New technology is transforming society in general, and business in particular. Marketing too is being transformed. Creating a successful marketing campaign used to be a predominantly creative, almost artistic, process but a study in Bloomberg Businessweek explains that marketing is now becoming more of a science. Here, Justin Cobb reviews this study, and looks at how taking a scientific approach can help UK businesses grow.
“There’s more data readily available than ever”, said entrepreneur and public speaker Justin Cobb. “Modern consumers are providing us with a wealth of information on social media platforms, and by learning to harvest and analyse it correctly, businesses can turn it to their advantage.”
It’s not just social media that’s providing invaluable data about consumers. Credit cards and loyalty cards can also feedback important information. This influx of reliable data means that marketing is increasingly becoming a number crunching exercise as much as a creative endeavour. When looking at data, however, we should always try to ascertain what it’s saying about the future. Consumers are using social media to give us real insight into what their preferences are. We can use these insights to create products and services that address a need, and we can use social media to try to influence their preferences.
Interpreting the data can produce surprising results. Loyalty schemes are a popular way to build brand loyalty, but you may think the rewards offered would have to be greater in areas where there is increased presence from competitors. In fact, the opposite is true. Consumers love the convenience of having lots of stores in a concentrated area. So even whilst reducing loyalty scheme offerings, a company can benefit from increased footfall.
“There is one thing that connects business that are successful, whatever sector they’re in”, said Justin Cobb. “They take as much information as possible about their customers and potential customers, and act upon it. The more you know about your market, the better you can plan and grow.”
Taking a scientific approach to marketing doesn’t mean that you have to abandon the artistic element altogether. There will always be times when you have to trust your own instincts. Thorough analysis of all the data available to you, however, will give you a competitive edge, and help you predict what your consumers’ future purchasing trends will be. Justin Cobb can help your business reach the potential that’s hidden inside a wealth of data.