5 Steps to Marketing Analytics Success

Before explaining how statistics will help us improve (and rely on) our marketing, let's put it into context.  As it turns out, statistics is the fourth step in the 5 steps to marketing success.  The steps are listed below:

1.  Gather

   
   

2.  Measure/Report  

   
   

3.  Analyze   

   
   

4.  Test 

   
   

5.  Improve  

   
   

First, we need to gather our marketing data.  That means identifying where it lives, putting it in one place, and making it accessible for the steps ahead.  This is the core of database marketing.   This is the foundation of success.

Second, we need to measure and report the data we gathered above.  Determine your key performance indicators (KPIs) wisely to insure your analysis impacts the right goals. 

Third comes analysis.  Analysis goes beyond reporting.  Analysis involves segmenting, scrutinizing and asking pertinent questions - and getting to the answers.  Companies that dedicate time to analysis will reach improvement faster. 

Fourth is testing.  This is a vital stage in any improvement goal.  While it’s important to be creative with new offers, versions, and copy, evaluating tests with statistical certainty enables us to accurately evaluate these tests.

Fifth is improvement.  This is the fun part.   It’s important to quantify your results in terms of profits.  Increasing conversion rates by 15% is good, but in order to have a large financial impact, improvement should be targeted to large segments of your customer base.  This is where you begin to implement what worked in step 4 and reap the fruits of your labor.

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