February 19, 2024

The case for a data analytics tool in your 24/25 budget

Allocating funds for a data analytics tool is crucial for fine-tuning marketing strategies in today's challenging economic landscape. This blog post argues the case for investment in a data tool when budgets are inevitably tight and ROI is king.
The case for a data analytics tool in your 24/25 budget

Ok I know, I know, I own a data analytics and insight software business… but hear me out. This is not a sales pitch for us. It’s a business case for you. There are tons of tools out there – obviously I think mine is best - but I’m here to make the case for any/all of them.  

I suspect by now you’re well versed in the chat with your directors that goes something like this. “The market is tough, cost of living, macro economics, tighten our belts, spend more wisely, do more with less…” The life of a marketeer is a tough one at the moment, and you’re expected to justify every penny spent.

Whilst it is tough, it’s times like these when we’re forced to get creative, and this is where we can really learn a LOT about our trade, our customers and our marketing channels - this is where we can demonstrate the power of excellent marketing and that is where a data tool is truly invaluable. Yes, I have just mentioned data and creative in the same sentence.

Life in the long tail, niche marketing, micro segments…that’s what you’re after right now. Understanding who your best customers are and where they spend their life online, what triggers they respond to and how sensitive they are to pricing changes are all key datapoints to plug into to make sure you’re finding your customers in a less “blanket (read expensive) approach”.

However, being creative can be a bit of a risk. Trying something new means you need to be on top of your budgets and spend at a granular level, and be ready to turn them off or power them up at the drop of a hat.  I talk a lot about the power of micro interventions. That’s you – you make these all day, every day; in the decisions you make and how you spend your organisations money. It’s attention to detail you need right now to really make the most out of the budgets you have.

And that’s why you should be considering carving out some of your hard fought for budget on a data analytics tool. I know you’ve got dashboards and insight in Google and Meta and Shopify and Klaviyo and wherever else you spend your money… in fact, you’ve probably got data coming out of your ears. But how easy is it to wrangle it into something useful that helps you make TIMELY interventions and spending decisions without spending hours logging in and out of dashboards and wrangling CSVs?

I would put it to you that your time is better spent identifying trends and niches, writing content and testing product/promotion/pricing strategies than it is on trying to stay on top of your data. A good data tool takes all the heavy lifting away from you and your team and empowers you to spend your time being creative and try new things. Spotting patterns quickly - what’s working so you can double down and turning off any turkeys before they eat up all of your budget - is key to success in a competitive trading environment.

It's in this kind of market where you really get to demonstrate the power of clever marketing tactics and strategies – equip yourself with the tools you need to nail it! Budgeting between £500 and £2000 a month (depending on your size) should get you a good tool that can help – obviously we’d love it to be The Data Refinery, but ultimately it’s about the right tool for you and your business. Good luck and give us a shout at hello@thedatarefinery.co.uk if you’d like to talk to us about how we could help.


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