“Look, I agree that it’s a bold strategy… But I still don’t think you should tell the boss your process for deciding on these kinds of things.”

TIPS & TRICKS

How to Track What’s Working – You Need an M.I.S.

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This is your sign to thoroughly track your marketing efforts and customer analytics.

Far too often, we shoot from the hip when we are trying to rustle up new business for our enterprises. In a way, this makes sense. For all of the talk about customer avatars, analysis, and advertising principles, practically speaking, it can be very difficult to know what is going to work. At times, it’s not the worst idea to throw some spaghetti at the wall and see what sticks.

This is how creativity functions, after all. When we are tackling a new challenge, we have to be careful not to be overly critical of ourselves so that we can find out which ideas really have room to run.

The key, however, is not staying in this space forever. “Spaghetti at the wall” is fine for a new venture, but for a mature endeavor, it is crucial that we analyze what has been done before, extract the parts that are working, discard the parts that aren’t, and iterate to a fine-tuned, sophisticated strategy.

Creativity is good; “shiny object syndrome” is not.

One of the primary ways we can make sure to capitalize off of past success and avoid repeating our mistakes as we iterate to better and better marketing is by implementing a Marketing Information System (M.I.S.)

What Is an M.I.S.?

An M.I.S. is essentially a database and data-tracking system where you keep tabs on the results of your marketing efforts. If you’ve ever seen a “How did you hear about us?” box at checkout in an online store, this is one example of a process that would belong under a Marketing Information System.

In order to set up your own M.I.S., there are a few key things to keep in mind:

Be Very Specific

Remember that “how did you hear about us?” box we mentioned above? That isn’t much help if the options are vague and do not differentiate between various marketing efforts. “Online” may not give you enough information. Which campaign caught their eye? What website or social media channel? Be as specific as possible when ascertaining what is and is not bringing customers in the door – and for bonus points, note the purchasing habits of customers who come in from disparate channels. Are they repeat customers? Do customers from TikTok spend less money than customers from Instagram?

You need to know these things in order to make sure your marketing becomes more effective over time.

Use Integrated Technology to Aggregate All of the Data Relevant to Your Business

There are a number of tools out there to assist you in keeping track of key customer metrics, so take the time to learn the ins and outs of all the software you are using (especially payment processing software). Import data from your email platform and SMS platforms to a master database. Use Google Analytics and eCommerce platform analytics to monitor site performance and conversion rates. SEMRush and Google Search Console provide more data into your site’s organic traffic. Dive into Facebook Business’ analytic tools and do split tests on ad campaigns whenever possible. The possibilities are endless when it comes to data, but as Fidelitas CEO Tyler Sickmeyer says that it’s important to find a “true north” with your data. Sickmeyer adds that if your cash register isn’t ringing, your leads aren’t coming in, the other metrics are the equivalent of marketing participation trophies.

The M.I.S. is certainly about what is working in terms of messaging and getting people in the door – but it’s also about brand management, increasing average dollars per purchase, and customer satisfaction.

Generate Reports at Least Monthly, But Zoom Out Too

Marketing, like almost everything else in business, is really all about R.O.I. In order to use your limited resources to bring in the most revenue possible, you’ll want to regularly check in with all this data you are collecting. This will allow you to build customer avatars that are more than common sense or a gut feeling. Real, data-driven market research is often the difference between industry dominance and mediocrity.

So, make the charts, look for patterns, and get in a room with your key decision-makers at least monthly to go over what’s working, what isn’t, and (the ten million dollar question) how can we do better? Be sure to keep timing in perspective. A winter apparel brand’s sales are going to tank every spring, and nothing short of Texas freezing over will change that. Brands with seasonal peaks should study Year-over-Year data as opposed to Month-over-Month.

If all of this sounds overwhelming, you can, in fact, hire a reputable marketing firm, such as Fidelitas, to keep track of all this for you. But even if you do – read the reports they give you. Stay involved, and always be ready to make steady adjustments to capitalize on whatever new information has come in.

Knowledge really is power.

Quick Hits

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• Inflation was down slightly from last month, but still coming in at a 3.4% annualized rate, or 75% above the Fed’s target.
• The NFL sold out of women’s Harrison Butker jerseys after he upset liberals with a pro-family graduation speech at Benedictine College.
• 12,000 Baptisms across California in 48 hours is just the first step for this growing movement.
• “All You Can Eat Shrimp” promo takes popular seafood chain Red Lobster into bankruptcy.
• Sorry, kids – Goofy’s on his union-mandated break. Disneyland characters vote to unionize.
• Christianity Today analyzes the shifting and loosening cultural taboos within evangelical churches.