by The world today is nothing more or less than data packets. The four P’s of marketing: Place, Product, Price, and Promotion are a part of data in some way or another.
‘Place‘ is a piece of data on your Google Map.
‘Product‘ is a piece of data in your market.
‘Price‘ you set is a data benchmarked against thousands of data bytes from competitors.
‘Promotion‘ you do is aligned to what you infer of all this data.
The 21st century has seen a massive influx of data, due to which, it is being compared with a resource as powerful as oil. With internet connectivity and smartphone markets growing in leaps and bounds, it is thus understood that for a business to build a competitive advantage of their own, they must integrate the hidden patterns of data into their core operations and strategies.
Does Your Business Have a Web Presence?
If not, you are probably stuck in a rut. If you do not target or re-target your ‘potential@customer.com’ through smart emails, then you are simply losing out on opportunities. Therefore, a structured e-commerce platform is indispensable. So, how can a business go about establishing itself across all these channels in a structured fashion, understand how they are interconnected, measure the progress, and make future decisions?
The answer to all these questions lies in analytics. Analytics empowers us to find a hidden pattern, a meaning, a conclusion, and a strategy from the data received. The ‘n’ number of statistical tools available in today’s world enables businesses to better understand consumer behavior and markets.
In short, Analytics draws the line between opinion and fact. Smart analytics has the potential to scale up business performance to a mammoth extent. Analytics enables you to gauge your business performance in terms of metrics. Just like we measure the length in kilometers or centimeters, the degree of our website’s customer interaction is measured through ‘page views’ and ‘bounce rate’.
One such metric is the Shopping Cart Abandonment Rate- the total number of online shoppers who put items in their shopping cart but don’t complete a purchase as a proportion of the number of people who complete a purchase.
In this case, flood the potential customer’s inboxes- make sure the first thing he sees on his news feed is his incomplete purchase. Re-targeting becomes easy! Analytics also gives you a clear picture of how your prospects and clients are interacting with your business and your various campaigns. Deciphering data can allow marketers to understand the psychology of their prospects, their trends, and which marketing activities are valuable at different junctures in the buyer’s journey.
Consider how impactful it would be to be able to tell your boss that since you started blogging regularly, you drove 50% more traffic to your website, and out of that traffic, you generated 20 new leads and 6 new customers.
A concept called ClosedLoop Marketing connects Marketing Analytics with Customer Relationship Management (CRM) and helps us get better insights as to how visitors are converted into leads and subsequently, into customers. Therefore, it is time that these changing trends be the new beginning for more evolved and employee-friendly workplaces!
Undoubtedly, technology can change how businesses function, and the same is proved every passing day. As mentioned earlier, the world is a collection of data packets and is a part of a big puzzle with countless possibilities. The need of the hour is professionals with a fondness for solving these puzzles and adapting abilities in an ever-changing, technology clad business landscape.
Clevertize is one of the Top Integrated Marketing Communication Agencies in India. It has worked with many national & international clients like eBay, Nando’s, David Lloyd UK, METRO Cash & Carry, Sobha Ltd., TATA Motors, Barbeque Nation to name a few.
Clevertize is an Award Winning Agency, known to marry marketing with technology.
Some of the services that Clevertize provides are:
Creative Services, Performance & Digital Media Marketing, Visual Identity & Branding, Campaign Management & Analysis, UI/UX & Website design, Video creation, Media planning & buying, Chatbot & more.
If Return on Investment is critical for you, talk to Clevertize!
