Having the ability to see inside the minds of potential customers is probably the dream of the majority of marketing professionals. Understanding what they are interested in, what catches their attention, and why they do or don’t purchase certain products is the equivalent of entering a marketing gold mine. For better or worse we still don’t have the power to read minds, however, there is a tool out there that is helping marketers get pretty dang close.
Its big data, or large unwieldy chunks of information that has previously been too unmanageable to sort through and glean information from. Recent breakthroughs in technology though have made it distinctively more possible, and many successful companies are hiring data scientists like they are going out of style. These professionals are helping analyze trillions of data points associated with targeted marketing demographics and figuring out the best ways successfully advertise products.
The key to utilizing big data to marketing your products more successfully is to understand the demographics of your potential customers. How old is the average person who buys your products? Are they male or female? Do they have a specific niche hobby? What does their economic status look like? All of these questions play a significant role in how you advertise.
Sometimes just providing troves of demographic data is what pleases your customers. For instance, the real estate company, Movoto, provides a neighborhood demographic search tool to help potential homebuyers compare the demographics of multiple areas with ease and make a more informed purchasing decision. The company has found a way not only to use big data information, but to enable their customers to use it to their advantage as well.
Now that you understand something about the demographics of your customers, it is time to make something of it. Big data analytics offers quite a bit of interesting insight to this process as well. For instance, not all potential customers will respond to the same advertisement the same way. Using data associated with previous purchasing habits, known personal preferences, etc. marketers can now determine which customers should see which versions of advertisement.
These targeted marketing strategies have been wildly successful in most industries. If you have any sort of social media account, you may have noticed that targeted marketing work is being done on you. Social media providers, like Facebook, are allowing marketing professionals to use these targeted strategies in the advertisements sidebar. If you go on a mildly embarrassing purchasing binge, Facebook knows and will continue to offer ads for similar products for weeks.
So you understand your audience and you’ve created differing marketing strategies to target each demographic variation, how else can big data information be of use? Great question. It can help determine where to place both advertisements and your newest business location. Potential customers may think your product is really amazing, but very few of them are going to go an hour, or even 30 minutes, out of their way to get it.
Providing some level of customer convenience is of the utmost importance to business success. If your best customers all live in subdivisions then it’s time to start looking at real estate in the nearest shopping center. Certain big data analysis tools can identify these hot spots or location ranges where business is likely to be most successful. Taking advantage of them will boost business and ensure those customers that were wooed by your impressive marketing actually make it in for the purchase.
Taking advantage of the information provided through big data analytics is a huge benefit to many companies. By doing so, marketing professionals are able to better understand what customers actually want and provide it rapidly. Ultimately, a greater understanding and rapidly met needs leads to greater customer satisfaction and more referrals. Big data may be just one of many marketing tools available, but it is an exceptionally powerful one. You should also have a look at the state of your sales funnel and check if it’s up to date with current market strategies.
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