The internet has made business more fruitful in many ways, but it’s also exposed it to a minefield. There is so much data floating around, that it can be difficult to sift and sort it all. And data is only effective if it’s relevant and can be analyzed for trends and patterns. Here are eight ways to get more useful marketing data and do just that!
Using a market research tool reveals top conversations over time and can inform your next campaign, product idea, or simply just to keep your goals and objectives on track and moving smoothly. And here are some marketing data statistics to keep in mind:
- Using marketing personas makes websites two to five times more effective – and social listening refines that insight tremendously.
- 73% of consumers report feeling frustrated when your website offers content (ads, promotions, etc.) that haave nothing to do with them.
- High-growth teams have five different applications in their technology stack, including social applications and analytics tools.
- Nurtured leads make 47% larger purchases than non-nurtured leads.
Now for those eight ways . . .
1) Establish KPI’s
This is a no-brainer – keeping track of how well your brand is meeting strategic goals is critical if you want to be successful. Measuring against key performance indicators (KPIs) lays the foundation for success for any campaign or marketing effort. KPI measurement tell you whether your tactics are working or not, and immediately reveals areas for improvement. And you’ll want to measure both high and low level KPIs to ensure you’re not missing something basic, and to feel confident that you’re making the best market data-informed decisions.
2) Know Your Audience
So, who are the people in your neighborhood? You need to know your audience – both locally and globally. Are they Gen X or Boomers? What ethnicity are they, and what cultural considerations should you be mindful of? Creating a buyer persona based off of these demographics helps a company fine-tune their messaging to resonate with an audience. Using marketing personas has made websites two to five times more effective – and social listening refines that insight tremendously. This kind of market data helps you target your audience very specifically, with messaging made just for individual groups.
3) Discover Consumer Interests
Piggybacking on demographics, understanding what interests connect different groups is vital as well. Not only does it support your messaging efforts, but it can also give you insight on new products that would appeal to your audience. And remember, 73% of consumers report feeling frustrated when they’re offered content that has nothing to do with them. Successful targeting leads to happy, loyal consumers – and more sales.
Perhaps your consumers are really passionate about the subject of giving back to their community. This is an excellent segue for your brand to join a conversation and mention your policies on supporting individual communities’ efforts.
For example, below we have interests of consumers who purchase snack food. These interests can be used to target them and appeal to who they are on a deeper level.
Family is a huge commonality, as is Religion and Arts and Crafts. Your next step would be to listen in to see how they are discussing these topics.
For example, in Arts and Crafts, there’s a good bit of talk about interactive snacks such as Nachos or Apples dipped in Caramel. This is an opportunity. Maybe a brand can offer a new spin on nachos or create a completely new and novel pairing tied to a popular show or DIY activity. Either way, understanding your consumers’ interests guides brands to create these experiences, and that is successful marketing.
4) ROI on My Mind
Return on investment (ROI) is again a no-brainer. You need to know which marketing efforts make the most sense for your spend – and which do not. There’s no use pouring money into Twitter, for example, if your audience is busy scouring blogs. In fact, individuals who use blogging as a marketing tool are 13 times more likely to earn a positive ROI. So, knowing which platforms are paying off is crucial to your bottom line.
Reviewing market data will reveal where to focus your efforts, and where to pull the plug. This is why the quality of your data is critical. The decision you make will have far-reaching impact.
And consumer intelligence will alert you of the right time (and the right way) to engage with consumers as they progress in their consumer journey. Having a tool which allows you to set alerts to these conversational indicators will increase engagement, awareness and ultimately – ROI.
5) Measure Your Results against Your Objectives
Sometimes our best efforts are doomed, even with the best social analytics tools out there. Maybe you were late to the party and by the time you showed up, the band was done playing and people were on their way out. This is where comparing your results to your objective comes in.
Tweaking your messaging or marketing in real-time can draw the crowd back in. But this is impossible if you’re not consistently listening. Once you understand why people are leaving, you can turn around a bad result with a new and improved strategy. It’s not rocket science, but it is data science!
6) Compare Organic vs Paid Efforts
There’s no use paying for an ad if it’s not drawing in your consumers. This is particularly true if you are seeing lots of attention through an organic effort on Facebook or Reddit. Tracking your sources, such as email, social, and others, you’ll be able to distinguish which channels and efforts are driving new revenue and customer acquisition. Then, shift your focus there for maximum results, being sure to re-evaluate often for any changes!
Additionally, high-growth teams have five different applications in their technology stack, including social applications and analytics tools. So, if you’re not using powerful, advanced AI-capable tools, you’re likely missing out on huge growth opportunities.
7) Look at Historical Data and Compare
Death and taxes are the only things certain in life. We’d like to add in change, as nothing stays the same, especially not online. And brands have to hit the ground running to keep up. This is why looking at historical market data is imperative. Brands must compare results against quarterly, monthly and even daily results to understand impact.
Your monthly data may show that you’re doing fabulous, but when compared over time, you may see a different picture. Or you may see patterns which emerge that can pinpoint the why behind your successes and failures.
For example, below we the sentiment summary for a popular CPG brand. Over the past month, sentiment has dropped due to ‘water practices’ by the company. But with 20% sentiment, it looks like everything is looking up again.
However, when we compare that metric to the last 6 months, we that the overall sentiment is sitting at–8%. When we look behind the curtain, ‘water practices’ are a part of the culprit, but we also see conversation around the amount of sugar used and the lack of real cream in this brand’s creamer.
As consumers grow more earth- and health-conscious, this might be something for this CPG brand to remedy, assuming they’re even aware of the problem. Are you aware of yours?
8) Understand Purchase Funnel Indicators
Looking at purchase indicators will help your brand identify words which show what consumers are thinking at each stage of the purchase path – and what signals forward motion. Consumers talk all the time, and often explain what they’re doing, or plan to do, in detail. Combining historical analyses and social listening, socially savvy brands know when consumers are primed to buy and can send out super-targeted promotions at that point to help them along. And they can create offers that encourage repeat sales, as we know that nurtured leads make 47% larger purchases than non-nurtured leads. That’s a huge difference!
Your company can create these connections as well.
Market data should be central to any company’s strategy. However, not all marketing tools are created equally, or are in-depth enough to capture the critical elements your brand needs to succeed. If you desire quality metrics, and you should – be sure to reach out for a demo of our best in class solutions!