Let Your Business Grow By Keeping Accurate Data Records
Don’t let your business suffer from data decay. Marketing stagnation can set in and prevent your organisation from growing to its full potential.
Marketing your business is an ever-evolving game. No matter what industry you’re operating in, the offline and online channels that you choose to promote your business in are changing daily. While traditional marketing methods such as printed materials are still largely relevant, it is digital marketing techniques that have taken off in the past decade.
As consumers utilise their websites, social media and mobile search, marketers have to come up with new ways to provide a visible presence for their brand. Yet, one thing that both traditional and digital marketing strategies have in common is – the lead. A set of data and contact information that relates to a potential customer, who you wish to convert into sales for your business.
What Is Marketing Stagnation?
When your business fails to move with the times and sticks to the same tried and tested methods of marketing techniques, it could well be suffering from marketing stagnation. This will hinder your brand from growing and could cause your business activity to plateau. If you want to avoid this happening, then it is vital that you take a long hard look at your marketing strategies.
The first and most important focus is to identify your niche audience. Know who they are and where they are likely to congregate, both in online and offline settings so you know where to target them. You also need to be aware of what they are looking for, so that you can tailor your specific marketing message to them, in order to fully engage with them.
It is important to be aware that many consumers make decisions based on psychological impulses. Therefore, when selling your product, be sure to emphasise the overall value of your product, in personal and emotional terms, as well as highlighting the impressive features that you’re able to offer. By appealing to consumer feelings, you can make great strides in redesigning your marketing approach.
Keep Relevant Data Sets
Sets of customer data change regularly, as businesses move premises, consumers move house, people get married or divorced and change their surnames, or sadly people pass away. In fact, as the data landscape changes radically each year, it is estimated that around 40% of this information is subject to ‘data decay’ which means that a colossal amount of outdated and irrelevant information is still being used by marketing departments.
This represents a major waste of business resources and is a significant cause of marketing stagnation. How can a company grow if you’re targeting consumers using invalid data? An efficient way to tidy up your marketing data and use only legitimate information in your outreach efforts is to conduct regular data cleansing.
This involves identifying, removing or consolidating duplicate data records, so that you’re not left with multiple copies of the same lead on your systems. Data which is incorrect can be flagged as being invalid, while legitimate data can have additional useful information about consumer habits or past purchases, appended to individual customer records.
It can be tricky for companies to keep on top of data cleansing, which should be an ongoing process to avoid marketing stagnation. Consider working with a partner who can keep on top of your data tasks while leaving you to grow your business and its profit margins in 2017 and beyond!