Digital Marketing Data – how to approach?
In my previous blog “Digital Marketing Data – the what and so what?, I had talked about how having data is only the first step in the race and most noteworthy step is the step of asking the correct questions from it (From my first blog). Therefore, the natural question that comes up in mind is – how to approach your data?
Digital marketing data can be enormous, which can prompt a lot of analysis in your mind. Not all analysis is important, and will provide a business insight. What matters most is the actionable business insight that the analysis can provide.
As a result, not all questions that you seek to answer have an important business impact. Hence how do you channelize this analysis? How do you ask the correct questions ?
A very common framework used in many other disciplines can be leveraged here too. It is simply known as the Goal – Question – Metric framework or the GQM framework. It does three things:
- 1. First, it tells you to identify your key (2-3) business goals to achieve
- 2. Then for each of them, it encourages you to ask as many meaningful questions as you can come up with.
- 3. Lastly, it is important that these questions get answered using metrics, and hence it recommends you to only create and align those metrics which you can spend time improving through your digital marketing efforts and achieve your goals set out.
In conclusion, a structured thinking about the real purpose of the effort, and a clear objective set of measures very well aligned to the purpose, could be the critical step for outstanding returns from your digital marketing campaigns.