Data analytics is the biggest game-changing opportunity for marketing and sales since the Internet revolution. It’s evolving marketing from an art-form to a science. Marketers now rely on data to inform, examine, and iterate their strategies.
Big data analytics can improve your marketing efforts in many ways, including the following:
1. Helps in defining your ideal customer
With data analysis, marketers no longer have to make guesses as to their ideal market demographic segments. Companies are able to see exactly who is buying and gain information about their customers, like which social media channels they use, what buttons they click and which websites they visit.
2. Improve and optimise customer interaction.
Through data analytics, you can see who your customers are, where they are, what they want, when and how they’d like to be contacted and other factors. Companies can also analyse how customers interact with their website and work towards improving the user experience.
3. Increase customer retention and loyalty
“Loyalty card” systems have aided businesses by allowing for a system that can not only track customer’s purchases but also help determine the best incentives and promotions. By optimising with the help of this information, customers can be encouraged to make another purpose in the near future.
4. Optimisation and performance
With traditional marketing techniques, it’s difficult to track return on investment. However, through big data, companies can make smarter buying decisions across different channels and use these to optimise their marketing efforts through testing, measurement and analysis.
5. Budget management
Through data analytics, companies can examine and optimise their campaigns for performance, allowing them to allocate their budgets more efficiently; thus, saving money in the long term.
6. Up-to-date customisation
Data analysis combined with algorithms allows marketers to personalise their offers to customers in real time. An example of this is the “customers also bought” section of Amazon, recommended TV shows and films on Netflix, or proximity marketing. This allows companies to personalise which of their products customers see.
7. Better content
Marketers can easily analyse which of their content is most effective at gaining customer interaction and thus, moving leads through the marketing and sales funnel. Big data analytics allows businesses to analyse which pieces of their content are most responsible for closing sales.
8. Accurate lead scoring
Predictive analytics can be applied to generate models that can successfully predict a buyer’s behaviour and sales. This can rate and determine their hottest leads.
9. Market research
Qualitative and quantitative market research can be carried out much quicker and more inexpensively than ever before. The use of online surveys allows for easy to implement analysis. In turn, results are easier to take action on.
10. Competitor analysis
Social monitoring tools allow for easily accessible data about competitors and their marketing efforts. Companies can use this data and gain a competitive advantage.
The above list only skims the advantages of what big data analysis can bring to a business. However, data analysis might seem daunting-especially for small businesses or businesses that are still stuck in a traditional approach. The best solution to this is to hire a team of trained professionals to run your digital marketing campaign and provide you with monthly analytic reports.
At Fibonacci Marketing, our team is fully qualified in all aspects of digital marketing, including social media marketing, content writing, SEO and PPC, graphic design, web development and more. We guarantee to make your business grow in the most efficient way possible, all whilst providing you with real-time data so you can see the growth yourself.
So what are you waiting for? Call us today on 9936 7674 or email us at email@example.com for more information on our marketing plans.