MarCast explores what role data plays in business growth post COVID-19 with Michael Ziviani
In the latest episode of MarCast our editor Jasmine Giuliani speaks with founder and CEO of Precise Value Michael Ziviani about how data has become the new roadmap to business growth and success in our post COVID-19 world.
Ziviani joined the conversation on MarCast to discuss the role that data can play in business growth in a post-pandemic world where brands are being forced to rapidly innovate and pivot models in order to meet changing customer needs.
Make data work harder for you
Business is essentially a process machine. Data describes/informs how inputs are transformed to outputs, whilst maximising profitability by virtue of the marketing process. It’s like an efficient factory – when you understand performance drivers, you can achieve impact and efficiency and customer data is the key.
Once you’ve conducted the review you look at the data in order to interpret where change should be made, essentially pivoting your business or choosing not too. Then develop a strategic plan, determining how you will execute it and communicate it.
Creating new value using data
An example of a client that created new value using data is the Smith Family who sought to create new value through their existing data in relation to their marketing and communication activities. This meant collating various existing data to analyse the impact of that activity on its fundraising. For example, bringing web traffic alongside communications activity. Here the point is to accelerate cost reduction and improve business efficiency. Activities can be adjusted and analytics applied to joins-the-dots so they see the effect on results.
This approach reflects an effective COVID management plan of agile, regular meetings that can successfully deal with a highly dynamic environment.
What data is important and what is not
It’s all about back to basics and understanding where your business value comes from. That means joining the dots from action to result. Look at your customer interactions, what happened in the steps up to realising $ value from that. Brand loyalty may factor here – existing customers, their purchase journeys, patterns and spending factored against the journey for new prospects.
Applying the right model of customer behaviour automatically leads you to understanding what data is relevant to driving sales and what isn’t.