The Importance of Data for your Marketing Strategy
August 9, 2021
Whether your product sales rise or fall, the most important question is why. Unfortunately, in a variety of the industries we support, many clients grasp every month to figure out what to run on the digital signage or any other of their marketing programs. This is not because they do not have a marketing plan but because they do not know what is working and what is not.
“Most companies only analyze 12% of the data they have.
You got it, that means 88% of data goes unanalyzed (Sigma,2021).”
With the right tools, your company’s data should quickly reveal everything you need to scale up your marketing efforts with more precision and a higher ROI. So, the questions are, what do the numbers mean to your business? How do you know if your programs are performing well? These are the questions you need to know but may not have the resources and/or time to fully analyze. While understanding your sales numbers is essential, the process of data collection requires an enormous amount of time, resources, and mental energy you may not have.
At any given time, great leaders need to know the data insights of the business and how it is working – good or bad. Data-driven marketing helps you target your audience the right way and allows your business to know what works and what does not. Having more control over your marketing strategy drives sales while easing the worry of wasting company or co-op funds on “ideas” you think may work. Data-driven insights allow you to show the true success, and what needs to be adjusted whether you are negotiating with your suppliers or making changes to your own promotions.
While this may sound overwhelming (because it is) it doesn’t have to be. Here are a few key data points we feel are important for you need to know. Keep in mind, this is all needed on a branch level and not cumulative to drive the right products at the right location.
- Promotion or Product Sales Lift – What is the real-time (+/-) gain on a promotion.
- Branch Performance Variances – How and why is a branch performing differently from the others.
- Top Product Bundles – Knowing the top bundles will guide the promotions increasing the ticket size across all customer segments.
- Transactional Insights – WHY a product or supplier is moving more than others.
TriggerPoint Media has been analyzing, creating and planning for the launch of its proprietary software that collects your data and instantly turns it into dynamic insights that will drive your promotions, supplier initiatives, and even branch initiatives with predictive sales figures. During any campaign, be sure to know what is triggering a sale, gather the insights for the needed adjustments, identify key practices to replicate, then bring it all together to make your goals more attainable. Repeating the same practices without the insights will only generate the same results with little or no improvement while running the risk of missing your target market.
In addition, our team not only improves your marketing strategy, but also helps your suppliers market their product and promotions. With targeted messaging and a better-defined promotional strategy, your customers will receive the content they want to see that boost product sales. Recognizing customer needs is only one of many insights that can make or break your profit margins.
“If you want your business to succeed, it is critical that you bank on data science (TDAN, 2021).”
Whether it’s digital signage, email marketing, text marketing, or social media, our services are data-backed by a strategic marketing plan allowing us to stay consistent with your brand messaging. Ultimately, we can bring more value to your business and clear up pain points that cause uncertainty. A collaboration with TriggerPoint Media brings an extension to your team, and we are excited to share the success across the board.
To discuss further details, you can click here to schedule a quick 15–30-minute meeting with a member from our team.
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