Data-driven marketing is the new norm in marketing as businesses seek to gain a competitive edge and reverse revenue declines. If used properly, Big Data can offer insights that help you identify your most valuable customers. It can be a mirror through which you analyze your daily operations objectively.
HOW DATA ANALYSIS FUELS DATA-DRIVEN MARKETING
Data analysis is critical to any business that seeks to be successful. In other words, data analysis functions like a raised podium that provides a bird’s-eye of your business. This allows you to make objective assessments and determine whether your business is thriving or failing.
Even better, data analysis highlights areas of weakness, presents ideal scenarios, and helps you identify optimizations to bridge the gap. Moreover, it facilitates better decision-making based on market data.
Data analysis also comes in handy to help you keep tabs on your customers. You’ll learn whether they’re happy or dissatisfied with your products and services. In the long run, it helps answer the following questions:
- Is your marketing strategy working?
- In what ways can you improve?
- How is the competition performing?
- In what ways is the competition ahead?
- Are you using your resources efficiently?
- Should you change your marketing approach?
- What engagement channels should you prioritize?
- Should you invest more time and money in other types of digital resources?
WHAT ARE THE TYPES OF DATA ANALYSIS?
There are four types of data analytics you can harness for your business:
- Descriptive analytics: Helps you understand business performance over a specific time. For instance, how do the sales figures look? Are they up or down this month?
- Diagnostic analytics: Gives you the reasons for certain events in your business. For example, why did the sales figures drop this month? Or, why did your newest marketing strategy fail?
- Predictive analytics: This helps you predict future trends in your business based on past data. For example, how will your services sell in the coming summer months?
- Prescriptive analytics: Gives you options and makes suggestions on critical business decisions. For instance, based on poor sales in the last four summers, what adjustments should be made?
WHAT ARE THE STAGES OF DATA ANALYSIS?
To get the best results from data analysis, ensure that your data is accurate, complete, and consistent. You can analyze your business data in the following stages to get the best results:
- Analysis of past reports: The initial stage of data analysis should involve an assessment of past reports. This way, you can identify which projects did well and which strategies facilitated that success. You can also assess past marketing strategies to identify what works best for your business. Consequently, you avoid repeating past mistakes and the risks that accompany them.
- Current market analysis: Analyzing current data is critical to understanding the market from an informed position. You get to gauge the success of your current marketing strategy and determine whether it’s engaging your customers. This way, you have an idea of where to improve and what to optimize.
- Predicting the future: Critical analysis of past and current market trends will undoubtedly help you make informed assumptions about the market outlook. Consequently, you can decide on the best marketing initiatives to implement.
WORK WITH HELIOS: ACHIEVE SUCCESS THROUGH DATA-DRIVEN MARKETING
Data is priceless to any business. On average, insights-driven businesses grow at more than 30% annually and are on track to earn $1.8 trillion by 2021. Essentially, data is the compass that directs all of your business-related decisions. If a data-driven culture seems impossible to achieve, get expert help to engage your customers, increase the visibility of your brand, and expand your market share.