An analytics roadmap for marketers

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Step 3: Identify opportunities

Once you have insight into why your program performed as it did, it is time to focus on ways to improve results. Starting with the insights developed in the second step, identify new opportunities to replicate success, and avoid elements that lower performance.

By building on insights into why a program worked, you can identify new opportunities and ways to optimize current activity.

In this step you need to identify two types of opportunities:

  • Optimization --What changes can be made within the current program, from budget allocation, to creative rotation, to media placement?
  • New opportunities -- Using your insights into what drives the performance of your program, identify new strategies or media and creative opportunities that are likely to perform well. Identifying these extensions is key to long-term performance improvements and scalability.

New opportunities should be at least half of this list. If all of the opportunities you can identify point to optimization within a program, you either need to revisit the underlying performance drivers and look specifically for ways to replicate them or your ongoing management and optimization has room for improvement.

Exercise
For each of the underlying performance drivers you identified in step 2, identify at least one opportunity to optimize or extend your program. List the opportunities you have identified and ensure at least half represent extensions and new opportunities to test.

Based on the insights, you should now have a long list of optimizations and net new opportunities. Now it is time to get some perspective on where to begin and how much you can accomplish.

 

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