8 Ways You Can Start Mining For Data
Have you ever felt discouraged by data? Well never again! Today’s marketing is all about reaching your target market in an effective way. Whether that is by email, direct mail or social media, you need to target your communication and personalize it to the individual through data. However, collecting and analyzing data can be so overwhelming that soon you could be buried by it. So the big question is how do you begin collecting adequate data to reach your target market?
While you may aspire to have the marketing sophistication of P&G or an Amazon.com, there are steps you can take to get started right now. Jeff Hayes, President of Info Trends, shares 8 points.
1. Make an inventory of your customer touch points.
Look beyond your customers’ age and gender. Dig deeper to find what really makes your customers tick. Collect data on how often your customers shop, what their average purchase is per visit and how long your customers spend in your establishment.
2. Figure out what data you have, what data you need and how best to collect it.
All fantastic marketing campaigns start with a game plan. Establish what data is already being collected by your P.O.S. or other systems, and then analyze it. Once you know what you are collecting, it is time to establish what you would like to know about your customers and then devise a solution to collect that data.
3. Collect and compile your data for on-going analysis.
The more data a company can gather and know about their customers, the better! In the beginning, make sure you data is compiling accurately to your analysis system. You do not want to waste time or data by not being able to format it correctly.
4. Analyze your data and develop a market segmentation scheme.
“Developing a new market segmentation scheme requires a structured process that yields actionable results. A new market segment must respond differently to variations in the product, marketing, and distribution mix compared with other customers in the market.”
5. Test various messages and promotional offers, and measure the impact.
Survey or interview your customers. A company cannot reach their customers if they do not understand their needs or desires. Send out different types of flyers and discounts to measure the response rate to each promotion.
6. Continue to refine your data collection, analysis and messaging.
“Why do we fall? So we can learn to pick ourselves up.” Hardly any project runs according to plan. Take the time to smooth out the bumps and get rid of the dead weight.
7. Get senior management involved – there will be cost and may be some internal “turf” issues that need to be resolved, plus you want their buy-in when the data challenges traditional assumptions.
The last thing you will want to do when working on a new campaign or project is to step on anyone’s toes. Talk through your plans and processes to make sure everyone is on the same page. This way the chances of a dispute are held to a minimum.
8. Consider working with an agency or consulting firm, especially to help you get started.
You don’t know everything and that’s okay. It is alright to reach out and ask for help. Smart people learn from their mistakes, but wise people learn from other people’s mistakes.
SOURCE: Market Segmentation, Info Trends, 2013
SOURCE: Batman Begins, Christopher Nolan, 2005
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