BLOGS

Are you utilizing your potential available data?

April 7, 2022
3 minute read

Potential Available Data - the untapped resource to supercharge your marketing performance

 

Potential available data definition: all of the metrics and dimensions that aren’t immediately provided by advertising platforms right out of the box. It’s all of the new fields you can create based on the others that already exist. 

 

Why potential available data?

In 2022, a core value-add for the modern marketer is to analyze data and think up new hypotheses to test. This requirement means that working with data in platform silos like Google and Facebook doesn’t provide the marketer with enough perspective.

In order to think strategically and dream up new hypotheses, you need a good understanding of cross-platform data. To obtain that understanding, you need to work with it in an aggregated way somewhere else.

As you explore your data outside of the platforms, you begin to gain a deeper understanding of it. It is this familiarity and understanding that eventually leads to more perspective. It is that perspective that unlocks your ability to push the boundaries and create more impactful and explorative hypotheses.

Perspective = impactful hypotheses

A great example of this is a country dimension. The data already exists in each platform from each country, but an aggregated country segment across all platforms does not. In fact, it can’t, because it is a cross-channel segment. By mapping activity from each country together into one metric, you suddenly have the ability to view your dataset in a way that didn’t exist before. 

Now, when thinking about potential hypotheses, you can utilize the new perspective; the aggregate performance of some or all metrics on a country-by-country basis.

 

Potential available data maturity framework

The diagram below shows a maturity framework for potential available data. Essentially, it shows the typical process a marketer goes through when working with their data, gradually increasing their potential available data as they increase their data transformation capabilities. 

 

Marketing data maturity framework

 

From top to bottom, a Google Sheet offers more options for transformation than no aggregation at all. A marketing data platform then offers more transformation and automation capabilities than a Google Sheet — plus the added bonus of easier passive learning. Finally, using a marketing data platform in combination with a data warehouse further amplifies transformation capabilities, although, it brings the added difficulty of managing a data warehouse, which requires a whole new level of technical expertise not typically found in a marketer’s toolbox. 

You will also notice a box for ad-hoc analysis using the same data. This could well be in earlier steps, too. If you’d like more information about ad-hoc analysis vs dashboards, check out this short video on the subject.

 

Martech impacts the realization of potential available data

Another element to consider when exploring potential available data is the ease of the exploration. There is quite a big difference in difficulty between Google Sheets, a marketing data platform, and a data warehouse. A google sheet is not primarily built to explore marketing data and therefore is incredibly versatile but not well suited to storing and exploring huge datasets like the ones marketers encounter every day. 

Data warehouses, on the other hand, are absolutely built for storing and exploring huge datasets, however, they require much more technical expertise to achieve that storage and exploration.

A marketing data platform like Funnel is ideal for storing and exploring marketing data. In fact, that’s what it’s built for. If we consider the amount of potential available data combined with the ease of realizing that potential and plot them both on a simple chart, we see that a marketing data connector has the optimal balance for a marketer.

Martech easy to use platforms

Ultimately, to become a data-savvy marketer, you need to find an easy way of exploring your data as you solve your immediate needs. As those needs are met and your manual work is automated, you open up new opportunities to spend time on tactical and strategic thinking. Since the process of solving your immediate challenges also gave you a deeper understanding of your data, you’re equipped to think bigger and create new hypotheses to improve your marketing performance.

Impactful hypotheses = improved performance

Centralize your data into an easy-to-use platform. Solve your immediate challenges. And easily explore your data. That’s the recipe to become a better marketer in 2022!

 

If you have any questions about potential available data or want to discuss it in more detail, you can reach Alex on LinkedIn