Analytical marketing always provides information that a business in more than one industry can leverage to their merits. Usually, companies build their large database form information collected from customers and use the database to create lists that inform their business decision going forward.
The technique is currently used by both profit and non-profit businesses in all industries. For instance, non-profit businesses use this technique with the hope to attract donor funding and raise awareness about their business in a more effective way. Such entities use this marketing approach to track, past, current and potential donors. The same marketing approach has proven useful in tracking stakeholders and interested and uninterested donors.
Analytical marketing is highly effective with tech savvy consumers. These consumers always sign up for email marketing list after assessing and choosing the type of information they would like to receive. Over 90% of customers want to see interests that are customized to their needs and wants reflected on websites.
Because customers have the freedom to compare prices, reviews, features, products and service on the internet, businesses should take the responsibility of tracking how often the customers talk about them and what they say about the existing competitors. This leads to a smoother adjustment when a business is using feedback from the customer to create a better experience for the customers.
When it is possible to use customers that are not digitally connected for this type of marketing, tracking their preferences and habits is somewhat difficult. You may write surveys or use traditional analytical approaches to get information from this group of customers. Doing this will enable you to find out what makes them make a purchase. You are also able to know what makes them not to buy other products or services in the market.
Developing and Implementing the Marketing Plan
You must gain insight into a business’ customers before developing an analytical marketing plan. Decide what you want to know from customers, manage and organize the data received and create effective customer profile that can gain you sufficient insight. It is easy to predict customer behavior using the data received. After gaining insight into a business’ customers, manage the interaction of customers with your business, no forgetting to make each customer the center of every communication.
Of course, the channels that most customers use to communicate to businesses have multiplied as well as improved. The use of live chants, company blogs, whitepapers, and social networking websites are a few examples of the channels most customers use to communicate with companies and businesses.
Your business needs to tailor every message it sends out to customers using one or more of these mediums. The type of media to use will depend on individual and group preferences. You can then begin to improve your marketing strategy using the data received before the development of the plan. If the strategy is now working quite well for you (giving your business the expected returns), consider revisiting the data or create a future campaign if revisiting the data is not going to be profitable for your analytical marketing.
A key point to note is that one must clearly tie the results of marketing campaigns to data streams for their future references. Remember, transactions and interaction with ever every customer remains an important piece of the marketing puzzle. Therefore, tracking customer data is an important task that will help improve the future performance of your business.
Five Analytical Marketing Techniques That You Must Know
Every business and personal decision must be supported by sound information. However, getting the right information and translating the same into actionable and predictive insight can be quite a challenge. However, using analytical marketing techniques that have been proven to work can help you to develop an effective marketing dashboard and demonstrate a high-level marketing ROI.
Brand auditing is a suitable technique that can help your business to track and evaluate how they position and deliver their brands across the channels used by customers. The technique is about analyzing the verbal and visual communication of your brand. It also analyzes the associations that are designed to assess the loyalty, messages and perception across your preferred market segment.
Customer Satisfaction Measurement
Customer satisfaction measure is a technique that measures the attitude of how a product and or a service meet and or exceeds the expectations of customers. Of course, this cannot be recorded if a customer does not have a history with your brand. In other words, customer satisfaction measurement focuses on the number of customers who have a reported experience with a firm or the services of that particular firm.
Market Sizing & Market Share Sizing
A business is able to assess competitive environment and plan product and marketing initiative one they understand the size and the share of the market held by the business as well as the size and the share of the market held by competitors. Marketing Sixing and Market Share Sizing technique will help you determine the size of the market share of a brand or product and or services and compare it to those of the competitors. This technique helps you to express brand share in terms of the volume of units sold.
Competitive Profiling and Benchmarking
A business is able to know the strength and weakness of the current and potential competitors through competitive profiling. Once you know how to follow up with this technique, you should be able to create a systematic technique, both offensive and defensive, to help your business identify opportunities and threats in the market. Benchmarking on the other hand will help you to compare your brand to the current competition thereby enabling you to create a baseline for comparable performances.
Of course, effective and profitable campaigns are always the heart of successful companies. You are already aware that effective campaigns are the lifeblood of every successful business and it does not matter whether the campaigns are internal or external. Effective testing is an analytical marketing approach that will help you measure the extent to which your advertisement can help you meet the goals and objectives of your marketing campaigns.