4 Types of Data to Transform Your Marketing

Developing a business strategy is no major ordeal. Yet creating one that effectively infers relevant data to enhance the businesses operations and sales is not something every data analyst in Washington D.C. is capable of. Knowing how to accumulate information is one thing, while realizing what to do with that information to change your business is a by and large a more diverse story. 

To utilize and structure data successfully it is vital to employ the right data analysts within your business and organization. Relevant information on a very basic level changes the way your organization contends and operates within your industry. Organizations that put resources into effectively analyzing data often gain esteem, confidence, and traction from this information. Leading analysts refer to digital data collecting ecosystems as the new structure of business. As industries continue to embrace and foster digital interactions with customers, the role of data continues to be challenge to keep up with, yet essential when protecting your competitive edge.

McKinsey & Company has noted the increasingly critical role that business analysts are playing in business today. A recent survey of 714 companies around the world revealed that ROI for investments into analytics pays off. The company explains, “Our findings paint a more nuanced picture of data analytics. When we evaluated its profitability and value-added productivity benefits, we found that they appear to be substantial—similar, in fact, to those experienced during earlier periods of intense IT investment. Our results indicated that to produce these significant returns, companies need to invest substantially in data-analytics talent and in big data IT capabilities.”

Connecting Data and Marketing

Marketing data lies at the beginning of each fruitful marketing methodology. Data guides businesses and reveals various important starting points. The best data analysts in Washington, D.C. are capable of recommending who your best clients and prospects are, how to target them, how to build the right offers, and identify the right channels on which to present those offers. Additionally, your data analysts is experienced with recommending which messages drive the most changes, and how to improve customer retention.

As you work to achieve a specific marketing goal and develop your next marketing campaign, you initially need to completely comprehend who your clients and prospects are. This information and knowledge must go beyond basic demographics such as: names, addresses, telephone numbers, annual salaries, and email addresses. Customers and prospective clients anticipate that you know who they are, what they need, where to find them, and the best time to speak with them. To begin you must first gather relevant information and digest that information to aide in the launch on your next marketing campaign.   

Understanding how to use data in your next marketing campaign requires that you identify the most essential data needed prior to your launch. In general, this data is compiled by your data or business analyst in Washington, D.C. Through proper data analysis, planning, and implementation your next marketing campaign is much less likely to fail. Here are the 4 types of data you need when developing your marketing position.

Identifying Your Target Market

Begin by assembling factual data in regards to your target market such demographics, market fragment, their needs, and shopping preferences. Utilize your exploration to elucidate how to reach your prospective customers. Ask various questions to build a better profile of your customers such as age groups, gender, employment status, disposable income, and familial relations.

Also gather relevant information from your current business operations. Identifying the times of day your business or website is most profitable often sheds light on when your marketing campaigns should be launched. Taking into consideration the average transaction amounts and use of coupons or special offers provide insights into how your company is positioned within your industry.

Build a SWOT Analysis

The SWOT analysis is an acronym for strengths, weaknesses, opportunities, and threats for an organization or business. It was developed by Albert Humphrey during his tenure at Stanford University in 1960. His original goal was to identify why corporate planning failed. By embracing the SWOT analysis for your business you identify your competitor’s strengths in your industry, areas of improvement, and possible areas in which they fail. Knowing how to find this information takes some know-how. Your data analysts compiles this information to give you a solid approach on how to launch as well as what to expect. 

Gathering information on how your competition runs their marketing campaigns and positions their products is vital to developing successful marketing campaigns for our own brand. Consider various questions such as: what is their value proposition, how does your company differ and offer more, what do you like and what don't you like about their showcasing effort?

Price Your Products or Services Competitively

Very few organizations are able to set a price for their products or services without considering various costs such as shipping, manufacturing, and supplies. For service oriented companies these cost include operational influences including invoicing, ongoing training, and time. These cost directly affect the pricing of your competitors as well as your own. Gathering relevant information and insights into the cost of operations and current market trends provide you with the right data to build a successful and profitable pricing strategy. 

Research Your Marketplace

Whether you offer a service or product, it is critical to comprehend what is available to your customers at the time you plan to go to market. By gaining solid insights into the current offerings and practices of your competition you are able to identify the best ways to present your products as well as to whom. 

Researching your marketplace is often a combination of utilizing the information prepared in your SWOT analysis as well as your target market. As you learn more about your marketplace you are able to position and enhance your product or service in view of discoveries about what your prospective customers truly need and want. Concentrate on things such as capacity, appearance, online presences, and guarantees. 

Where is the best place to launch your product or introduce your service? Where would it be a good idea for you to disseminate from? Is a retail establishment the best stage for your item, or are your needs best met online?

Detailed and properly prepared market research data is one of the most important parts of any marketing strategy. The work of your data analyst in Washington, D.C. gives you a simple road map on how to position your company in the marketplace and thus avoid complete failure. Market research guarantees that your business understands your industry sector patterns, demographic moves, and adjustments needed as the economy shifts.

Data is a valuable asset in any sort of marketing and should never be overlooked. With consumers becoming more aware of the vast amount of offerings in the marketplace your statistics and data must be structured and compiled in a way that allows you to build a marketing campaign that engages, targets, and converts prospects. If not appropriately maintained and analyzed regularly by an experienced data analyst, you risk the chance of  diminished productivity, product launch failures, and lack of direction or purpose. 

Consult with an experienced data analyst from dc Analyst to learn more about how to utilize the information your company currently holds, as well as how to compile other data necessary to identify your target market and develop your pricing strategy.

Why Analytics Matter

As we reach the midpoint of 2014, we are in the middle of a fundamental transformation in the way businesses view analytics. Analytics are now seen as core to a business’ growth strategy and means for measuring, implementing and sustaining success. I am extremely pleased to see this happen and that marketing analyst no longer have to fight for the value of analytics. The fact is, those who fail to invest in understanding what drives their business will find it hard to compete in a world that thrives on data. This is why analytics matters.

Analytics are now being used as the basis for new products and revenue streams. The breadth of decisions analytics support and drive is increasing every day. The next few years will drive growth for companies that utilize data, while pushing those that loathe data in data driven industries toward irrelevance.

One of the trends really picking up steam is the need to make analytics operational. As we generate more data and we discover more new insights than ever, attention is turning to how we turn those insights into action and action into value. I believe that this will be one of the biggest trends going into 2015.

I hope you’ll join us at Growth Strats LLC in the effort to continue demonstrating to Detroit and the world that analytics matter! I look forward to blogging with you! 

Germar Reed is a Partner at Growth Strats, LLC, managing the Advanced Analytics Group.