How Can Businesses Use Data to Improve Their Marketing Campaigns

0:00Alright, so we're going to talk about how businesses can use data to improve their marketing campaigns. More so first party data, because we took this topic from BART, so we want to modify it a little bit. All right. So how do you want to modify it? I'm just going to put first party here. There we go. That's the first question. How is Eric going to modify the titles that we got from BART? I actually like it. How do you use first party data to improve? Here's the problem with this title, just in general. I don't think most businesses can use first party data because they can't really afford to do it right.

0:30All right. We're going back. We're going to use data. We're taking the first party out, guys. Here, I'll give you an example. Okay, before, so while you think on this, while you noodle on this, Neil, we've talked about Magellan.ai, and that's the podcasting tool that costs$1 ,000 a month. And that is a pure example of more so third party data that's being used, right? So if I want to improve my podcasting campaigns, I now have a lot more information. I understand who's actually advertising on their podcast, who's actually renewing, what the renewal rates are, and also who they're partnering up with.

1:03And I can also filter and see which podcasts also have a YouTube channel. And so, for example, for this podcast, if we want to collaborate with people and Neil and I are like, if we're both in Beverly Hills, we're like, maybe we want to meet with people that are entrepreneurs, that are marketers, that are just in Beverly Hills, so we can do a live thing. And so now we can make better decisions because we have better data. Yes. The hard part with the data, dude, when businesses track data, whether it's in Google Analytics or Data Studio or Tableau or whatever they want to end up using, the issue isn't businesses tracking data.

1:35When they're tracking their own first-party data, a lot of companies don't have the resources to get enough of it where you can do some really interesting things. but the big issue that I see it's not even businesses like hey this is how you make use of your data and here's how you can improve your ROI dude I spoke at an event called ads con in London and I asked the room you know how many people use analytics everyone uses analytics and then I was like how many of you guys actually log into your analytics and you know a good amount raise your hand I'm like how much of you guys actually log into analytics look for data and then make adjustments from there?

2:11Dude, very few people are. See, the problem with analytics is most people just look at things like visitor account, revenue, where you're getting your traffic from, conversions, but they're not actually making adjustments. Like, oh, here's my conversions from this channel. Where's the drop-off in the funnels? Where can I improve it? Oh, which channel is performing the worst? What's the landing page? How does it compare to the others? The issue isn't if it's hard or easy to actually make improvements, because I don't think it's the hardest thing. The issue is that most businesses just don't log in and actually make any changes.

2:43Yep. You know what's interesting? I just, I don't know about you, Neil, but I started playing around with GA4, even though I really missed the universal analytics. By the way, there's a looker report for that. If you want to go back to the universal analytics, that's a whole nother topic. But you know, what Google is trying to do here is you can actually, even with the old analytics, you can prompt it to ask which pages are converting the best or which, what I would recommend is if you're making a lot of content on your website, right, you're putting it into subfolders and you can ask which subfolders, which directories are converting the best.

3:12And through that, you are actually making decisions there, right? You want to be able to look at the data and not just sit there and say, oh, this looks nice. It's more so, hey, this seems to perform well. How do we double down? How do we triple down on this? That's how you want to be looking at this stuff. Because the data is supposed to tell you a story. And if you're just, to me, data analytics, right, that type of stuff is storytelling with data. And if you can't come up with a good story to help guide your actions, then you're kind of just, I don't know, it's like a analytics masturbation type of thing.

3:40So yeah. And what I would do is once a week, have everyone in marketing, sit down, go through your analytics and your data and figure out, all right, what are metrics in here that aren't great? Why aren't they great? Let's analyze it. What are some ideas that we can implement to improve this and work on implementing it within seven days? If you can't implement it within seven days is too big of a change. You should be able to implement it in seven days. And then within 30 days, you should have results on, did that change help me or did it hurt me? Yep. To kind of double down on that, it's having an experimentation framework here, where you're actually talking about the test that you're running, and maybe it's a Kanban board or whatever, or however you want to structure this.

4:21But you basically have a hypothesis, and this is what you think is going to happen. And then whether it's successful or not, and you keep moving, keep moving, keep moving. And you have the understanding that most of your experiments are not going to work. One through 12 might work, right? But the idea is that you're incrementally getting better because again, you have to have a testing framework that's around this. Otherwise, you're just staring at the data. One of my other buddies, and we tried something similar, didn't work as well for us, but maybe it'll work well for you. Your mileage may vary.

4:48One of my buddies would just give spiffs. Define what a spiff is. Experiment. And it did extremely well. They would get paid out 500 bucks,$1 ,000,$2 ,000, $5 ,000. It depended on the results. Like if it boosts the overall company's revenue by like 5%, 10%, they can make like 10, 20 grand. I used to also, funny enough, give spiffs for my team giving me blog topic ideas. We had a few people who took it and they would get a few hundred bucks. And if the post really hit hard, you know, they can make 500 bucks or a thousand. But after a while, people slow down. Why do you think that is? They were running out of ideas and the people who are interested, you know, got a few thousand bucks and like, cool, this was great.

5:28But then And we didn't really stop it internally. People just stopped giving the ideas and like, ah, I've heard this spiel. When's the last time you promoted it? Pre-COVID. There you go. It's like you have to remind people. Just like when you're talking to your kids, you got to remind them. Yeah, that's true. I should promote it again and see what happens. I bet you it would work. Anyway, that is it for today. Please don't forget to rate, review, subscribe. Five stars, please. And we will see you tomorrow.