All of us have more data at our fingertips than we know what to do with. Given our increased connectedness to devices as consumers, we can measure practically everything: screen time, the amount of steps we’ve taken in a day, who did and didn’t like our latest instagram post, even the crowdedness of your local supermarket. As marketers, we have never before in history had so much data at our disposal. Now we need to transform this data into actionable insights.
What are Actionable Insights, you ask? Actionable insights are meaningful findings that result from raw data. Put simply, actionable insight is data that leads to results. Let’s say you are a DTC Vitamin Brand with the goal of driving online sales. You are looking at your programmatic reports and notice that a 3rd-party behavior (athletic recovery) is performing 2x better than your other tactics. An actionable insight would be to invest more into this audience as well as build look-a-like behaviors to expand your opportunity to scale.
Actionable insights allow you to make better decisions, guide your marketing strategies to success and most importantly improve your customer experience.
But where do I start? When I run a digital media campaign I get so much data and I don’t know how to find these gold nuggets.
Converting data into actionable insights is tricky, but it doesn’t have to be. Key tips we recommend are:
- Set clear, measurable, goals that align with your business objectives. The Trade Desk has a great article on goal-based buying.
- Track performance by investing in the right attribution and reporting.
- Contextualize the numbers. Yes, you want to measure the delivery on certain KPI’s, but understanding the WHY things performed the way they did to make the most of your learnings for future campaigns.
- BONUS: Use visuals to make your findings more digestible for key stakeholders
Now that you have the recipe for success, what will you do differently with your next digital media campaign? Reach out to The Ventura Team and we will help you harness learnings from your data and put actionable insights to work for you!
