Data is power. Numbers provide us with concrete proof and get rid of uncertainties to a large extent.
So it is no surprise that brands invest a lot of time gathering, understanding, and analyzing marketing data.
But, the pandemic forced people to buy products online and online sales skyrocketed while more traditional firms faced the harsh realities of the situation.
Businesses across the globe lost track of how they could reach their target audience and buying patterns were no longer predictable.
Searching for some certainty large corporations started panicking and allocated huge budgets to analyzing marketing data.
While small businesses do not have the power to spend huge budgets on analyzing data, they can get the basics right and ensure that their marketing efforts don’t go in vain.
Here are 5 ways to effectively use your marketing data for small business –
1. Start small
It’s easy to get all gung-ho on analytics, but the reality is that even the best marketers claim to get rattled when they’re buried under large datasets. Instead, start small and scale-up. Focus on the small things like demographics, age and other preferences to understand your data at first and then focus on getting a deeper understanding of the audience.
2. Understand which dataset matters most to your business
Every business is different, so it is crucial to understand your target niche and where they spend most of their time. If your audience converts more on a certain channel as opposed to others, you may want to give more importance to the analytics you receive from that particular medium.
3. Ascertain when the customer converts
Our ads may take customers to a certain landing page that we think is awesome, but customers may scour through the website and land up buying a completely different product. So, it is crucial to monitor which products and services are doing well and market those offerings in more effective ways.
4. Your data analysis should drive revenues
It’s easy to get carried away with an analysis of the data, but truly good marketing should be aimed at driving revenue through the door. So don’t limit yourself to analyzing the data, but put into practice what you derive from it. Use your new understanding in combination with creativity to experience exponential growth. Use feedback loops and processes like A/B testing to optimize your marketing ad spend.
5. It is not just numbers
The whole idea of marketing is to connect with your audience, so create buyer personas, try to mitigate the pain-points of your customers, and talk about how your product/service makes their life easier in your campaigns.
We at Cross DMA know how important it is for you to use data-driven strategies in tandem with creativity. We have a team of in-house experts who are adept at understanding marketing data and turning learnings into digital content that sells.
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