Do you track results of your marketing efforts? One of the most important aspects of marketing is narrowing down what works and doesn’t work. Analyzing data and coming up with conclusions might seem difficult, but it’s extremely worthwhile.
Before you begin tracking results, you need to know what your baseline is. You should know who your customers are, which products or services sell the most, and which type of customers buy what. Without this data, you won’t know what’s working or not.
For example, let’s say your most popular product is a bedazzled leaf blower (the Leaf-Be-Gone Jewelicious), and it sells very well with women over 40. (We’ll assume you don’t know this fact because you haven’t established a baseline.) You might create a direct mail postcard with a sale on these snazzy leaf blowers and send this to women around town.
The results of the direct mail were great! You sold 10 leaf blowers in one weekend, all to a bunch of women! One older woman even bought two!
What you don’t know is that, on average, you sell nine leaf blowers every weekend. This means (and I’m sorry to tell you) you spent a decent chunk of money to sell one more leaf blower than you would normally have sold. If you knew what your baseline was, you wouldn’t have targeted women with the direct mail; see, women are already buying your bedazzled leaf blowers. You need to turn your focus to men to widen your target market because men would represent new customers, and more Leaf-Be-Gone Jewelicious sales!
With all of the advertising tools available online, you can easily get overwhelmed by reports. Conversions are the most important data to track online. Getting clicks on your online ads is great; but if those clickers never spend money with you, the ads aren’t working.
You need to be very aware of what online ads you’re running and whom you’re targeting. Your ads for polkadot socks that target both men and women might only bring in female customers. If that’s the case, you can get much more value from your online budget by only targeting only women with those ads.
Listening to walk-in customers can also help direct your online advertising. Customers might tell you they didn’t know you sold a certain product or service. That’s a great clue to create online ads promoting that product or service.
The Tip of the Data Iceberg
There’s plenty more you can do with data, and coming up with creative solutions based on insights will make your business stand out from the competition. If you’re overwhelmed with data and reports, give Field Group a call.