with visualization tools. CMOs can also utilize data visualization tools to understand which channels are giving better results. With advanced channel attribution analysis, they can effectively drive their marketing dollars to channels that produce the maximum results.
Aiding everyday decision-making for CMOs
Visualization of data can open up a wide range of insights for CMOs. The best thing is that the modern visualization tools are self-service tools that do not require any analytical capabilities. This reduces the dependency on the IT teams to get insights that are often delayed. With no back-and-forth with the technical team, the CMOs can drill-down by themselves. The tools even suggest the best chart or diagram options that suit the data that is being handled, so there’s no need to test various formats of graphs. CMOs can also instantly share their charts with the other members of the team, thereby enabling consistency of messaging and avoiding cross-purpose marketing.
Some of the modern data visualization tools also offer forecasting capabilities that can be highly beneficial for CMOs. Based on past trends, they can predict how the new campaigns will perform and this can help in prioritizing the marketing efforts. Moreover, CMOs can keep a hand on the pulse of what is happening with the live data visualization solutions. They can course-correct immediately and use data for continued marketing success.