In the not so distant past, marketers relied heavily on the four P’s: product, price, promotion and place.
It is the marketing formula to determine what a given product’s offering can be and what distinguishing attribute separates it from the rest of crowded marketplace. Today’s savvy marketers are adding another element to the marketing mix. This is the use of data.
Data is increasingly becoming a contributing factor to enhancing ROI. By using data, many companies are seeing it as a method to gain competitive advantage, improved customer loyalty; and, of course, improved revenue.
There is a variety of data that can be collected and merged into analytic tools. Some common information collected range from digital e-commerce, demographic, business sales, behavioral, lead generation, and social and engagement metrics. These data sets are married to provide a comprehensive picture on a desired consumer audience and reach better decisions for a brand’s marketing direction.
For businesses that lag behind on using data, you may believe that this is just another utopian idea. However, if you continue to not see the value in using data, it may soon prove that you are actually a lot further behind your competitors than you think. In the long term, data will continue to surge in popularity. Many businesses are actively engaging other businesses that are sellers or aggregators of data.
If you haven’t jumped on the bandwagon yet or have be slow to actively use data and other analytic tools to make the best marketing decisions, it may be time now to start doing some homework. Data is here to stay and technology is making it easier to use.
Adele Lassere is a marketing/advertising consultant with 20+ years experience, freelance writer and author of “Elements of Buying” (self-help advertising guide), available at Amazon.com. Adele was listed as Black Enterprise’s 2011 Top Execs in Marketing & Advertising and Black Enterprise’s 2013 Top Women Executives in Advertising & Marketing. Contact: email@example.com