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holistic approach to Data

The value of Data with a holistic approach.

It is not easy to keep up with the marketing world changes. Things happen and change so fast, so quickly, in each industry or sector. 

One day a new social media app goes viral or there are new trends, but it can also happen that one day, due to a global pandemic, many people are forced to stay at home, remodeling their routines and habits. 

For a media and entertainment provider, what information can be useful for its product? How much can people’s social changes impact streaming on demand? So, how can companies track all these changes? 

Sure, most social networks and web hosting platforms have their own analytics platforms, like HubSpot and Google Analytics – but we are always missing the entire overview, like a big picture. This is where holistic analytics comes in!

Would you like to know how a Digital Consumer Intelligence approach can help your Business?

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The holistic approach to data

Marketers really know that data matters.

Everybody started using data to measure progress, spot opportunities, and reach new audiences. The problem is that many marketers are doing their job on their own, but they should embrace a holistic approach to their data analysis. 

This involves connecting the data across functions and teams for a complete view of the entire marketing organization.

Why is this a better approach? Think of all the moving parts and stakeholders, and imagine linking all those pieces together through data. What if every marketer could explore the data to see the results of his work in the context of greater effort? And what if the decision-makers can see all of the data together to make strategic decisions quickly and move the business forward?

By pulling together all the data and empowering people to expand their analysis, marketing organizations can get a full-picture view of their efforts.

It’s exactly what it sounds like, it’s about getting all of your marketing data in one place, to get a holistic analysis

The holistic data approach is a way for businesses to improve data analysis and integration. It also derives from the ambition to mix data forms of apparently different contexts. 

In our data-driven age, attention to the ongoing health and well-being of our data becomes critical. This requires a holistic view of the data life cycle, using proven practices while avoiding common pitfalls to achieve the ever-present goal of truthful data. 

Having a holistic approach to data to the entertainment and media industry means having all the information that comes from social and web proprietary analytics but also information on users’ habits in real life.

This integrated approach can maximize the impact of companies’ work.

1. Saving Valuable Time

Time is always a valuable resource, in all businesses, above all in marketing. With holistic analytics, it’s possible to cut down on the time that you spend with your data, get the insights you need, and get back to developing the next big idea, keeping every marketing channel fresh and interesting.

2. Capturing the full life of a lead

With the holistic approach to data, it is possible to know the full life of a lead through the marketing funnel. You can follow the data to see the person’s entire path, how you first reached the person, which content, channel, or activity triggered the highest point of engagement, when the person converted, what the resulting sale looked like, and what the customer’s journey has looked like since.

3. Fine-tuning the media mix in real-time

The media mix is also an area that can benefit from an integrated approach to analytics. Sure, data can be valuable in measuring the performance of each channel, in digital ads to reach a certain target audience, for example. Having a complete overview of the data to see which channels are successfully reaching your intended audience is really useful to quickly reallocate the budget to those channels to maximize the reach of the campaign.

4. A leg up on the competition

Having holistic analytics means having something entirely customizable, no one else will be getting the same information that you are. You can also directly compare your company’s data to your competitors’ public data.

5. Integrate Non-Marketing Data

Ever wonder if the weather affects how many social media interactions you get? Or if your latest blog post about a specific product or service had an impact on sales? With holistic analytics, you can get these answers. It all depends on what data the rest of your company has, and getting that integrated with your marketing data.

Find your best Data sources

As we have seen, there is no limit to data collection … the more you have it, the better you get it!

Even if the company has got a CRM full of information or a proprietary database, it is always possible to make more accurate and performing analyzes by enriching the proprietary data in possession (first-party data) with third-party data.

In this way, it is important to understand that to run sophisticated campaigns or strategies, the use of different types of high-quality data is essential– specifically, 1st and 3rd party data. Each type provides a unique value and serves a specific business goal. When combined, the data types create a holistic view of the customer and build a database that can provide actionable insights for the entire organization.

But, what is the difference between them?

  • 1st party data comes directly from the customers and usually includes personally identifiable information such as name, email, and mailing address.  This data is most often collected from the website or other registration points, stored in a Customer Relationship Management system (CRM), and includes information from past and current customers. It is data that the company owns. (e.g. minutes watched on an hourly basis for streaming on-demand services)
  • 3rd party data is anonymized and aggregated from a variety of sources. This data consists of user behavior including interests, patterns, hobbies, and preferences. It can enrich an already existing audience segment, but it can create entirely new audience segments for marketers. These segments are valuable because they are based on identifiers beyond demographics such as loyalty, intent, shopping behaviors, and brand association. (example: interactions of the posts published on social media during the day to promote new releases)

Adding contextual data (e.g. open data, financial data, consumer data, movements, device distribution, digital divide on the territory) to the analyzes allows you to extract new information that could be decisive in the strategic phase. 

Having a Consumer-centric Data Room is essential because consumers are the lifeblood of a business and to be successful you need to know them as thoroughly as possible. 

Moreover, it is also necessary to have continuous knowledge of consumers because they change their behaviors more and more frequently, or completely change it in the event of a crisis, as recently happened with the Covid-19 emergency situation.

Arrange all data in one place and happy analyzing

It’s all about playing with data, to be curious with them, and to keep looking for it until it will show us the best results. To make this more catchy, it is possible to use Data Visualization analysis tools which give you an interesting and quick visual look of the information that can be activated for your business.

Data visualization plays a crucial role in the entire business intelligence dynamic. In today’s time, with increasing amounts of free-flowing data, efficient BI tools are very important to make the most of the knowledge that hides in raw and unprocessed data.

Data visualization is a pictorial representation of a given set of data. A text-based data is visualized graphically in the form of charts, graphs, tables, infographics, maps etc. With the help of visualizations, new insights and hidden patterns in data can be detected.

The motive of data visualization is to detect patterns, trends and correlation between different data sets which can’t be studied otherwise from data in a simple (non-graphic) form. It helps users gain a better understating of the market’s current situation and evaluate customer’s needs. An enterprise can also evolve through new strategies and techniques to enhance and foster their business.

The main players of data visualization tools could be Microsoft Power BI, Tableau or Data Studio.

The information necessary for a business can be various and can come from various sources, they can come directly from the consumer, or can be collected in an unsolicited way.

Having a holistic view of the data really means never stopping monitoring information, constantly searching for it in new sources and testing new possible crossings between the data, because you know, it is only by continuous experiments that the best results have been obtained. 

Would you like to know how a Digital Consumer Intelligence approach can help your Business?

book a demo

Book a Demo to get a free hands-on demonstration of our platform.