Your business venture is really only as successful as your marketing strategies. Marketing reports are excellent tools that we can use to show you which approaches are working, or not. However, to properly apply any tactic, you must first be able to interpret the data report. We at Tzedekk look at the following data so that you can get the best results for your business – because who doesn’t want the best for their company, particularly in such trying times? Here are 8 ways Tzedekk uses marketing data to help your business thrive.
8. Examine Market Research Responses
Effectively interpreting data means that you need to separate the core answers by data points and concerns. When you conduct market research, your questions should be posed in a way that is logically and well thought out. However, the responses to your questions may be the opposite. Being able to interpret what may otherwise be seemingly chaotic answers (let’s be honest here, nobody likes having to interpret nonsense), will help you find the hidden gems in the responses. Critical assessment and evaluation is vital, and can lead to the formation of more research questions – these must be answered before you make any changes to your strategy.
7. Decide Which Data is Important for Your Business
There’s a ton of marketing data available to pretty much any Tom, Dick and Harry out there – so the first thing you need to think about is what data is actually relevant to you. Nobody wants to sort through mountains of research, to find that none of it actually applies. Narrow down the data, so that it can give you specific answers and directions. More data isn’t necessarily better for your business.
6. Study the Relationship Between a Marketing Campaign and its Revenue
Money talks, so often the best way to interpret complex data is by following market campaigns back to revenue. Nobody likes wasting hard cash on a campaign that doesn’t work, so looking into cost per click, cost per lead, impressions and likes can all be vital clues into figuring out what works, and what doesn’t.
5. Reassess Your Marketing Strategy Every Quarter
If something is broken, you’ll want to have the opportunity to fix it. One of the most crucial things for any business to do is examine their marketing strategy quarterly. So, look at social media as well as site numbers. This is vital so that you can pick up exactly where your strategy isn’t working, reassess, and then adjust as necessary. Really examine your strategy from each and every possible angle, and try to think like your target market does.
4. Look at the Whole Picture
Something that’s often overlooked, is that examining all the aspects of your marketing strategy simultaneously is of vital importance. Different aspects play various parts to draw your consumer in, and you’ll need to see how they interplay with each other. For example, you may see an uptick in your online search activity, coinciding with running radio or TV marketing.
3. Define Exactly What Your Wins and Your Losses Are
The most important step to determining what your objectives are is to decide what a win looks like, and what a loss looks like. Then, you can pinpoint exactly which strategies and activities to use to reach those goals. Which ones are effective, and which ones are inefficient?
2. Increase How Frequently You Report
Increasing the frequency of your reporting, allows you to determine which new metrics will contribute to informing strategy. Weekly or evenly monthly reports on effectiveness, consumer sentiment, and competitors can be crucial to determining where you need to change up your strategies.
1. Be Flexible and Embrace Change
Data is only helpful if it allows you to target where you need to change up your strategies. If you’re not willing to accept the shortcomings of your marketing tactics, and evolve and adapt to overcome them, there’s really no point in analysing the data at all. Know what you’re looking for, and change your strategies to reach those aims. That’s why flexibility is number 1 on the list of 8 ways Tzedekk uses marketing data to help your business thrive.
Adapt and Overcome to Achieve the Most Out of Your Marketing Data
When we look at the 8 ways Tzedekk uses marketing data to help your business thrive, it’s clear that there are some general themes that need to be tackled. Identifying your marketing strategies’ shortcomings and finding ways to overcome them is crucial. Get in contact with us to see how we can help you leverage your business.