Data is everywhere, from fact sheets, white papers and research papers to Google Analytics, Uber Suggest and hundreds of other platforms. How can this data be used for an effective marketing strategy?
All the insights you need to aid your marketing strategy are contained in data sources, but the very first step is knowing what data to analyze and how to extract it from these hundreds of data sources. Here is a brief look at what data you should focus on for optimal analysis when creating a marketing strategy.
Target audience data
It is very important to analyze target audience data. After all, your marketing strategy will be directed toward your likely buyers, and to be able to captivate them, you must know more about them. To get the required target audience data, you want to look into the persona of your ideal audience and collect facts about their interests, age range, profession, income range, gender and other factors. This type of information is best sourced from third-party and zero-party data sources.
Revenue and conversion rate data
Before plunging headlong into a new and seemingly exciting marketing strategy, it is important to take a careful look at the records of the company. How has sales performance been over time? What marketing campaigns have given us the least and most conversions? Is there a need to do something different to boost sales this time? Based on the trends we’ve recorded in past strategies, should we expect to do well this time? These are all questions that past data can help answer.
Competitor analysis can give you insight into what your close competitors are doing that has helped them find success. Perhaps it is the product they focus on or the way they craft their content that helps to pull traffic to their website.
A proper marketing analysis is not complete without analyzing market data. Check what the audience’s attitude has been toward purchases in recent times, the new trends in your industry, the current market size and your share in it. Analyzing marketing data will help you understand your position in the industry so you know how much work you need to do to level up.
While the mention of the word “data” can overwhelm some people, you do not need to study data analysis to be able to analyze marketing data. A marketing degree is an excellent start. If you enroll for the master’s in marketing degree at an accredited university like Emerson College, you will be exposed to the science of marketing analytics and learn how you can make insight-driven decisions as a marketer. No GMAT or GRE is required for this course.
You should always remember that you need more than just facts and figures to develop a successful marketing strategy. To achieve the desired results, you need marketing creativity, which must be guided by the insights you have gleaned from all your data.
Data is everywhere, but not all data is relevant to you and your business. There are specific data types that marketers must analyze when creating a marketing strategy. When you know the right data to focus on, it will also help you streamline your data collection efforts by keeping your attention focused on relevant sources that have the specific data you need.