Improving Marketing Performance with Data Analytics
Marketing is an essential part of most businesses. Organizations that want to grow sales by reaching new customers have to engage in some form of marketing, especially online where there’s no such thing as a physical storefront to attract passersby. Fortunately, business intelligence technologies help improve marketing performance with data analytics.
Understand Ideal Customers Better
Ideal customer profiles are one of the most important tools available to marketers. No matter if you’re aiming to court consumers, other businesses, or some of each, ideal customer profiles will give you a much better idea of how you should be spending your marketing budget. An ideal customer is essentially an aggregation of demographic information that helps brands understand who’s most likely to buy their products and services. Increased specificity with ideal customer profiles can lead to better operating outcomes.
Ideal customer profiles are a way for brands to understand themselves better, as refining ideal customers can then lead to more astute internal decisions. In today’s world of choice, brands need to factor the customer into their identity directly, as opposed to just being how they are and hoping people buy it. While this might not be great personal advice, it’s how effective brands generate customer loyalty—by making the customers themselves marketing ambassadors because what you offer aligns so well with them.
Having a higher understanding of ideal customer profiles lets marketers do their jobs far more effectively. Not only will they be able better identify potential customers, they’ll be able to reach them for less money since they’re so well targeted.
Augment Campaigns on the Fly
Running a marketing campaign can be one of the most stress-inducing events in the business world. You’re making a bet on being able to pull in more customers through various forms of advertisement. When it works, marketers can be the heroes at companies. But the opposite is true when they spend a huge part of the budget on something that ends up a dud.
Marketers can do more by leveraging business intelligence technologies such as data analytics. This is especially true when working on social media or online marketing campaigns. In the past, marketers had to wait until a campaign ran its course in order to run diagnostics on the result. Today, however, they can do this as the campaign runs, making it possible to change essential elements on the fly. Doing this can potentially save a campaign that otherwise would have ended up putting a marketer in the doghouse.
Look Wide or Drill Down
When it comes to understanding clients and products, it doesn’t make sense to take a narrow view. Only looking at things in one way inevitably leads to missing critical angles. With data analytics, marketers gain fresh perspectives on ideas that otherwise have maybe gone stale.
For example, there might be a certain assumption about how people use a product. If that angle has stalled out in terms of growth, the role of the marketer becomes more about finding new approaches than continually running into problems with the old one. It’s possible a niche subsect of people use goods or services for something largely unrelated to the intended purpose. Finding this truth hidden in data can help marketers uncover growth runways that otherwise would have never been discovered. This is especially true when organizations democratize their data, and allow marketing professionals to intuit what directions make most sense when analyzing customer trends.
See Changes in Consumer Behaviors
Marketing is all about staying ahead of consumers and figuring out the best ways to connect with your goods and services. This is much more difficult when you have no idea what’s going on in the heads of people who buy your products.
Data analytics can give marketers a deeper look into the trends and patterns surrounding consumer behavior. This enables them to make more intelligent decisions about how to present and advertise products.
No matter the organization, marketing can play a strong role in finding new customers and improving on existing relationships. Putting data analytics into the hands of marketers allows them to do a more comprehensive job.