To get the best results with your marketing strategy you need “good” data. This means making sure that your information is current, valid and matches your organizational needs. Let’s start from the beginning. Data can (and should) be collected on a myriad of topics, including:
Your market situation – where is your industry right now?
Threats and opportunities specific to your business and industry – this especially includes your competition. What are they doing right? What are they doing wrong that you can do better?
Your target audience – demographics, market segments, customer needs, customer buying decisions and contact information.
What types of marketing would be best for your business – and the cost of those marketing venues.
Similar products – What price point is your product being offered at? What are customers willing to pay for the product? Is there an additional warranty or service that can be marketed with the product to create additional revenue, sustainability of the product, and to entice the customer a little more?
Product placement – Great placement of your product is essential to increase customer awareness and willingness to buy.
Customer feedback – Gathering data on what customers like or don’t like about your specific product can help you improve on the product, choose an appropriate price point, and help you take advantage that feedback to improve your business.
Once collected, you can use key information from your data analysis to make smart marketing decisions for your business. A good marketing strategy should be fluid so it can change with the needs of your customers, with industry trends, and with the ebb and flow of your business. To have a fluid marketing strategy, your data should be refreshed regularly to stay on top of your market, on top of your competition, and to have the most profitable business possible.
Many small businesses fall into the data trap of failing to make sure that their data is clean (up-to-date), current (timely & relevant) and correct (accurate). Don’t let this happen to you. Make a point of reviewing your data at regular intervals. We recommend updating your customer data quarterly and reviewing/updating industry data annually or bi-annually. Whichever schedule you choose, make a habit of staying consistent. Ensuring that you have “good” data takes time, but the cost savings and sales benefits are well worth it.