How Big Data Marketing Can Isolate Market Segments
What if someone told you that all the information you need to corner a portion of your market is hidden within your big data? Yes, you can create a blue ocean market, one where your company is uncontested and one where you operate apart from competitors.
However, that never occurs merely by happenstance. You must leverage your big data marketing tools to identify those market segments where you alone can dominate.
Most companies think that isolating market segments is a long-term business initiative, and to some extent it is. As a business-to-business (B2B) enterprise, your focus is on developing products for a specific launch date. Your goal is to reduce your go-to market date. Your big data marketing sources point the way,and robust marketing database software enriches your data so you can make sense of it all.
Big data marketing gives you insight into what portions of your market are ripe for the picking. Your job is to use your marketing database software to enrich, clarify, and quantify that data so you can initiate action plans. So, how do you use these big data marketing resources?
It is never enough just to have a chosen social media channel. You must have a proactive approach to managing your online reputation and social media position. This is where big data marketing comes into play. Why? You cannot just focus on your own social media footprint. Combine that knowledge with information you can glean from the social media footprint of your competitors as well.
What are your customers saying online about your competition? What are their biggest complaints? What are you hearing from face-to-face visits with customers? Can you correlate that intelligence with what you see online and other big data marketing sources? These are serious questions, and they illustrate how small tidbits of information can be leveraged when pursuing new market segments.
Landing Page Performance
Have you ever had a situation where a landing page has exceeded your expectations but you have been unable to turn those conversions into sales? If so, you are not alone.
You may be generating plenty of inbound marketing leads but not closing sales simply because your customers are searching for a product they think they have finally located, only to find out your product is not exactly what they need. In this case, your call-to-action is generating inbound leads but you are not closing sales. This results in frustration for you and for your customer.
Investigate and thoroughly review your landing pages. Take your analysis a step further and discern why leads are coming and conversions are happening, but sales are not. Your marketing database software can help you identify the reason for the gap between leads and sales, enabling you to take action to close that gap.
Your website metrics and analytics can help you identify why certain content outperforms other content. How does that help you corner a portion of your market? The more you understand customer behaviors and preferences, the more closely you can tailor content to match what your customers need.
For instance, your most-viewed content may outline a process-related approach or a best practices approach to problem-solving and trouble-shooting. Your customers value that insight and may be spending more time on that page and soaking up that content specifically because it answers a need.
Therefore, using big data correctly helps you identify your best content, which in turn leads you to identifying a real need in your market. Once your data yields that type of insight, initiating action plans is a much easier process.
Your big data is showing you the way. The go/no-go decisions on pursuing a market segment come from analyzing your existing marketing data, which is made easier by robust marketing database software.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.