For many businesses, it really does feel like they’re at the mercy of consumers. Consumers have the power to compare and shop based on price. They can also be unpredictable and volatile in their purchasing behavior. There are four marketing analytic trends, however, that can shift the power back to brands.
1. Using technology like advanced CRM systems to build the ideal customer profile.
It’s not enough to build a customer profile using theory. You want to market to target prospects and customers based on actual data. CRM systems allow you to build a profile of groups of audiences based on their actions, purchases, and feedback. This can allow you to make the perfect offer at the right time and also at the right price point.
2. Using competitive analysis and spying tools to gain priceless competitive information.
There are many third party companies that are providing advanced competitive tools to spy on the competition and keep track of trends in any given marketplace. These tools track everything from where the competition is advertising and what changes they’re making, to the various platforms they’re using. This information will allow you to find new advertising opportunities, get new marketing ideas, and analyze the market to improve your brand’s positioning.
3. Using tools that trigger actions and offers based on behavior.
What kind of content or offer you make often determines whether the consumer will buy or leave. By using the consumer’s behavior (such as clicks, heat map data, read progress, etc.), you can trigger an automatic action that is relevant and rewarding to the consumer. This is much smarter than providing a generalized path for every consumer.
4. Providing automated analysis and search tools to consumers.
By providing the right tools to consumers, you can increase engagement and generate buzz for your brand. An unconventional example is allowing consumers to search based on many factors by price, sizing, availability, etc. While this transparency may not be for every brand, it is a good example of giving power to consumers in a way that also benefits you. You will gain a lot of analytics data since they are using your engine to make searches. It’ll also provide information on why they chose a certain product, brand, size, etc.