In this episode I want to talk about data and using it to make decisions in your business. Data is a super powerful asset but lots of people seem to either ignore it or aren’t sure what to do with it (so they ignore it, haha).
Firstly, what are data driven decisions?
Data driven decisions involve using quantitative insights to guide your marketing strategies and optimise performance. So they are choices made based on the analysis of relevant data and metrics.
Data driven decisions lead to more effective Facebook ad campaigns, improved ROI and ultimately a more successful and impactful digital marketing presence.
Tune in to learn more
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Transcript
Welcome back to the new school of marketing podcast. I’m so grateful to you for tuning in. Before we dive in I would love to pay respect and acknowledgement to the palawa people of lutruwita who are the traditional owners of the land on which my business operates and pay my respect to their elders, past, present and emerging.
How are you?
I know you can’t answer me directly, but I’d love to know how you are doing? Feel free to DM me on Instagram or send me an email.
As I’m preparing this podcast I’m actually a bit under the weather. Winter is such a tricky time with little kids. Daycare germs are a real thing and it’s rather sad and frustrating. My poor little man copped it last week and had a few very tough nights, which meant that I had some tough nights too. It’s no wonder that my immune system is down and I got it too.
Bring on summer I say, haha.
In this episode I want to talk about data and using it to make decisions in your business. Data is a super powerful asset but lots of people seem to either ignore it or aren’t sure what to do with it (so they ignore it, haha).
Firstly, what are data driven decisions?
Data driven decisions involve using quantitative insights to guide your marketing strategies and optimise performance. So they are choices made based on the analysis of relevant data and metrics.
Instead of relying on just your intuition or your gut, which by the way is something we should listen to, we use objective and quantifiable information to guide our next steps. In marketing you do want to make use of your data because by using a data-driven approach you can better understand your audience, evaluate your campaign performance and identify areas of improvement. It will help you make more effective decisions and implement more effective marketing strategies.
So with our eyes on Facebook ads, how do you make data driven decisions from your ads results?
Before we dive into the data analysis, let’s make sure that we have some foundations in place. Firstly we need to make sure that we have a clear objective, because without it we won’t really know what we’re measuring.
So, are you aiming to drive sales, increase website traffic, attract more leads or boost your brand awareness?
Next we also need to make sure that you have your pixel installed so that you can track your ads. The pixel tracks user interactions after clicking on your ads, which feeds data back to Facebook about purchases, sign ups, views etc.
Then we need to use Facebook ads manager to the best of our ability. It’s an incredibly powerful tool that provides comprehensive data about your campaigns, so long as we actually know what this data means and what we can do with it. Depending on your campaigns, you’ll get data like click through rates, conversions, reach, costs for a lot of actions like impressions, cost per click, cost per lead etc. Knowing what this data means will help you make data driven decisions.
There will be so much data inside of ads manager that you might not be able to decipher all of it. Some of it will be useful, some of it not so much. That’s why it’s important to learn how to read your results so you can take action based on what the numbers tell you.
For example, if your objective is to get people to complete a form inside the Facebook app you don’t really want your ads to have a high link click through rate off the platform, you want them to stay on the platform.
Equally, if you want to send people to a landing page and your click through rate is low you need to find a way to increase it.
Learning how to interpret your Facebook advertising results and data will help you in finding out what’s working and what isn’t and then take action to improve on what’s not working.
Data-driven decisions sound like a fancy thing, but it’s really a way to make informed choices based on objective insights and measurable results. So rather than guessing what’s going on, you let the numbers do the talking.
By looking deeply at your Facebook advertising analytics and tracking relevant metrics, you can gain a better understanding of your audience, evaluate campaign performance, and optimise your marketing strategies accordingly. Data driven decisions lead to more effective Facebook ad campaigns, improved ROI and ultimately a more successful and impactful digital marketing presence.
Outro
Thanks for joining me on this episode of the New School of Marketing podcast, I hope this episode was helpful and I can’t wait to share more marketing tips with you next week.
If you’re ready to take your business to the next level with Facebook and Instagram advertising, make sure you visit www.newschoolofmarketing.com to download practical free resources, plus subscribe to the podcast and never miss an episode. I can’t wait to go on this journey with you. Until next time, take care and market your business every day.
