28 Aug Want to Be Disruptive? Be Led by Analytics First!
The above quote is attributed to Albert Einstein. Whether he really has said it isn’t relevant, it strikingly describes the current shift towards more analytical decision making, which to my opinion is a good thing. We are surrounded by Apps, devices and sensors that gather data which is analysed to provide us with suggestions or offers that we are most likely to accept. However, the growing popularity of Big Data and “technically sophisticated, computationally intensive statistical approaches” has an unfortunate side effect: a “shut up and calculate the numbers” ethos, rather than one that promotes critical thinking and stimulates ideas about what the numbers actually mean. Question is where should the balance lie between intuition and analysis.
What is the best decision strategy, trusting your intuition or performing the analysis, is part of an ongoing debate. You may believe in intuition, but you definitely will measure success. Between faith and performance, which one will you choose to grow your business? Well, in the web industry, it might be true even more than anywhere else.
Digital Marketing is no more a buzz word as everyone seems to understand it well. At least they think so. After Innovation in 2012 and 2013, Disruptive has become the new trendy word of the past two years. I am sure you all ever heard about Disruptive – magazines, meeting room, coffees, TV shows… Everyone seems spreading the word nowadays, letting us think we will be the next Steve Jobs. But Digital Marketing does not consist in “ideas” that too often dictate and decide which campaign will work and which won’t. The digital world is different. We have the tools and technologies to track and measure results better. This benefits make online and digital campaigns a key factor in the success of a marketing strategy.
If it is true that a couple of online businesses have been founded on real disruptive and innovative ideas (eBay has offered the opportunity to rate users of a marketplace and build e-reputation, Tinder has translated our hopping/zapping habits into a swipe feature that has become a standard in application UX), most of businesses – including such famous ones as Amazon.com, Zappos, Facebook – owe their success due to a data driven approach and management. Jeff Bezos’ model is entirely driven by analytics. Even Facebook original idea was innovative but the company’s amazing growth relies on analytics led marketing, due to a well-performing user interface built in thanks to analytics. As a result, it seems that most of the time, KPI monitoring and ROI always matter.
It is true each client and industry is different and needs to embrace and use Digital Marketing differently. What they have in common, however, is that they all need to list and priorize their business goals first, then translate them into Key Performance Indicators. In webmarketing, the ranking of KPIs will allow to design and build the most efficient user experience and interface while allocating a call-to-action referring to each KPI, then building and locating the call-to-action in order to optimize conversion rates (click rate on a special offer might be higher at the top right of the page for instance). Building a corporate website, an application or an Ecommerce being led by intuition and “look and feel” instead of being led by analytics is a huge mistake. It does not mean it will not necessarily work. But in case of success, you would not know what were the success factors. However, while designing your UX based on analytics and by tracking each component of your website, you are sure to understand your visitor’s behavior, what works and what does not.
Besides, intuition matters as it sometimes allow us to find new models and test them. Actually, there is no analysis versus intuition but analysis and intuition. Success lies in the right balance in intuition and analysis. Use analysis to verify your intuition and apply intuition to find models. Even when the time frame is thigh, analysis can be used to at least verify intuition and bring new directions to consider or think about. Balancing intuition and analysis will boost the quality of decision making and train your intuitive mind.
Any digital project? Obviously Content Strategy, Campaign Ideas, Market Insights and Creatives are 4 components you should think of while defining your marketing strategy. But if your end game is success : stop being obsessed with innovation and disruption! Execute your idea by prioritizing your goals, monitoring your activity, applying analytics core principles and scale your business day after day. Slowly but surely, success is on the road ahead.
Because we think there is no Conversion without goals prioritization, all our services are offered with a tracking solution. Better be safe than sorry: Use real time monitoring and enhance accuracy of decision making. And if you are not convinced by benefits of Analytics Led Marketing yet, feel free to stop by and share a coffee with us.