Big data is incredibly potent for business intelligence, operational intelligence, and market insight. But one of the first frontiers of big data was in the realm of marketing. Always on the lookout for new tools to differentiate and improve customer outreach, marketers have levied data for a number of purposes — each designed to find new opportunities or to better capitalize on current ones. Has your business nailed it with big data for marketing yet? Here’s how to cash in on data analytics big time.
1. Get to Know Your Target Audience Better
You likely already have a “customer persona”. But have you drilled deeper and begun to segment your customer personas? Let’s consider an easy to understand use case that you can expound on and apply to your situation. Say you market cleaning supplies. Naturally, the homemaker is your customer. But you likely have many other segments, as well. For example, your data analytics may reveal that a number of your buyers run daycare facilities. Perhaps you find that many of your buyers are cleaning up frat houses after parties, or maybe a large segment of your customer base is single men. Big data allows you to drill deeper into your customer personas to find unique niches to target. You can learn more about them as individuals, including their ages, ethnicities, income levels, and even where they live and work — all valuable information when marketing to these people.
2. Find the Ideal Pricing Strategy
Companies are forever in search of the ideal balance between charging as much as they can to maximize profits, while pricing products low enough as to be well within reach of target markets. Big data analytics takes the guesswork out of pricing. You can use big data to detect how pricing affects overall sales, as well as sales within a particular niche or sales for a certain product line. This guides you to the ideal pricing scheme to satisfy both your executives’ demand for profits and your customers’ demand for affordable prices.
3. Develop Messages That Resonate & Don’t Alienate
Going back to #1, knowing your customer, big data lets you get to know your customers in such a way that you can develop messages that speak to them personally and don’t alienate, offend, or turn off your target demographics. For example, some brands see enormous success with a very laid-back, casual message. Others get away with lots of sass and sarcasm. Yet there are brands who must keep their messages extremely professional, or perhaps sentimental or even gooey. It all depends on who your target audiences are. Big data lets you get to know these people. Knowing them means knowing what messages speak to them. Should you be touchy-feely like Kodak? Hip and happening like Aeropostale? Tongue-in-cheek like Ben & Jerry’s? Big data analytics knows.
4. Know What to Look for In Big Data
What, specifically, should you ask your data when performing analytics?
- Current shopping trends
- What customers are actually searching for online
- The demographics of your shoppers and customers
- Which ads and messages are being received well?
- Which ads and messages are being received poorly?
- The hidden markets — audiences outside your “target market” that buy or are interested in your products.
One thing is clear: when you delve into big data for marketing, things are never the same. Marketers are continually finding new and innovative ways to leverage data for better revenue.
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