How to read analytics and be 2 steps ahead of competitor always
In marketing or only in digital marketing, there are a lot of data and analytics to read and study. You need to analyze and prioritize the data points as per your business nature and business goals.
This is not a topic of debate now. Still, many people use to believe that marketing data, market signals, and other data which professionals use to forecast the upcoming period is a waste of time only.
There are many cases. Like:
Kodak was one of the largest manufacturers and retail photography camera brand. It had a significant market share, and to disrupt its market share was just near to impossible.
But one of their engineers, in their lab, develop the digital camera, but the brand was not so convinced with the idea and rest is history. Many of you may not have seen the era when Kodak was king of the photo film camera. Nowadays, it is nearly impossible for Kodak to cover, even 10% of the global market.
As you are expecting, this is not only case, when business have analyze data in wrong manner.
Here is the another million dollar failure.
The same example is with Microsoft. Steve Ballmer, once the former chief executive of Microsoft, who called the first iPhone “a phone without buttons for $ 500, which has no chance.”
What does this assessment say? Of course, the company was aware of the preferences and desires, but did not look around and did not understand the general mood in the market and consumers in general. As a result, Windows Mobile lost the competition.
With the help of these billion-dollar failure examples, you can imagine how critical it is to accurately predict the market. But as in start, I told you that it is not an easy task, there are 1000’s of data points to focus on and analyze very carefully and, in some cases, on a large scale.
MarketoApp will try best to cover as many areas and data points as we can. In this article, we’ll discuss the user persona.
Please keep reading to understand why we choose the topic user persona and how analyzing this can help you to be ahead of your competitor’s two steps. Out of thousand’s data variables we’re talking about ‘Buyer’s Persona.’
We already have published a detailed guide on:
“What is User Persona?” and
“How to make user persona for your company?”
If you haven’t read those articles yet, then I’ll recommend you to read them. Otherwise, we’re good to go ahead if you already have the idea about those topics.
Have you ever answered these questions to yourself:
- “What do you know about your customers? “
- “Are you interested in them?”
- “And how often do you think about your products and your services from the point of view of buyers?”
- Now ask yourself some more questions.
- “Do you know your customers well?”
- “Who are your customers?”
- “Do you know them? Their addictions, habits and values?”
- “What do they like and do not approve of?”
By User persona dive deep and take interest in their mood and trends
It is not only essential to know your customers. You need to understand the consumer’s sentiment and preferences in general.
There are a few areas of business, where the main marketing strategies are for different purposes. They make strategies to expand the reach and increase brand awareness. They may do not imply any targeting.
In the modern world of data and analytics, you can individually track each client’s path and behavior. Where “end-to-end analytics” is one of the most popular terms of the last five years. It’s almost a deadly sin, not to engage in customer segmentation and questions of the target audience and then set up advertising campaigns.
Let me give you the simplest example of why statistics on the general market are needed.
“Suppose your company increased its turnover by 10% over the last quarter. You are ready to celebrate the victory, but is it worth it? If the market at the same time grew by 50%, then there is nothing special to celebrate. But if the market grew by 1%, and you by 10%, then there is something to celebrate.”
Without research and analysis, this information cannot be obtained.
Moreover, without conducting regular research, you can skip significant trends and be left without information about customers, preferences, desires and expectations, and market changes.
“I hope you didn’t forget the example of Kodak and the statement of Microsoft former CEO on iPhone.”
Measure all indicators
As Peter Drucker said:
“I do not control what I cannot calculate.”
All who are in business should remember this. Most companies do not control how many customers they have, nor how much money, because they don’t count. And it happens with all the indicators.
Tell me one thing, how can you offer a female or baby product to your audience, if you don’t know how many female audiences you have and what their lifetime journey is?
Or, you can understand it by another example:
Is it worth using billboards for advertising, if you don’t know, your customers drive cars or take the subway?
“A fashion brand in the UK uses to show the small-small boards to show the nearest store’s distance from that particular board and direction. It applied to advertise and promoted as the environmental and health-friendly.
If you measure the effectiveness of advertising by what the audience saw the advertisement, then, probably, it was effective advertising. If you count by the number of hits, it is unlikely”.
Survey and Polls are great to know the sentiments, but not every time
Polls and surveys are a great way and source to collect the information. But not every time, because sometimes audience size could be massive and you’ll have to make the sample audience. The sample audience is always questionable, and it is very costly as well.
If you’re maintaining the analytics and your database, that also could be very helpful. Even 90% of online businesses and brands are not conducting the surveys and polls. They use to rely on some other research and survey result.
By your database and a good audience persona, you can analyze their habits and behavior, success and failure, promotions, and offers that can attract them.
Without this kind of audience, analyzing marketing is just like an arrow in the dark. If the strategy works, then it should be considered a fluke, and 99% of the time, the strategy will be a marketing disaster.
If you’ve done a basic setup, like Google Tag Manager and Google Analytics, that is sufficient to provide you with a plethora of knowledge about your audience.
We’ll write the guide on Analytics and Tag Manager to let you know the features and procedures to enhance your skill up to the primary and intermediate level.
Analytics in business does not only poll, but recently it’s not so many polls as working with data, maintaining your database, collecting and analyzing information about consumers, habits and behavior, successes and failures, success and not very promotions offers, products.
Without this, all your marketing work will turn into gunfire against sparrows, and victories will not just be Pyrrhic but will turn into real defeats.
Article relate to the topic: Growth Hacking, Audience Persona, Buyers Persona, Marketing Analytics, Marketing Data, Market Research, study Audice Persona, create audience persona. Learn: How to study Audience persona, How to do market research, how to read marketing analytics
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