Data v Creative
So, in this particular module I want to cover off why data is more important than creative.
Now you’ll have an agency, or you’ll be in a networking group where people will talk about brand and they’ll talk about creative and they’ll talk about having this brochure and that brochure and this logo and making sure that your brand is correct. And that’s good. However, if you’re going to make the most of the online world, which is rich in data, you have to, have to, start to analyse and track and do the basics. So, if that’s a basic lead conversion funnel whereby you track where the enquiry comes from, what particular media – whether its word of mouth, whether its referral, an existing customer or whether its from marketing activity – and whether it has converted.
Again, you’ll be staggered at how few businesses actually have that basic principle in place, because with that analysis, with that data you can identify what works, what doesn’t and why. With the best will in the world, the best brochure, the best brand is sitting in isolation unless you know how it is working for your business. The way to do that is by getting the basics in place to begin with, that’s the basic sales funnel management, from there – online in particular – there’s a whole array of tools, analytics, conversion tracking, AB split testing whereby you can identify what works and what doesn’t at every point at that broad sales funnel. As a result tweak and improve, tweak and improve, and the more you improve the conversion and the better that management is, the more profit, the more gross margin you are going to make.
The take away from this video is get your sales funnel measurement in place.
You have to know where your enquiries are coming from, you have to know the value of them, how much margin they are and the impact they are having on your bottom line.
Without that, you can’t really do any marketing effectively, at all. It’s money down the drain.
The people you’re working with should be able to tell you what’s working, what isn’t and why and if they can’t then that’s money down the drain because in this day and age you should know exactly what marketing is working and why because the data exists. In the olden days, the spiel was that ‘30% of all marketing works but nobody knows which 30%’. Well in this day and age, you do. And it makes a massive impact on your bottom line.
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