Approaching your business like a scientist
Living in the era of the internet, the raft of data readily available is phenomenal. This is great news for retailers, especially those that operate online, in that they are able to take a tried and tested approach to marketing strategies, getting almost instant feedback along the way. This is a method we adopt to put us in the best position possible.
Campaigns can often be long and time intensive, with the initial research stage of focus groups and consuming briefs wasting a lot of unnecessary manpower, which could be better spent on obtaining data through research. Data based leads can generate a minefield of opportunities and enable companies to cut corners in the initial stages. Scientific minds have a real place in business – it all comes down to the numbers, the best variable combination and quantifying these figures.
However, we still firmly believe that creativity is at the heart of every good idea – after all, it’s the creative juices that help in generating the initial campaign. For any campaign to succeed, it’s always good to have a mix of both.
When recruiting anyone for our marketing team, we purposefully hire those with a scientific background. We share the belief of Hal Varian, Chief Economist at Google, who believes that “the future belongs to companies who turn data into products”. Therefore, we need a team of scientific marketeers who can put this data to good use.
It’s hard to recruit these people, mainly because people with the skill set required may not ordinarily think a job like this exists for them. The search is worth it. By adopting this approach with our marketing team; our company has gone from strength to strength.
Whatever your business model, to be able to excel in your industry we would strongly suggest obsessing about data. We understand that for some entrepreneurs, it may be hard to think like this, but by concentrating on the intricacies of data rather than jumping ahead to the next project, you can work closely with a project and see it through until the bitter end.
The tools needed to test various metrics are as relevant to an online retailer as they are to a bakery – the same rules apply – compare against competitor prices and measure the success of one product against another. In addition to this, be clear on your short, medium and long term goals – these are all key to getting ahead.
All business owners have access to the same amount of data, but the trick is using it. Therefore, we would encourage these businesses to take this into account when hiring their marketeers in order to get the best results.
To help get you started, here are our 5 simple top tips to start marketing like a scientist:
- Set up Google analytics
- Take calculated risks and be confident
- Use logic when manipulating data
- When trialling and testing – see the project through to the end
- Get the right staff