This entry is part of a series of posts about marketing optimization and its process. For the definition of marketing optimization and a short introduction, read this article.
One thing you need to understand about marketing optimization is that for it to be effective, it has to be data-driven and you will be testing a lot of times, then gathering data based on those results. Because it involves your business and its ability to make more profit, you cannot afford to make decisions based on assumptions and guesses, no matter how educated they may be. Your efforts need to be backed by data and statistics so that you will have a definitive reference for future efforts and so that you have something in black and white when you start creating your own process and marketing optimization blueprint.
During the marketing optimization process, you will be dealing with two kinds of data: qualitative and quantitative.
Qualitative data vs quantitative data
Qualitative data is used to help you gain a deeper understanding of human behavior, as well as the reasons over such behavior. It is arrived at by researching methods of different disciplines and market research in order to further improve context and insights.
In order to gather – and ultimately, understand – qualitative data, you need to be constantly testing and improving on how you do things to make your website more profitable. The first step involves identifying your ideal target audience, followed by the creation of a hypothesis. Then, you need to execute tests, including split and multi-various ones for your marketing campaigns.
Split testing involves running two or more elements in your marketing efforts and creative in order to determine which is better and which gives you results. For example, your baseline control could be an existing web page or landing page, versus a more recent version that you are working on. You then analyze the results to determine if it is successful.
After you are able to determine the factors that increase your conversion rates and make your website more profitable, you then scale those to increase your bottom line. Qualitative data helps you understand the decision-making process of your buyers, as well as the reasons behind such decisions. When you have a deeper understanding of both, you can then use psychology and some well thought-out efforts – could be anywhere from design to content – to appeal to their behavior and encourage them to trust you and buy from you.
On the other hand, quantitative data , as the name implies, refers to information that is based on quantities. It is data that is quantifiable, an objective set of properties. It can refer to mass, time, or productivity. It deals with measurable amounts.
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I’d like to know your thoughts about qualitative and quantitative data. Sound off in the comments below!