Consumer data is crucial to the efficiency and success of a business’ marketing efforts. It can be used to learn what worked in the past, what is effective in the present, and which direction to go in the future. After all, casting a wide net for your marketing efforts may get through to your target audience but it can be expensive and time consuming. Homing in and reaching your target market based on their consumer trends is far more cost effective and allows for better resource allocation.
So how exactly do you make the most of your consumer data? Here are a few tips that will help in doing so:
Ensure Accurate Data
Before diving in, it is important to stress that consumer data is only helpful if it is an accurate depiction of your target audience, meaning it needs to be gathered from the right sources and it needs to reflect exactly where your sales are coming from.
For example, if you are viewing a source report, you will have an excellent idea of how users are reaching your website, but you also want to be aware of how long they are staying on the site and from which sources the most leads and sales are coming from. If social media links account for 70% of your web traffic, but search engine result pages are yielding the most sales, then social media is not necessarily an accurate depiction of consumers that are purchasing your product or service.
Learn What Works and Change What Doesn’t
The first step to making the most out of your consumer data is to trace where your highest conversions are coming from (social media, web searches, URL, etc.) and determine where your marketing efforts need improvement. Once this is established, strategies that are working can be applied to areas that aren’t experiencing success. For example, if you have a landing page that is achieving a high conversion rate, try designing the features of your other landing pages around emulating that success.
Look for Hidden Trends
Searching for new methods to reach consumers is always an important part of consumer data analysis. Your data might reveal a new way to get through to consumers that you hadn’t thought of yet. An example of this would be if your business was experiencing successful conversion rates from announcing a new product through social media. Writing blogs and creating a news release focusing on keywords surrounding your new product would be a strategic way to capitalize on this social buzz.
Launch New Campaigns and Experiment
Hone your competitive edge by launching new campaigns that focus on your successful lead conversions. If your old marketing campaigns were mildly successful overall but had one very successful facet, then it is necessary to launch a new campaign focusing on that facet and experiment with what is effective about it.
The world of marketing is in a constant state of change. New technologies and communicative trends require new strategies to adapt to these changes, and while current strategies may achieve peak success this year, they may not be as successful next year. This is why it is essential to study what resonates with consumers and experiment with new cutting-edge campaigns to repeatedly hit your mark year after year.
If analyzing consumer data and developing a new marketing strategy around it is something that you feel could benefit your business, contact Jessica Chabot, Vice President, Client Services of Millennium Agency at www.mill.agency.