ON TODAY’S EPISODE
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Everyone keeps harping on big data and how it’s “revolutionizing” the marketing world.
But what does that even mean? Not to mention, how do you find your customer data and how can you use it within your marketing strategy?
We sat down with Courtland Thomas, Growth and Consumer Insights Consultant and
VP of Columbia Venture Community, to discuss everything from the rise of using data in marketing to the best ways to use your data to optimize your social campaigns. Listen in for Courtland’s insight and actionable tips as well as a giveaway of the business books that helped inspire him!
[00:43] Courtland introduces himself and explains exactly how he got into growth marketing and consulting.
[01:24] How the word “hack” has become both negative and positive.
[01:49] Find out what famous (and handsome) politician people think Courtland is related to.
We Like Big Data, And We Cannot Lie
[02:13] What the impact of data and data analysis has been in the marketing world.
[02:34] “Marketing is dead, growth is alive.”
[02:46] 2016 was the first year for what big e-commerce milestone? You can find that out here.
[03:30] Examples of how data has taken over marketing abound. We discuss one specific example in the way Spotify crafted an entire advertising campaign using their consumer data.
[04:00] My favorite Spotify ads ever. (Pictured above, courtesy of Business Insider)
[05:00] The ways brands can find out data about their customers.This is when the podcast turns into Courtland and I’s book club, as I discuss Dataclysm.
Discovering Your Customer Data Is Like A First Date, But Less Awkward
[05:40] Courtland makes the world’s best analogy between data discovery and a first date.
[05:57] Finding out customer data generally falls into three “buckets” – Courtland explains all three here.
[06:00] Bucket one is the informal approach, described as “slightly creepy” but often used by startups.
[06:51] A grocery style company used this informal approach and found out they were completely wrong about who their consumer was.
[07:08] Bucket two is the very formal approach, otherwise known as “old school” market research.
[07:45] Between very informal and super formal is the third bucket that Courtland discusses.
[07:55] The reasons Courtland favors why bucket three and the middle of the road data gathering approach.
[08:09] Why Glossier is an excellent example of this third method.
Data + Paid Social = Better ROAS
[09:17] Best practices for optimizing your consumer data in your social ads.
[09:50] Using data in your customer acquisition strategy can lead to lower costs.
[10:16] Understanding what customers are saying about your product can be a game-changer in your marketing strategy.
[11:57] Should the application of your consumer data vary between your social channels?
[12:29] Courtland finds the nicest way to say “it depends” without actually saying it.
How Data Can Be Your Leading Man (or Woman) in Lead Gen
[13:44] Is using customer data for lead gen optimization different than if you’re an e-commerce company?
[14:00] Courtland gives a shoutout to his favorite marketing book, Hacking Growth by Sean Ellis and Morgan Brown, as the podcast again turns into Courtland and I ’s book club podcast.
[14:31] Ways that optimizing for growth in lead gen is similar to the strategies used for e-commerce.
[15:57] Further musings about why Courtland and I should start our own business book podcast.
Digging Into The Details
[16:02] The impact of customer data on retargeting versus acquisition.
[16:31] What consumer data you should hone in on to increase their lifetime value.
[17:03] An amazing example of how Courtland zeroed in on customer data that completely changed how one beauty brand marketed to and retargeted their users.
[17:36] One data point Courtland discovered left his beauty company client gobsmacked. Find out what it is here.
[19:00] I ask Courtland if there’s been anything that’s left him equally gobsmacked as that beauty client.
[20:10] Sometimes a brand’s belief about its customer base can be completely wrong. Here’s what happened when Courtland reported that back to a luxury handbag company.
[21:20] Another crazy example when Courtland discovered that 9% of one brand’s based was driving over 56% of their purchases! Listen to the full story for details.
[22:05] If you can afford to dig into your active users, the benefits can be multifaceted.
It’s The Final Countdown
[23:07] Courtland shares 3 ways you can utilize data in your overall marketing strategy.
[27:55] And we end with Courtland sharing his new adventure – be sure to check it out!
Interested in learning more about data and growth hacking? Then enter our book giveaway!
[Please note that the giveaway of these books does not imply the author’s endorsement]