A fundamental principle of partner marketing is that a brand's partnerships should be tracked, recorded and rewarded based on their performance.
To sift through the sea of information, identify trends, and distill actionable insights, advertisers must develop strategies for ingesting and managing their data streams, identify the key metrics that align with their overall business goals, and ensure those are analyzed in a relevant and meaningful context.
Given that actionable data provides the most value, it is essential to identify, track, and prioritise truly relevant metrics, i.e. stats that correspond to revenues, or profitability, or both; not just metrics that are easy to measure or understand.
After all, the ability to access real-time data is invaluable, but also leaves advertisers at the mercy of third-party platforms. If everyone relies on the same data set, how can you achieve differentiation and an edge over your competitors?
The edge lies in you knowing your own business and understanding your customers. Companies in different industries at different growth stages can have wildly different needs and goals, as the graph below suggests.
Advertisers should harness known consumer behavior to inform campaigns that are aligned with their overall business objectives. For example, it would be helpful for a company in the travel industry to move through the following steps and questions to ensure they build a successful loyalty program:
Analyze loyalty behavior among consumers
Are they a frequent flier with a single airline? Do they always request wi-fi? If they hire a car, what model do they prefer?
Determine loyalty information
What are the loyalty metrics? What is their propensity to convert? Are they after specific information each time or can their experience be personalized?
Develop business strategy
How could the loyalty information be used to focus delivery of specific conversion metrics? If high-value flights with car rental at airport are desired, what data could drive that activity?
Extract actionable insight
Based on loyalty information, how could this be translated into actionable insight? If data is only available retrospectively, how could this be incentivized?
Data grants advertisers unprecedented insights into the consumer journey and immense power to influence the path to conversion. To make the most of their data, advertisers must develop strategies for ingesting and managing their streams, identify the key metrics that align with their overall business goals, and ensure those are analyzed in a relevant and meaningful context.
Although many appear to be suffering from the sheer weight of data being collected, it critical in 2017, companies start to glean actionable insights from their masses of incoming information and use this to inform both their business and marketing strategies.
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