Since 2016, Spotify UK has released its fourth ‘Wrapped’ campaign. Wrapped gives listeners a personal rundown of their stats from the year including their top five artists, top five songs, favourite genres, most-listened podcasts and the number of minutes listened to throughout the year. As well as personal stats, Wrapped graphics are plastered across social media and outdoor advertising showing the most streamed songs and creators this year.
This year’s Wrapped campaign took a slightly different approach than usual. Spotify UK said thank you to artists and creators who have got listeners through 2020. The creative industry took a huge hit this year due to the pandemic with many creators unable to perform and create music for fans like they usually do.
So, how can businesses learn from Wrapped and what is the value of reviewing yearly performance?
Why should businesses review yearly performance?
The key to effective marketing is producing measurable results. Marketers have to understand the data produced by the company to drive activities forward and generate revenue. Most businesses set SMART goals that they want to achieve throughout the year. Reviewing and reporting is a great way to assess performance and improve tactics. While monthly and quarterly reviews are more common, yearly business reviews tend to be less valued. It can seem overwhelming and often pointless looking back on a year in which so much activity has been, done and gone. As we’ve seen with Wrapped, there is significant value in reviewing performance and taking a deep dive into yearly statistics.
Here are three benefits of analysing marketing performance:
1. Gain visibility of customer behaviour
Collecting data and analysing performance gives marketers an in-depth understanding of customer behaviour. Patterns and trends begin to emerge based on which marketing channels and content offers have been effective and ineffective for the audience. Marketers can learn what really engages users, what drives conversions, whether customers are churning or being retained. This indicates which tactics should be carried into next year and which should be left at the door.
2. Make data-driven decisions
Collecting data over the year helps marketers create a comprehensive pipeline of invaluable customer data and information. When this information is managed on an intuitive platform like a CRM system, data is made accessible and actionable. Implementing the right digital metrics ensures marketers can track relevant performance and gain insights across all business areas. Targets can be compared with the data at the end of the year to develop a truly data-driven strategy.
3. Make high-impact improvements
Looking at data and performance over the year, marketers can draw conclusions about the success and effectiveness of the overall marketing strategy. They can evaluate how well the business has kept on time and budget, have lead generation and conversions increased, have the right metrics been implemented, are there other opportunities for tracking and measuring performance? These insights help marketers create a more effective strategy that will yield better results over the year ahead.
Spotify’s Wrapped campaign shows marketers that conducting a yearly review of customer behaviour and marketing performance is a vital tool. It helps the business understand performance in relation to overall goals, campaign-specific goals and if targets are on track to be met. If performance has fallen short this year, implement data-driven insights over the next year to move the business closer to success.