Tell me, do you sometimes question the idea of using data to run advertising campaigns?
Angrily wonder why everyone’s so excited about it? Particularly since your efforts to increase advertising ROI with big data always fail?
And with that, do you worry what the problem is? Is it the quality of your data? Or that you’re not extracting the right insight from it? Or maybe you don’t work with the right data set?
In this post, I’m going to help you figure that out.
I’ll show you the most common challenges marketers face when running data-driven advertising campaigns.
I can assure you that this knowledge will help you address your big data problem. And with that, you’ll be able to start using the data to increase your advertising ROI finally.
Challenge #1: Using the Right Data
Fact, we have an incredible amount of data to use in advertising campaigns. We can collect and correlate practically any information to gain new insights.
Which poses a serious problem.
For one, such an infinite number of ways to process the data leaves many marketers overwhelmed and confused.
They wonder whether to just focus on audience insights or customer behaviors? Or if correlating it with identify other, seemingly unrelated information would deliver an even deeper insight?
My recommendation, always start by identifying two things before diving into the data:
- One, your goals. Decide what specific insight you want to extract. For example, you may want to discover the best time to advertise your product.
- And two, factors that affect your audience’s buying behavior. Identify what else could affect your goal. Using our example above, it could be seasonality.
And then, choose data that delivers on the two insights above.
Challenge #2: Siloed Data
I’m always amazed by how few brands that store data in one place. And how many have it scattered across different teams, locations, departments, and so on.
The result? Siloed data leaves marketers to work with a limited data set only, unable to see the big picture of the campaign.
Unfortunately, overcoming data silos is a long and arduous process. However, there is a quick workaround.
Create marketing dashboards to aggregate the data you need from various sources. True, in doing so, you might not gain direct access to the source. But at least, you can process the information that can help enrich your campaign insights.
Challenge #3: Real-Time Data Analysis
If you struggle with siloed data, then, most likely, you also face this challenge too.
Because, with the information dispersed across an organization, it’s almost impossible for marketers to access and analyze it in real time.
At the same time, doing so offers an incredible opportunity to:
- Identify factors that engage the audience quickly,
- Correlate them with additional data to discover new ways to increase campaign performance,
- Spot campaigns that exceed their budgets, and
- Adjust the campaign in real-time to boost its ROI continuously.
Marketing dashboards help overcome this challenge too. With all the data in one place, updated in real-time, you can monitor and evaluate a campaign’s performance easily.
Challenge #4: Lack of Harmonized Data
Most brands would work with data from multiple sources, platforms, locations, campaign-types, data vendors, and so on.
The problem? The lack of unity between data types, labels, categories, and so on, makes correlating the information near-impossible.
The solution is to harmonize the data - create a unified data set of file formats, category or naming conventions.
Without it, you’ll find it hard to extract the full-scale insight you need to achieve better advertising ROI.
Challenge #5: The Buy-in
Many of the challenges I referenced above – data silos, lack of real-time access to information or data dissonance – have a single cause:
The lack of organization-wide buy-in for the data-driven approach.
Unfortunately, many organizations and departments still perceive data as something not to be shared with anyone else. But such an approach often leaves marketers unable to access critical insights they’d need.
Sales stats, product stock, and other information could help predict customer behavior and other trends that could help run more profitable advertising campaigns. However, if this data is siloed from a marketer, they would have to rely on other, less useful information to run the campaign.
Getting the buy-in is a complex process. However, I have a quick trick that has helped many marketers break at least some of the silos already. And that trick is to create data sets for each organization unit you’d like to share the information with you. In it, show the data illustrating the benefits your work offers to them.
By doing so, you’ll put the issue of sharing the data in the context of their success, not yours. And make it more enticing to break the silo.BACK TO POSTS