A recent Forbes blog about Big Data said that despite the fact the businesses that use analytics are more likely to show an increase in profits, many companies just do not want to embrace the change.
Companies think it is too complicated, or they have an ‘if it ain’t broke don’t fix it’ attitude to their marketing strategy and will not set up a system that in reality is a treasure trove of information.
The fact is that analytics can be hugely beneficial to your business. Although you might not want to put your trust into digital technology, it has its place in the commercial world and should be used side by side with your sales team.
Digital Marketing Analytics will help you to narrow down your target audience and will give you the information your business needs to keep consumers engaged with your brand. Yes, people still want to communicate with real people; technology is not going to mean the end of the sales team. But, what it means is that they will be better informed about the people to which they are selling.
Look at social media. It is one of the most useful places to gauge consumer opinion and to see what is trending. You can also find out how your competitors are doing. Other analytics can tell you where consumers live, what they spend their spare money on and what interests and hobbies they have.
Data analysis can also give you the results of previous marketing campaigns. It can show you what worked, what did not; what is likely to succeed and what may need changing due to things like geographical differences or economic factors within a particular consumer group.
Once you have gathered information then pick your platform. Whether it is through email, a cell phone SMS campaign or direct mail; you know that you have targeted an audience that is likely to have an interest in your product or service because you have tailored your campaign to this very group.
In an article written in 2012, The Ivey Business Journal said Big Data creates valuable insights that would otherwise remain hidden, yet two and half years later, some businesses are still waiting at the stalls.
Creating an ecosystem of data will improve your brand reputation and your profits because you will be in tune with consumer opinion. Your company will also be more likely to keep present customers loyal and attract new ones.
If you are global company, any marketing campaigns will need to be translated and localized to reach your target audience. Ensuring customers abroad understand clearly what your brand is about will require skill to lock into the local language. Professional localization of your message will result in consumer confidence and trust in your product or service because your company has authentically engaged with their culture.
Data analytics will help you to better understand current and potential customers, and it will result in larger profits.
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