Businesses now operate in an environment in which data rules. With so much consumer data being collected online, it is often difficult to know what to do with it, how to analyse it and how to establish whether it’s being used efficiently. With this in mind, we look at how marketers are making the most of their data.
Using data to build relationships with customers
According to a recent Infosys report, 70% of consumers are more likely to spend a greater amount with companies that they feel offer superior service. Though this may seem obvious, many companies do not use their data to create and shape a more personal and satisfying customer shopping experience. This can take many different forms, by using a customer’s name in emails instead of sending out generic messages or making personal recommendations for example, but businesses need to make sure they are using their data to bring customers closer to the company. In order to measure the success of such a policy, feedback surveys or questionnaires can be utilised to gauge the levels of commitment and satisfaction customers feel after using a service.
Comparisons with competitors
Analytics tools now allow businesses to compare the results of their marketing strategy against those of their competitors with great ease. Such tools are readily available online and give an insight into how efficient your use of data is by gathering information concerning social media responses to your business. By comparing how many likes, follows and retweets you receive compared to other companies, you’re provided with an overview of how successful your use of data has been.
Keeping on budget
One of the key indicators of an intelligent and well-considered use of data is an ability to make your marketing budget stretch further. Big data allows marketing departments to refine and narrow their focus, reducing the amount of budget that’s wasted on targeting the wrong type of consumer. Through clever use of collected data, marketers can make more complex and realistic assumptions about their customers, eventually creating more accurate and insightful ICPs (Ideal Character Profiles). If you are finding that it is easier to stay on budget, or even coming in under budget, it means you are making the data – rather than the department’s money – do the hard work and ensure that the information gathered is being used in an efficient manner.
The Media Octopus has a rich multi-sector heritage in marketing data and digital customer acquisition. We grew out of data intelligence and information is our bedrock. While marketing is often considered hard to measure, at The Media Octopus we start and end with the numbers, translating data intelligence into definitive reach, engagement, acquisition and ultimately a truly measurable ROI.