One of the most powerful entities for a marketing department is data. For a business, having data on their customers and their prospective buying habits can impact how the business markets their products and services. Today, the constant advancements in technology have made it easier for companies to collect large amounts of data ranging from customer demographics to customer satisfaction.
The best way for a company to truly learn know how its customers feel and avoid misleading data is simply to listen to what they have to say.
Data usage is continually growing and companies are using analytics to evaluate their business operations and market spending.
Setting a budget for marketing and deciding where to invest marketing dollars is not an exact science. By targeting the intended audience, analyzing past marketing techniques, studying what competition is doing, and surveying current consumers, marketers can better determine where and when to allocate spending.Setting a budget for marketing and deciding where to invest marketing dollars is not an exact science. By targeting the intended audience, analyzing past marketing techniques, studying what competition is doing, and surveying current consumers, marketers can better determine where and when to allocate spending.
Email marketing enables businesses to reach a large number of customers and allows companies to not only communicate ideas but also help gather important data that could translate into sales and relationships with future prospects.
Predictive analytics can provide marketers with the tools necessary to anticipate what consumers desire and adapt their marketing messages and offerings on an individual basis. This tool is making decisions and taking action for customers instead of empowering them.
(The Tech Journal, 2012) Here we go again. Some consumers are still smarting from the exposure of their personal data as a result of security lapses at Target and Neiman Marcus. Thought unnamed, authorities specializing […]
Marketing Management 