If I give you $10,000 and ask you to spend money on marketing my business, where would you start?
You would start somewhere and then succeed or fail depending on the campaign. Now depending on that result what would you do?
If I were you, I would say, look at that data and decide on whether the channel and the campaign is worth pursuing or not.
Data is $ in this day and age.
Nothing in this world teaches you about your business, market, customers, employees, marketing strategies like data. Marketing channels change, strategies for marketing change, the medium (Video / Text) for marketing change, but what shouldn’t change is your mindset and process for marketing.
In all this constant dynamism, the truth is out there with data. What do I mean by Data?
The most important data point or metric is Conversion.
A conversion is one of those things that vary from business to business. For a business with a product, conversion can be a sale made, for another business it can be time spent > x. It all depends on the business.
Conversion will tell you if your product is good, if your marketing Is working if your customer is the right customer for your business or even if it’s worth pursuing your business.
So when you start the process of marketing, always make sure to set up a system that collects data. And when you pursue data, don’t pursue the wrong kinds.
For example, Facebook Likes isn’t any valuable. What is valuable is, the number of your subscribers who have made a purchase. Traffic is another one, it isn’t particularly useful by itself. But is your traffic converting? That is important data.
Always base your decisions on numbers and nothing else.
Numbers don’t lie.
Your friends might and even if you ask your customer for feedback, they might as well, but their action or lack of action does not lie.
If you are a data driven marketer who is always learning then you will never go defunct, but if you base your marketing strategies on trends and hunches, then sooner or later you will be wiped out by the inevitable change that is expected in the world of business and marketing.
So I ask you again, if I give you $10,000 to invest, what would you do?
Your first step should be is to spend very small, experiment and collect data. Don’t stop experimenting. Be a Growth Scientist!
Here is a short video about Business planning expert & author, Julie Gordon White who shares her advice for starting a web-based business using content and data.