Yes, I do obsess over digital marketing statistics. It’s why you see headlines like this over and over and over again? “Why You Should Know These 10 Marketing Metrics”, “250 Statistics to Greater Sales”, “14 Common Misconceptions About Statistics” and on it can go forever it seems. It is simple when you know what your data is saying. You know what people are thinking.
#1 With Out Statistics You Know Just Enough To Waste Money
Statistics and data solve the age old questions of marketing, “How is our campaign doing really?” As well as “Am I offering something people want?” Marketing is complicated and an ever moving target. Statistics at least help us know to some degree of accuracy the answer to these questions.
When every ad costs money; every day has a price tag. Measuring and analyzing statistics can tell you when to stop or what to change. Knowing what and when to change. That is why businesses pay the big bucks to a marketing star.
#2 Can We Improve If So How
This one is self-explanatory because everything and everyone can improve in some way, right. Statistical analysis of data can pinpoint the areas that need the most attention. It can also tell you when to “double down” on your marketing or when to fold’em. (Cue Kenny Rogers song.)
#3 No Matter What You Think You Could Be Wrong
Where marketing can get scary is when a marketing adviser tells you to go “all in” on a blind hunch. Marketing is like fishing more than gambling, though, an overused but extremely accurate analogy.
A professional angler if honest will tell you fishing is trail and error. Most of the time more failure than success. What they do better than the other guys is know enough statistics about the fish and environment to get through that process of finding what the fish are biting more effectively. Conserving time and resources, time is what?
#4 Did You See That Coming?
If you own a new iPhone odds are you spent over $600 on it either up front or hidden. You do know that it is not free, right? Did you ever think people would spend over $600 on a pocket computer/phone? Apple did, how did they know that? Marketing statistics told them.
They saw a trend coming before the other guys did. BlackBerry was making smartphones that had a lot of the functionality of an iPhone and controlled that market. BlackBerry completely missed the boat on the smartphone trend, though. They didn’t see it coming or that they were losing their market share till it was too late.
#5 She’s Just Not That Into You
It’s a hard pill to swallow, rejection. Pour money into a 30-second one-way conversation ten times a day for a week. Only to find out your market doesn’t care a thing about your offer. What if I told you that you might have been able to save that money? There are no sure things in marketing just like fishing. Statistics can at least ease the financial pain of the break-up.
#6 Statistics Are Sexy
In the same way, statistics can tell you what people don’t want. They can also give you a pretty good idea of what they do want.
Though it is much easier to see when a market doesn’t want something. You can get a good idea what they do want when you know what to look for.
Next time you are looking over your digital marketing statistics. Start seeing it as mining for money. When you find a trend that helps you market a product or service you provide, that’s sexy.
#7 Marketing Takes Time
You know what time is right? Money? NO time is EVERYTHING! It can cost you money or make you money, but it can never be gotten back.
Is it worth your time to do your marketing? If it is then, marketing needs to command a good portion of your time and focus.
The best reason I know of for hiring someone else to do your marketing? No one else should be running your business but you. That should be your primary focus and is a good use of time. However, someone else can do your marketing and probably even better than you.