Why Data is the Cheapest Asset you’ll Buy & the Most Expensive One you Won’t…
Let’s not beat around the bush here, the single biggest reason that the overwhelming majority of marketing campaigns never reach anywhere near their potential is that they are simply speaking to the wrong people.
And the single reason for this is that the people don’t spend enough (any) time ensuring that the information that have about the people that they really want to speak to is accurate, up to date and with the right information that you need. (In today’s market, as a bare minimum you should have name, email address and direct phone number for any marketing you are considering.)
People are either still in the old school method of thinking they can market companies, or the data they are using is out of date and not accurate enough, so not only does it never get seen by the people they wanted to get it seen by the people that do see it just bin out of hand – because it’s not to them so never gets on the ‘important pile’.
Most often though, companies actually don’t have any information on the people they really like to talk to and as such they just bang things out into the ether and hoping that the right person will stumble across it;
That’s the reason why investing in good data is one of the ‘cheapest’ things you can do.
Yes, you will have to pay upfront to have it done properly but once you have it – it means two things:
- You have an asset that is useful to your business for ever
- You know that any future money that you spend on marketing is going to the right people. So even if the campaign doesn’t deliver what you want it to you know the only problem is the campaign because the data is exactly the people who you want to sell to.
And that’s reality of marketing today every piece is a test but your worst scenario here is that you are testing something to a market that you aren’t 100% certain that is right.
Ask yourself this…
“How much time have I spent this year on ensuring that the data I sell to – so the absolute make or break lynchpin of your campaign – is accurate, up to date and with multiple contact points?”
Every campaign hangs off having the right data, without marketing is ineffective and expensive and damn frustrating too!
P.S. If you haven’t seen it yet, Phil our MD talks about data and the how to get the right data here – well worth a watch.