How Data Can Transform Your Marketing Efforts
According to a report by McKinsey Global Institute, companies that use data analytics to make critical business decisions have 23 times more likely to acquire a new customer. Also, the companies are 19 times likely to be profitable. The truth is, data has become the wheel that drives smart companies towards business success. Well, having the right data team in your company, and using the right tools to transform your data into clean and structured sets of information is the crucial initial step into getting the best insights you need to achieve business success. This article explores how you can take advantage of data to improve your marketing.
Use big data to get a wholesome view of customers
For starters, data is a crucial part of succeeding in marketing your products and services to your target audience. It gives you a 360-Degree view of your efforts and consumers. Yes, you will get to understand every aspect of their relationship with your company, product and services. Also, you will have a complete picture of who they are and what their needs are. Understanding your customers is crucial as it enables you to provide them with experiences that are tailored to meet their preferences and to predict their purchasing behaviors better.
Here are some examples of data that can give you an in-depth view of your customers:
- Communication customers have with your company through emails, phone calls, chatbots.
- Data you get when they visit your website or business apps
- Products and services, they viewed or purchased recently.
- Information about each customer’s account such as recent orders placed, ongoing technical support, or unresolved customer service complaints.
- Demographic data
- Information about preference and taste
- You can analyze the past and present data to make accurate future projections. You can predict future purchase habits and customer preferences to make better decisions in the future.
Use big data to raise brand awareness
You can use data to create brand awareness and take your products and services closer to the people. Here are ways you can use data to create awareness:
- Personalization: This is one of the most impactful ways to use data for raising brand awareness. It involves analyzing consumer-related information to correctly understand the preferences of your customers. Besides, it helps you in creating customized messages that appeal to an individual customer.
- Choosing the most relevant marketing channel: your brand awareness will largely depend on your marketing strategy and the channels you choose to promote the business. As such, it is crucial to identify the most relevant communication platforms for your brand. Big data allows you to find the right platforms quickly because it offers insights into the preferences of the target customers. This is essential as different networks attract different users. For example, you can strengthen your brand using cross promotion marketing. It would help if you get accurate statistics of the audiences of potential partners such as social media influencers, celebrities, other brands, etc. For example, you will get to understand such fine details as the demographic of people they appeal to. This way, you can make the right decision with whom to partner and the strategies to deploy.
- Helps you create better content: using data to analyze the expectations of your audience will help you create high-quality content that perfectly matches their requirements. How is this possible? Well, data will reveal such crucial information on your customers as:
- Demographic features like age, locations, gender
- Education and income level
- Personal interests and beliefs
- Leisure activities
Such data is crucial in designing a buyer persona and proper marketing messages.
Helps define wins and losses
It is critical to reflect on whether your marketing strategies have worked for your company or not. Now, you can use data to measure the effectiveness of your marketing channels and ROIs. Proper data will reveal the number of people you have reached out to, the size of your customer base, and also the number of goods and services that you have sold. In doing so, you will manage to determine the areas to pay more attention to, the areas of marketing to add more resources to, and where to make adjustments.
Having an excellent service or product is essential, but not enough to make your business successful. You need to be aggressive in marketing to take your products to the customers. To create the best marketing strategies, you will need to analyze critical data to give you the best insights for marketing and deliver the ROIs you are looking for.