I’ve talked in the past about data and how the big brands are using data to understand their target market better. Smaller brands are now doing the same, that means you and your small business can too. The objectives up for grabs are too important to ignore…
- you will identify characteristics of your most profitable customers
- you will be able to create the marketing strategies that work
- you will increase your customer loyalty/retention
- you will also identify the most profitable price points for key products and services you offer.
It’s always best to bring in outside assistance to help you understand how to leverage it, if you don’t know what you are doing. Or get some training from a trusted professional, but here’s some tips to help you understand it’s power…
What data do you already have? do your customers signupl? Create an account? Use credit cards? Choose a cross section of customers and offer them something, a discount in exchange for an hour of their honest feedback – and be prepared to take it on the chin! this stuff is essential for your company to grow and get better.
Seth Godin, my hero – said “Don’t find customers for your products, find products for your customers”.
Data analysis is can help form your marketing strategy around how to attract your customers and it’s changing all the time – different tools, software and programmes are constantly being released to make your job easier. Are you using Google Analytics? Google Apps? Facebook Insights? and more importantly your own CRM? These should be your first steps. Check these links for further reading…and get in touch if you would like me to help you create a winning strategy for your business.