5 reasons data-led decisions are better for RoI

Data-led decision-making is the use of metrics, facts and data to guide strategic judgments that are in sync with business goals. Every organisation needs to make it the norm by creating a culture that uplifts curiosity and critical thinking. At every level, people should have conversations about data that help develop data skills through application and practice.

Here are five instances that merit data-led decision making for better return on investment (RoI):

1)A/B testing: For digital marketers, A/B testing is an eminent tool for increasing ROI. Digital marketers can test two variations of marketing materials and accordingly select the one that best suits their audience’s needs. It’s a cost-effective method that allows marketers to focus their efforts on testing the variables that will have the maximum impact and improve the overall conversion rates.

2)Strategic Consumer Engagement: Consumer engagement always creates enormous impact on businesses. Ensuring consumer engagement minimizes attrition which is cheaper than new consumer acquisition. Strategic consumer engagement is one of the best ways to get your customers coming back, which in turn, increases the value of each transaction.·       Personalised content: By using the right data, you can create a personalised content experience for your audience, thus persuading it to act. Any marketing tool can be used to measure content performance, such as clicks and impressions. For people to make a purchase, this data must be transformed into actionable insights that can be used to devise and execute customized campaigns.

3)Personalised content: By using the right data, you can create a personalised content experience for your audience, thus persuading it to act. Any marketing tool can be used to measure content performance, such as clicks and impressions. For people to make a purchase, this data must be transformed into actionable insights that can be used to devise and execute customized campaigns.

4)Customised-funnel experiences: By analysing how your audience behaves at each step of the conversion funnel, you will be able to tailor its experience and come up with something interesting for each category. Based on what the consumer requires, the data is analysed from your website, traffic, campaigns and other sources so that each step along the funnel can be improved and made valuable to prospects, increasing revenue and sales.

5)Improved lead-management strategies: Initiatives that bring qualitative leads and the ones that could be forgotten over time can be identified through in-depth analysis. Furthermore, diving deep into the information can reveal behavioural patterns, and identify prospects and appropriate channels to reach the target audience.

A marketer’s ability to use data is the difference between a successful and a failed campaign. In addition to giving you the freedom and agility to unlock the motives behind big shifts in the market, data-driven strategies enable you to identify key insights that will nudge your strategy in the right direction.