In a data-driven world, businesses have to process a lot of data and run operations based on it. Plus, the Internet ensures that every individual generates data in some form or the other. A recent study even suggested that about 2.7 quintillion bytes of data are generated each day by Internet users.
What’s more, it is projected that nearly 80-90% of the data that is generated is unstructured. So it comes as no surprise that companies invest extensively in big data and analysis. Furthermore, it is well-known that marketing departments in companies rely heavily on data for their strategies and campaigns.
Marketing departments spend a lot of time and effort analyzing the astronomical amount of data, to identify patterns within datasets. Here are a few known examples of graphs and charts that are used by marketing teams across the globe:
#1 Forecasting Charts
Forecasting charts are in many ways the foundation on which business decisions and strategies are based. The process of forecasting can provide marketing professionals with valuable insights. These include sales volumes, projected revenues, market shares, and other industry-specific metrics.
For example, if the marketing team of an eCommerce company forecasts their demand to rise around the holidays, it would be a good time for the company to have a flash sale on the website. Several financial and operational decisions have to be taken at such times, which can be made easily using the forecasts.
More importantly, forecasts are a great way for companies to prepare for any market volatility or changes that can then be addressed in time. This could save the company a ton of time and money. Forecasting based on customer behavior patterns can also be helpful in the decision-making process.
#2 Social Media Data Representations
If you are running a business that relies on modern commerce, chances are that you are already venturing on the treacherous road that is social media. Like every other platform on the Internet, every social media channel generates extensive amounts of data.
To navigate the world of social media, marketing teams rely heavily on the data analytics generated by the social media platform. Brands can get a lot of insights into how customers view, interact, and engage with their content on a particular network. What’s more, you can also know what days and times are the most active for your channels, and what kind of posts your customers like.
Such graphs and charts can help your social media teams create an engaging persona for your brand on social media networks and help you capitalize on your presence. With these charts, you will also be able to create tailored strategies that work best in generating traffic and conversions for your brand.
#3 SEO Performance Graphs
Just like social media, marketing teams can not do without the SEO performance data and related analytics. SEO is a powerful marketing tool for companies that are operating in the modern business world.
Many businesses leverage SEO tools for managing their online presence comprehensively. These tools collate insights and generate data, which are then presented in the form of graphs and charts. These charts are a vital part of marketing meetings and strategic discussions, as they can provide actionable insights on how the organization can improve its online presence and engagement.
If you are an eCommerce company, these metrics could include search statistics, organic traffic to your website, bounce rate, user engagement, among others which can form the foundation of your digital marketing strategies. You can easily get detailed online guides that can help you with tracking and promoting these metrics effectively.
#4 Budgetary Projections
Very similar to forecasting charts, budgetary projections constitute an important part of the financial outlook of all marketing plans. Budgetary projections are created with the help of past data such as the costs associated with business activity and related trends.
Based on the trend of costs in the past, projections for the upcoming period are made and justified. This forms the basis of the budget for the business activity, going forward. For marketing teams, these budgetary projects decide the amount that the company will be spending for its initiatives and strategies.
These budgetary projections are crucial for financial and marketing teams alike, as they can provide insights on the most expensive parts of marketing efforts. The teams can then improvise on the planned initiatives accordingly.
Marketing teams across the world leverage data for creating successful and effective strategies. Since these strategies will be decisive for the performance of the company in near future, it is right to build it on objective data. The insights from these marketing graphs and charts can play a crucial role in all kinds of companies, especially eCommerce companies that are trying to leave a dent in the industry.
Lucy Manole is a creative content writer and strategist at Marketing Digest. She specializes in writing about digital marketing, technology, entrepreneurship, and education. When she is not writing or editing, she spends time reading books, cooking, and traveling.