First and foremost, Velocidi is designed to turn big data problems into big data solutions. By helping you integrate all your many disparate data sources into a single platform that can ingest and analyze that data, it becomes easier than ever to arrive at clear understandings of your marketing spend ROI.
The issue is making that leap from Velocidi’s data visualization tool to actual reports and decisive action.
As every company is going to have its own metrics, models, KPIs, and ROI targets, there's no way to write "one size fits all," step-by-step instructions for integrating Velocidi’s data visualization into specific implementations. However, based on our work helping clients make the most of their Velocidi investment, we can offer some guidelines and examples of how properly-visualized data can translate into better insights into your marketing spend and investment returns.
5 Tips for Integrating Velocidi’s Data Visualization into Your Marketing ROI Metrics and Strategies
1. Pick proper baselines.
One major challenge during the changeover from manual data entry to data visualization systems is deciding which of your "old numbers" you will carry over to use as baselines of comparison going forward. These baselines will be different for every company, but they must be determined before progress can be accurately measured in the early months and years.
Whenever possible, utilize baselines that reflect commonly-agreed upon KPIs which have also been shown to be beneficial overall. If all else fails, stick to the basics like lead generation, sales stats, and customer lifetime value.
2. Be willing to eliminate unproductive KPIs.
This can be a challenge — some departments or executives may be particularly fond of certain KPIs, particularly those which are easy to hit or look nice in a spreadsheet. However, as the data comes in, you should be able to start determining in a very hard, factual fashion whether those KPIs are actually contributing to an understanding of your marketing finances. In worst-case scenarios, they might even be KPIs that are costing money to hit while bringing no substantial benefit beyond bragging rights.
A good example of this would be social media followers. A lot of companies like to talk up how many social followers they have but, fundamentally, social numbers can be literally purchased. And often are. Only rarely can they show direct value in terms of ROI. Have the willpower and\or the backing of other decision-makers to point out when such KPIs aren't beneficial to a company.
3. Form a team and seek outside opinions.
Data visualization gives you a great tool for seeing your progress, but it still requires brainpower to derive actionable insights from that data. You're going to want more input than just yourself, particularly when you're starting out.
If possible, your team should be multi-departmental. A proper data visualization rollout will influence more than just marketing (and many areas of your company may want access to your data once they see what you can do with it) so go ahead and invite several different thinkers to help collaborate and brainstorm.
4. Learn when to dig deeper.
This is one of those skills which really can't be taught, but you'll learn as you go along. Sometimes, you'll see marketing data or returns which you don't understand, or have unclear causes. This is the time to dig deeper, either by looking for different patterns in the data, or by looking for new data sources that address the questions being raised.
A story we've heard that's a good illustration of this involves fast-food chain Arby's attempts to boost outreach to teenagers a few years back. Despite several months of effort, and seemingly positive response online, they weren't seeing actual increased sales. So, they dug deeper and discovered the problem was that many teenagers were still being driven around by their parents, and thus had limited decision-making opportunities. The marketing was retooled to be more inclusive of parents, and the campaign became profitable.
5. Resist the temptation to "lie with data."
Particularly in the preliminary stages of rollout, you're probably going to be under huge pressure to justify the program by presenting positive numbers. In other situations, your new data analysis tools may uncover information some may not want to hear.
We're not saying not to use some spin, but keep it reasonable. If you start out creating reports which are deeply misleading, that's just going to create a rabbit hole of deception which will only become more unnavigable the longer it goes on. In a worst-case scenario, it could poison attempts to get legitimate information out of the data for a long time to come.
Stick to your guns. This process might be a little uncomfortable, but the long-term gains will be worth it.
Solve Your Big Data Problem with Velocidi Data Visualization
Velocidi makes it easy to take data from the many sources you must deal with and puts it all in front of you in an easy-to-digest format. With Velocidi data visualization on your side, you'll know exactly where your marketing money is going — and how to make best use of it.
Contact us today to see a free demo of Velocidi in action!