“Data Analytics: The future of marketing?” That is the question I hear in the marketplace all the time. In fact, I even hear it as well from customers who want to engage in market research.
All too often, they do not even know how to begin their market research as they have no clue where to start or where their potential market is. And, there’s always the questions that haunt them about how they will determine if their market research points towards something.
They can’t seem to make sense of any of the marketing strategies, whether it be paid marketing or free marketing, the outcomes for market research are always the same. There are always the question as to why the marketing campaign didn’t work and the solution, at the end of the day, is always found in Data Analytics. But, what is Data Analytics?
Data Analytics is, in essence, the central concept behind all marketing. It is the vehicle through which marketing managers and vendors create and pass along the different concepts and opportunities in market data to their sales staff, who then need to be able to pass on those opportunities to their customers.
If you cannot create an open market, then you cannot create an effective marketing strategy. And, if you cannot deliver to the customer then you will never create a sale.
Now, the question is where do you start with this basic concept, when it comes to using market data in your own business? Well, you may decide to consult a few marketing professionals, but ultimately you have to take charge of your own marketing.
How does one take control of data analytics? Well, they must first identify what the major objectives of marketing are and then apply the concepts that make sense to market themselves to meet those objectives. With those two pieces in place, the data can be shared between the sales team and the marketing department to create the marketing plan to get the business to that profitable position.
Yes, you can optimize for your marketing dollars; and yes, you can optimize for your niche market, but you need to know what is critical to your overall business. You need to know that the opportunity exists; you need to know that the opportunity exists. And, more importantly, you need to know where and how the opportunity exists.
The only way that you will truly get the business you want and need is by using the marketing professionals skills and the data analysis techniques that are available to you. And, you need to know the best ways to interpret the marketing metrics that are available. You need to know the best ways to create a marketing plan and the best ways to establish the order of need for the marketing dollars that are available to you.
That is the secret of the successful, most effective business system; that is the all important differentiation that allows the business to be different from the pack and to gain the loyalty of its customers. And, that is what you want in a marketing plan, which is ultimately, the product.
So, when you are creating a marketing plan, start from the premise that you need to know your current company needs and to ensure that those needs are addressed to the greatest extent possible. You also need to understand that there are many dimensions to your company and many ways to approach the world of marketing.
Once you understand the data analytics and have created the best marketing plan possible, you have created your winning formula, you have the marketing tactics and you have a customer base that is hungry for the goods and services that you offer. And, you have the knowledge to make sure that these items are available.