15 Dec 2015

How Data Impacts Your Calgary Marketing Strategy

The meaning and effect of data can vary depending on your industry, but it is the application of data that matters. The insights that are gained from data are what makes the difference in a business or an industry. Putting data to work in your Calgary marketing strategy is what matters long term. It is not enough to collect data with the hope to one day analyze it or put it into use. You become an insight-driven business when you put your collected data and use it to inform Calgary marketing strategies and improve business.

Use of data in Calgary marketing can help you do the following:

Increase your efficiency:

With insights from data, you can produce better work with less effort. You can streamline processes and introduce technologies that reduce the need for multiple systems and resources. You learn what is effective and where your efforts should be focused. To put it simply, you are no longer taking a shot in the dark.

Better relationship with existing customers:

With the availability of data, you can better understand your current clients. You can decide and determine what works for them and how to narrow down to what they really need and serve them better. Data also allows you to create a personalized experience for your customer.

Increase in revenue:

When you have data that can inform you of the customer’s buying patterns, you can understand what kind of products or services your clients prefer. This knowledge will help you increase your investments in such products and services. It also helps you understand where you need to focus your marketing efforts.

Better positioned launches:

It becomes easier to launch new products, businesses or services when you have the data to show what the customers want. It also aids the marketing of such products because they are a direct respond to customer needs, not just a shot in the dark.

 

Here are some ways to use data to impact Calgary marketing strategy.

  1. Understanding the market.

Collecting data is one of the easiest ways to understand your market. It is not enough to guess what your target demographic is or to assume who you most loyal customers will be. Some products made for certain demographics end up appealing to a completely different demographic. This is because as good as marketing executives are, they cannot read the mind of the customers. The best they can do is to make educated guesses. However, with data, you can understand who the market is and what the market wants. This is great for marketing because you can then design your marketing around the market. Not only does data give you a good understanding of the demographics of your market, but they also help you understand their way of thinking too.

 

  1. Monitor ROI

The main reason for investing in any marketing method is the expected return on investment. A marketing strategy or method becomes useless if the ROI is not great, cannot be calculated or it is unpredictable. With data, you eliminate the uncertainty of a return on your investment. You don’t market blindly; you know what will work and what will not before you start any strategy. With data, ROI is not guesswork or an assumption; it can be determined by facts. It becomes easier to sell a marketing strategy or invest whatever amount of money required for a marketing exercise.

 

  1. Understanding habits.

All customers have buying habits. That is why customer retention is important. Once a customer forms a habit, it becomes more difficult to ditch it. Consumer habits are important when it comes to marketing and data can help you understand those complex habits. When do customers buy what? What quantity of a certain product do they buy? What colours move faster? What season of the year does a particular product sell? The answers to these questions can go a long way in improving marketing results. Data helps to answer these essential questions.

 

  1. Testing.

The whole point of testing is to gather data. Testing is a necessary stage in the launch of a new product, service or business. During testing, you get to know customer preferences, buying habits and what is successful. Testing data helps you to know if a service or product is a worthwhile investment.

 

  1. Adjusting Ad Spends.

It can be frustrating spending a lot of advertisement money in the wrong place. You could be marketing to the wrong people, in the wrong way, on the wrong channels. With the help of data, you can understand what works and what doesn’t. With these insights, you can adjust your ad-spend.

 

Calgary marketing is not always predictable, it involves understanding and predicting human behaviour. Data-driven marketing feels like less than a shot in the dark.