At Prepared Marketing we believe that small businesses can benefit tremendously from an analytical approach to marketing. Data-driven marketing is a form of marketing management that primarily relies on metrics to define strategy and success. We think of data as the pulse of marketing. Reporting helps us to measure success so that we can take steps to help improve and shift our efforts to improve your business. We aim to define measures of success.
Data Driven Marketing Brings Massive Value to Small Businesses
While big businesses are in the process of developing their data warehouses and staff their marketing departments with analysts, the small business owner is still making marketing choices based on their gut. We’re told that we can trust our gut in making a choice and that’s well and good when it comes to simple things like marriage and baseball but marketing in today’s digital era requires data.
Questions to Illustrate a Point
Think about the offerings you have as a business as you answer the following questions:
1. What product/service provides the fastest payback rate?
2. What product/service provides you with the highest Customer Lifetime Value (CLTV)?
3. What Ad Campaign over the last year provided you with the highest Take Rate?
4. What Ad Campaign over the last year provided you with the most, new customers?
5. What Ad Campaign over the last year provided you with the highest valued new customers?
6. What channel of advertising gives you the best client reactivation rate?
The problem with using our gut in marketing is that it can be so hard to keep all of these things in your head. Furthermore, we are bias based on what we like, i.e., colors, styles, haircuts, etc. and that can lead us to make choices in our marketing that put off people who would be good clients but have different tastes. This situation that is familiar to small business owners is where having data to make choices saves the day. It allows you to look back over the history of your company and make educated decisions as to what your should do with your marketing. Is it better to do direct mail sends on a Friday or a Monday? Your Data Can Tell You. Do you need quick cash? Run a special on your fastest moving product/service and boost your cash flow. At Prepared Marketing we believe that data can solve many of the problems that hurt small businesses. We employ these tools and data collection methods not simply to collect and store data but rather to help small businesses grow.
What are common usages for data-driven marketing?
1. Understanding Methodology for Data Collection and Codification that is currently in place within a company.
2. Develop Data Collection and Codification systems based upon historical data available.
3. Develop Key Performance Indicators based on business goals and strategic initiatives and tactical implementation.
4. Ongoing Data Management Support
5. Pricing/Bid Analysis
6. Advertising Analysis ( Including Adwords, Social, Direct Mail, Etc.)
7. Graphics To Better Understand Results of Promotional Campaigns
8. Improve Marketing Targeting and Effectiveness
Got Questions about Data-Driven Marketing for Your Business?
Call us Today at 503-213-3100 and talk with a specialist who can help bring clarity to your business.