Every cent that goes into marketing is an investment. Even the worst of times can provide ample opportunity for creativity. Proctor and Gamble thrived in the 1920s and 30s using clever marketing for Ivory Soap. How else could someone become a master carver, but to practice on multiple bars of soap? The company had an annual soap carving competition that attracted crowds eager to see who would win the prize money and to get a break from the doom of every headline.
There is an opportunity in every market and in every time. However, you will not find high ROI if you do not invest marketing funds where they will deliver the most return. Set a structured budget yet be flexible in fund allocation. Shifts in market environments and growth potential among brands or geographies are ignored at your peril.
Big data marketing is now an exact science. Marketers can understand consumer buying responses in both small and large markets, which enables markets to adjust spend across the variety of channels available from television to Twitter. Examine actual sales over a designated time period, as well as the intensity of consumer activity changes from week to week. Three months is the average length of consumer memory. So, the question is whether to focus on short- or long-term efforts.
Approaches and techniques
Social media influences consumer brand choice. All products can take advantage of this phenomenon, even the common ones such as soap. Producers/companies have the goal to better target through big data. Traditional avenues are also valuable. All avenues work on some level and should be used. Analytics give a clear idea of what works and what doesn’t, but they cannot solve everything. Big data provides different approaches and techniques to deliver insights which can be used as fodder for action. But no matter how much intelligence is gathered, action must be taken.
A customer, either loyal or potential, is valuable. Your product or service provides a solution to their problem (pain points), but you must know the customer enough to personalize your offer. Customization may yield a 10 percent increase in sales. These insights into potential clients are not as easy to find, but they can be effective. What are some ways to personalize? Well, what have they purchased historically? What do they look on their phone for? Are there records of loyal customers’ returns or calls of complaint? Once you have a grasp on these potential customers and their data, set up marketing goals.
The various channels of engagement must be considered, evaluated and consistent, even after payment is rendered. Big data is not a magic feather: it does not hold out well in the long-term but it does help identify weak factors in the client management cycle. Big data is crucial for segmentation and testing out micromarkets. It also helps decipher which times are optimal for engagement. Insights help you not to waste efforts. Everything counts.
Seek out opportunities with Siren to extend your reach.