How missing and messing up data can ruin your Marketing Analytics
Is your current use of marketing analytics keeping you from reaching your goals?
Have you ever tried to open your refrigerator doors with your car keys? Sober or not, I won’t judge. ;)
Now, if you have a car that actually requires a metal key, this may indeed work! You could eventually pry that door open, though your door seals may suffer as a result of your experiment.
But if you have one of those keyless fobs, you’re never getting in.
You can mash that button, swipe it in front of your door handles, and plead to the chilling gatekeepers of Kenmore and GE to “Open Sesame!”, but it’s not gonna happen.
Alas, those yummy ice cream bars will remain cloaked in their frozen abyss and out of your hands.
Sounds silly, doesn’t it?
And yet, this is how a vast majority of small/medium businesses approach their online marketing and sales strategies when they’re missing the valuable insight data provides.
They may indeed have a functioning key that works wonderfully in the right context, like paid ads or email campaigns, for example, but that doesn’t mean they have the RIGHT key.
Or that they even need a key in the first place. Sometimes you simply have to pull a handle.
It’s a funny story and all, but can the numbers validate this? How many businesses are really making these seemingly silly mistakes?
Tons of them it turns out, around 41%, according to an article published in 2019 on the Information Age.
Almost HALF of the businesses are missing out on the sugary goodness of sustainable sales because the data they already own simply hasn’t been unlocked, analyzed, and put to use!
Today we’re going to look at four mistakes many eCommerce businesses are making with their data use — or lack thereof — so YOU can open that frozen abyss and get into those ice cream bars!!
Er… sales. I meant sales.
Data Mistake #1; Not Having Clear Goals Or Strategy In Place
You want to be one of the brilliant eCommerce businesses to stick around and thrive, so it makes sense that goal setting and validation with your data is a MUST DO for your business.
If you have no systems for gathering, managing, analyzing, and utilizing your data, you’re not only hurting your chances of success. You’re flat out sabotaging it!
Unfortunately, almost half the businesses out there are falling into this very mistake.
Your data isn’t just there for the obvious things like targeting, product sales, and buyer behavior… it’s also there to show you a clear map to accomplishing your goals and seeing if your KPIs are up to par.
What works and what doesn’t, what investments will pay off, what launches to toss, and which ones to keep and repeat. Your KPIs should be leading to your goal completion, do you know if they are? Your data does.
Data use in your overall business plans and goals should be a foundational pillar. If you don’t have this pillar established yet in your company, it’s time to remedy that.
Data Mistake #2; Playing The Role Of Tech Master When… You Don’t Need To
Businesses around the world are heavily investing in data collection and using it to unlock the missing elements of their company growth, solidify their movement, and protect their business longevity.
Each company will have a unique approach and need, and as your business grows, you’ll find many tasks are growing beyond your (or your team’s) current skill set. Though there are many tasks even the most inexperienced techy can do, there are many more that should be left up to a seasoned developer who knows what they’re doing.
If you’re hitting a wall in your growth and performance, you might consider having your business audited by a data specialist who has a more educated eye than you.
From simple things like installing code for analytics tracking to more advanced tasks like creating website functions and programs, to even more confusing yet necessary tasks like data-security and website updating, you must understand what is and isn’t within your skillset.
You can manage your own data, and many people choose to. But just because you CAN, doesn’t mean it’s the best choice.
When in doubt? Delegate.
You’ll save yourself time, money, and huge amounts of stress and frustration when you do.
Data Mistake #3; Poor Website Planning And Perfecting
As eCommerce store hosting options expand and get better and better, it’s easy to think all you have to do is plug-and-play to be successful. After all, that’s what you’re paying for, right?
But there are still a lot of data tasks that need to be activated, integrated, tested, and modified from time to time to generate the data you need for accurate reporting and planning.
Not to mention that every time you add a page or product, it needs to be set up for tracking as well, this isn’t a one-and-done kinda thing.
Many minor and major website issues go unnoticed because metrics aren’t being measured and analyzed, like user behavior, cart dropouts, bonus offers not being triggered, email collection not processing for lead captures, retargeting actions not performing properly, and more.
Make sure you’re setting aside time to run and review your reports regularly so you can catch and resolve your minor issues before they become major ones. If you’re not sure how to do that, it’s time to outsource.
Data Mistake #4; Focusing On The Wrong Efforts For Your Real Needs
You need accurate and current data to analyze and take action towards reaching your goals. If not, you can be doing all the “right” things that take you in the “wrong” direction.
Are you data-savvy enough to know if you have outdated analytic software on your website? Have you ensured you aren’t recording duplicate metrics? Is your own internal site activity being lumped into the overall activity on your site? Is your site even ranking on searches?
Even one or two of these “simple” errors can greatly skew your data reporting. This can set you up for having incorrect client behavior, personas, and motivators, and more, leading you to invest in marketing plans that won’t pay off as you anticipate.
Are You Ready To Fix Your Data Gaps?
Your data is key to helping you create accurate client profiles, conversion journeys, retention plans, and expansion paths. Gaps in these areas can have you running in circles of frustrating and failing actions, and no one REALLY wants to be in that club.
By taking a bit of time to review your current data collection, management, analysis, and utilization systems, you can make sure you’re not falling prey to the above data mistakes we see so often.
The solutions will look slightly different for every business, but the results are pretty consistent:
- More accurate data collection for analysis
- Targeted and precise marketing goals
- Smoother user experiences
- Increases in time, money, and energy as problems are caught and resolved promptly
If you’ve spotted a few mistakes in your current data management and use, but aren’t sure how to fix them, we can help! Visit our website and schedule a consultation with our data professionals for expert guidance and custom solutions for your business’s data analytics gaps.
