“More valuable than oil” - that’s how data is being classified among business specialists nowadays. Once a privilege of major companies for its high price, access to data has become more democratic and even small businesses can now use it to their favor.
If you’re not using data to guide your decisions yet, your competitors probably are, so let us show you all the pros (and no cons) of starting to implement data-driven strategies to your business today. You’ll see that social media is an efficient and affordable way of doing so.
For Starters, The Benefits
The demand for converting data into information has never been higher. But why is a data-driven culture so important? It can sound cliché but information is power. It’s the way to keep a business competitive and innovative in a time when the way people get in touch with products and consume them shifts fast.
Of course, there are challenges: extracting data, refining it, and guaranteeing it’s used efficiently.
If your business is able to overcome those (and we’ll show you how to next), you’ll have important information in your hands to not only know your target audience better but to develop the business itself. You may even be able to implement a Blue Ocean Strategy.
Blue Ocean Strategy
Blue Ocean is a business strategy that focuses on differentiation to open up a new market space and create new demand. It’s a situation when a business has a new and unique product or service to offer and has no other competitors yet because it’s entirely new. One of the best examples of it is Apple, whose pioneerism with smartphones and wearable technology made the company one of the most successful in the world.
Paying attention to your data is one of the best ways to find market gaps and thereafter come up with innovative solutions that will allow you to navigate alone in the middle of an ocean, in total control of your direction. You want it.
How Can You Use Social Media To Start Implementing A Data-Driven Culture?
Not that long ago, access to high-quality data used to be expensive and something only major companies could have. Those companies, like Netflix, would invest millions of dollars on their platforms and algorithms in order to feed their customers exactly what they want (and sometimes didn’t even know). Luckily, data is now a more democratic thing and various platforms can provide you a start with the data-driven culture that your business needs. Even if it’s a very small one.
Social media platforms can potentially gather an infinite amount of information. Facebook, for example, has 2.85 billion users and can track behavior inside and outside of the platform, as you’ll see next. Social media is the best way to start storing data and making business decisions based on it.
A Pixel is a data-gathering tool that helps make the most of your ads across Facebook and Instagram. If you want to start running ads on those social platforms and truly use all their potential, the pixel is a mandatory item.
The pixel works by placing and triggering cookies — small pieces of data that are used to identify your computer as you use a computer network — to track users that interact with your business on and off social media. For example: it can store information such as who liked your content on social media, who actually clicked on your website URL, who added items of your store to cart, and who effectively purchased or triggered an event of value determined by your business (lead generation, subscription to a program, etc).
Using Pixel Data for Retargeting Ads
Social media platforms enable you to remarket your customers by using pixel data on retargeting campaigns. You could also only target cart drop-offs. According to Criteo, website visitors who are retargeted are more likely to convert by 43%.
You can also use pixel data to create a lookalike audience - an audience that has similar behaviors your past customers have online, increasing the likelihood of successful advertising campaigns. Facebook is pretty good at doing that because (with the consent of the user) they have access to all pages, posts, and ads a user interacts with.
Lookalike audiences are great to enable your business to discover an entirely new audience that you had no knowledge of. By using the data reports from those campaigns you could also come up with new products - data-driven products.
How Can Targetable Help You With That?
Our team will help you decide the KPI’s (Key Performance Indicators) of your campaigns and create pixels to start storing data. After a short learning phase, your business will be ready to start running data-driven campaigns on Social Media.
The best thing about Targetable is that all decisions are at the tip of your fingers. You can publish or reject suggested campaigns easily in the app. Moreover, you'll receive insights for new campaigns or good practices on social media, helping you to come up with requests. Our team makes sure to follow brand guidelines and decisions are always made together.
Make sure to get in touch to learn more and let us know how we can help!