Marketing has changed more in the past 30 years than in the past 1,000 — all thanks to the internet. Before the age of technology, advertisements consisted of word-of-mouth reviews and going around town with samples of your product. Then, the printing press, radio, and television allowed businesses to mass market.
Now, because of the internet, the sheer amount of data available is making way for the latest revolutionary strides in marketing.
There are endless ways your business can profit from data analytics in marketing, and you should be taking full advantage of as many of them as possible. The possibilities are at your fingertips with programs like Google My Business, social media platforms, and data tracking on your website.
Decision Making and Marketing Strategy
The first way data can boost your marketing is by helping you make the important decisions in your marketing strategy. Of course, no robot or AI can plan out the perfect marketing strategy on its own, but when combined with the analytical and creative human mind,
One method to achieve this is through prescriptive analytics, which is a combination of math and computational methods that provide assistance in making marketing decisions. According to data science experts, one way to use prescriptive analytics in marketing is to monitor demand and adjust pricing of products:
Suppose you operate a car-sharing service with demand-sensitive pricing. Your pricing engine employs prescriptive analytics: it constantly monitors potential riders, raising prices to attract more drivers when demand is about to go up and lowering them when the number of drivers exceeds the number justified by demand. The key takeaway is this: a prescriptive system recommends or executes actions to achieve a certain result.
The great thing about prescriptive analytics and other business intelligence (BI) techniques is that not only does it take out some of the guesswork, it also frees up marketers’ time that they can then spend on more creative tasks. This way, they can use that saved time on something like making a new video that shows off their brand or product instead, which will help get customers’ attention and potentially boost sales.
Another powerful focus area that data can improve is user experience (UX). UX on your website or blog can make or break your business. What customers first see when they arrive on your website will not only determine what they think of your site, but it will determine whether or not they bond with your brand.
Data can give you insight to whether or not your customers are enjoying your website by determining bounce rate and tracking how long viewers stay on each page. Plus, they can record which pages are more successful in conversions.
In this way, data gives you the ability to get a glimpse inside your customers’ minds. If you know customers aren’t staying on your website very long, then you know you need to improve the effectiveness of it. If they do stay longer, it is a good sign that customers like your product and your brand.
Boosting Marketing Effectiveness
Now that you have freed up some of your valuable time with BI tools, you can leverage it to further enhance your marketing plan. This is a great time to make sure you are taking full advantage of all digital marketing that you have the capacity to manage. Platforms that you should be taking advantage of include:
- A blog on your website
- Social media accounts for your business
- Google My Business
These basic digital platforms will enable you to better reach your target audience by increasing your internet presence, especially with the help of data.
A blog plays a surprisingly big role in any business’s marketing strategy. It serves two main purposes: It can give potential customers confidence in your business’s knowledge, and it shows that you are willing to reach out and educate consumers on your product or service. Establishing yourself as an expert is a great way to build trust with your audience and community.
Additionally, you need a blog to signal to search engines that your business and site is an authority in the industry. By having informational articles that search engine crawlers can find and refer back to, it will raise your site’s rank in search engine results, and bring potential customers to your site.
You can improve your marketing effectiveness by monitoring the success of your blog content and using data to strategize content that will be successful. BuzzSumo is one useful tool that can help you find trending topics or give you insight on what themes are performing well on competitor sites. This way, you can write articles that are trending and relevant to your business and your audience, improving your chances of potential customers coming onto your site.
Google My Business is another helpful tool you can use to your advantage. Of course, Google has many useful tools that provide you with powerful data, like Google Analytics, and like them, Google My Business offers unique data that can be incredibly helpful for your business. Essentially, Google My Business insights track how people search for a business on Google and Maps, as well as what they do after they find it.
This data tells you how many people saw your business listing online, whether they click on your business once they find it, and more. Basically, it helps you keep track of your online presence and gives you feedback on how easy it is for customers to find you.
Likewise, SEO tools and techniques can allow you to track and boost your internet presence. Creating great content is the first step to a strong SEO strategy, and data can help you make sure that the content you have on your website and blog is optimal for your business and audience.
By tracking customer trends, data gives businesses the tools to take a peek inside customers’ minds. Data takes out a lot of guesswork in marketing, and absolves marketers of the need to only rely on trial and error methods. By using tracking tools, social media insights, and Google programs, you can access numbers that will change the way you market for the better.
Sam Makad is a business consultant. He helps small & medium enterprises to grow their businesses and overall ROI. You can follow Sam on Twitter, Facebook, and Linkedin.