Understanding and Interpreting Market Data

A man holding ballon strings with CDs, Twitter, and other data gathering tools at the end of the strings.
The amount of data is continually increasing. How to determine what data is most important can be difficult. Source: Google Images

Data usage is continually growing and based on a software company Tableau, sharing data that is centralized, clean and fast is the best way to bring data intelligence into everyday conversations. Organizations increasingly are relying on employees to understand changes, trends and intelligence in a data-driven market. Employers look for teams that can think critically and collaborate. Because of the growing demand for analytics, marketers must look to add sophisticated tools and new data sources, to stay in line with trends.

Marketers are turning to Google Analytics (GA) to help gather customer information and generate actionable insights. GA is a platform that closes the gap between businesses and their customers in the digital age. Furthermore, GA measures the digital interactions in an aggregate, anonymous way that looks at who a businesses customer is, what they need or want, and how to better serve them. Marketers should be using GA for two reasons. First, marketers can use GA to understand the performance of marketing, such as which ads or campaigns are converting or not converting. Second, marketers can use GA to better understand which content site is leading to conversions.

Another aspect of data-driven marketing is marketing attribution. Before using marketing attribution, the process of identifying a set of events that contribute to a desired outcome and then assigning a value to these events, was not necessary for all businesses. However, companies are beginning to invest in marketing attribution in order to find a connection between marketing and sales. Marketing spending can have one of the biggest impacts on the bottom line of a company, according to an article on Business to Community. Companies both large and small use marketing attribution, to assist them in learning where all the market spending is going.

For Mobile app developers, understanding the analytics behind a newly creating app is extremely important because of the competitiveness and saturation of the Mobile app arena. Mobile app creators leverage data and analytics to find every advantage they can get, such as learning what day of the week or time of day is best to focus on marketing efforts. Based on AppsFlyer, a mobile app tracking and attribution analytics platform, consumers generally install more apps on the weekend. AppsFlyer is an app that is a key tool that can be used by marketers to take the data from marketers mobile advertising and marketing campaigns and clearly identify which campaigns bring the best users and which ones underperformed. Furthermore, the app allows marketers to optimize their efforts in real-time and run smarter, more effective operations.

Data-driven marketing is a priority for marketers. Every marketing activity is driven by data as data allows marketers to use their knowledge about their audience to maximize their marketing efforts. Although there is an abundance of technology and analytics, it is often difficult to decipher what is most important. One aspect that should be used for every marketer is customer feedback. As gaining customers is imperative for companies to drive profits, marketers must continually look at using data to their advantage.

From a marketing management perspective, here are some questions to consider:

  • What are some key performance indicators (KPI) that marketers should be using?
  • Research a particular company that interests you and determine what kind of data they use to determine where their marketing spending is going.
  • How should companies choose which data to look at? Why is some data more important than other data?