Is it time to turn the economic engine of marketing over to the algorithms?
Marketers are always looking for the next big trend to promote their brand further. They are constantly asking what’s the next big thing? How will they get a leg up on their competition? And what do they need to do to help their product or clients stand out?
Well, many good marketers would agree that using analytics to identify valuable information is a game-changer.
“Even small organisations can tap rich audience demographics and rich activity insights in ways the most sophisticated outfit could only have dreamed of a generation ago” -PGi
There is no doubt that marketers need to adapt to an analytics mindset to change the way they attract and retain new customers.
But how is data really driving the future of marketing?
With so many technical advances, marketers can easily collect data in a number of different ways. But it’s how they respond to the data that makes all the difference. Greg Chambers, president of marketing consultancy Chambers Pivot Industries, “recommends focusing in on a smaller set of data for each stage in the sales cycle, rather than trying to apply all insights equally at every stage in the process”. This way you don’t get overwhelmed and you can stay focused on your overall goals and objectives.
Data gives you the tools to be more strategic.
Using data effectively can help you increase customer loyalty and profitability. For example, you can use analytics to help predict what marketing initiatives will work and then use that insight to improve the overall customer experience. Tracking and comparing how customers respond to different marketing strategies will help you narrow down what works and what doesn’t. Having this knowledge gives you a gold mine of insight. And responding appropriately to this insight is how you will improve your marketing strategies for the better.
You can get valuable information from social media.
The marketing world is constantly advancing. This is especially true for social media marketing campaigns. Social media generates a huge amount of data about your customers in real time. In the 2015 Sales Best Practices Study from research institute MHI Global, “world-class companies rated social media as the most effective way to identify key decision makers and new business opportunities”. This means that there is a wealth of information available about your customers—who they are, what they like, and how they feel about your brand. Using this data correctly can help you engage with your customers more effectively and extend your brand reach across multiple platforms.
There is no doubt that data has improved marketing plans and increased sales. There are so much more ways that data is changing the marketing world for the better. And because the number of insights you receive from data can grow faster than a marketing organisation’s ability to track and comprehend them, you need to stay on top of your analytics game. So to learn more about how you can keep up, sign up for our blog and get regular tips sent to your email box.