In today’s business environment, data, analytics, and insights are three main key components to understanding your customer profile and behaviour. Websites across the world wide web are selling valuable information or services for a premium fee to help analyse potential leads for your business.
The right use of data can help you make evidence-based decisions across sales, marketing efforts, customer retention, fraud deterrence and more. Gain valuable customer insights in just a few clicks with analytical tools that will help you effectively collect, mine, manage and grow your database.
Digital marketing is more than just promoting your business online on a social media platform. It is about utilizing advanced automation created by technology to make marketing strategies more productive and effective. It is about collecting and mining data from different sources from the internet or customers to create a more personalization product.
Here are five ways on how mining data can help improve sales for your business.
- Defining your target audience
By collecting information from your customers or visitors who enquired about your product, you will be able to narrow down the characteristics of your target audience. Through filling up a simple form or gathering information from Google Analytics, you will be able to determine the age group, area of interest, gender, and more. This will help you to cut down on your expenses when it comes to advertising on social media platforms.
- Competitor analysis
In the modern world of technology, there are multiple smart platforms that have been created to data mine websites and analyze the keywords used to promote their website or product. Through the use of these insights, it gives you a distinct competitive advantage against your competitors. Study what their target audience mostly search for and implement those keywords on to your website.
- Market research
Before venturing on your business online, market search is absolutely necessary to avoid losses and better understand your target audience. With plenty of data and advanced technology that captures the purchase behaviour of certain target groups, leverage of these data to optimize your product positioning. Create promotions catered to your target audience and work with organizations or influencers that they are mostly exposed to.
- Promote product development
In order to stay competitive in this customer-centered industry, the product or service needs to be customized to suit the client. Collecting survey data – or using A/B research to experiment with various methods – can be an effective way of evaluating what works and what doesn’t. Through the use of feedback and effectiveness, you will be able to identify what captivates your consumers and further improve from thereon.
- Enables disruption and innovation
Only through feedback will you be able to explore innovative ideas and disrupt the market. Customer feedback is the best platform to discover untapped customer needs and convert into potential leads. Create a new segment or product specifically to cater to a group and also allows you to penetrate the market.
Data Driven Digital Analytics is a module offered as part of our Online Part-time Graduate Diploma in Digital Transformation and Innovation program. Develop a highly effective marketing strategy that will enable you to leverage on the latest technologies to take advantage of ever-increasing data availability and optimise your digital marketing results. Program starts on 23rd June, if you have any questions, please contact email@example.com or call 9384 2258 for more information.