It seems everywhere you look these days; you can’t help but to hear about big data. For anyone who’s been in the space more than 2 minutes, we know the importance of data, but are you really using it to its fullest capability? Are you even using, “small” data? :)
We’ve found that this is a concept that is very similar to kids eating their vegetables… They know they have to do it, and are certainly told countless times to do so, but yet they still don’t always do it… Then they grow up and realize just how healthy vegetables can be (and that they usually taste great), they start adding veggies to their diet and reaping the rewards.
In your business, are you using big data to the fullest extent possible? Maximizing data utilization needn’t be a big task, and small tasks related to this over-arching goal, can have a massive impact on your bottom line.
In performance marketing, there has traditionally been a wall between the click generated by the publisher and anything that happens after that. The end result of this is that other than all activity leading up to the click, the publisher is not exposed to the “vitamin rich goodness” that comes along with data analytics pertaining to their campaign. As digital marketing evolves, those that do not have access to this data are robbed of building blocks vital to the health of their campaigns. Simply stated, to maximize profitability, you need as much data as possible!
In many cases, without this data and analytic capture, the success of your campaigns will be in jeopardy. The good news is that putting yourself in a situation to collect your own data is not as daunting as it once was.
Some of the ways that you can use your data are predictable, but still worth repeating;
Most visitors don’t complete the desired action on the first visit. Consider your own shopping behavior… When you are first exposed to a new product or idea, how often are you hitting that buy button straight away? The typical next steps are to research, consider your options, and then consider some more. Marketers understand that this is a finessed dance. There’s no reason why publishers should not be adopting these same principals.
Using re-targeting tools that will find the window shoppers you paid hard earned money to drive to your page, and making offers to bring them back will add profit direct to your bottom line. If you are not controlling the page you drive your traffic to, this quite simply, is not an option for you.
For those prospects that you are able to bring in to the top of your sales funnel, perhaps you had been able to capture email addresses that you can then use to “prove your case” with an auto responder. Through an effective and well thought out trickle campaign to that window shopper who has taken the next step, you can dance your way into their life and eventually get them to convert.
But again, unless you have access to this data and are knowledgeable of their progressing through the offer, it’s simply not something that you can use.
Depending upon what you’re marketing, the sale does not have to stop after the first transaction. After you buy that car, you will need to get it properly insured, and eventually, replace the wheels. This is merely an example of how to maximize your data after the initial sale. Surely you can think of the markets you operate in and how this could apply to you. It goes without saying, but of course you cannot do any of this unless you have the data in the first place. Consider the extra income this could mean to your business. If that is not enough to motivate you, then you are in the wrong business!
When you control the levers of conversion, so too do you control the monetization of your traffic. Traditional advertisers are expert at providing their services, but marketing them online is not always their strong suit. This is the reason that they are looking to outsource their marketing to performance marketers in the first place! Can you recall a campaign, that would have worked, if only it had converted a point or so higher? Having the ability to make quick and subtle (but powerful) changes to your offers is key to making things work. It goes without saying, that without access to this type of data manipulation, it’s not something you’d benefit from.
The bottom line is that by building and controlling your own offers, all of the data benefits discussed above (and more) are accessible to you. By implementing just some of the tactics discussed in this article, you could quite possibly double your business overnight and turn losers into winners. The tools to help you build your own offers and collect your data are available and ready to use without any requirements of developers! Now what are you waiting for?
Geoff Knight TheOfferMachine.com
Geoff is Founder of TheOfferMachine.com (TOM), a SaaS offering customized for the unique needs of performance digital marketers. The software enables users to deploy creative, build custom forms, clean data, and setup integrations, all without a developer. Users of TOM gain a competitive edge by increasing speed to market and decreasing development cost.