Glossy marketing reports with clearly labeled and sectioned details mean absolutely nothing if they serve no functional purpose. While most people know the importance of collecting data, which even the smallest of businesses will do, very few actually know how to interpret and use these numbers for their own gain. Instead of simply working to make a prettier report and collecting more numbers, consider how you can turn these facts and figures into effective business strategies that you can use to guide your business' success. Here is a quick look at a few essential tips that can help you to make use of all this valuable information.
A Dedicated Team
When a business is small, all of the employees might have their hands in every element of the company. The problem with involving employees in multiple parts of the business is that they will not have the appropriate amount of time and energy to be able to concentrate and master a single task. When it comes to your data and reports, you want to make sure that whoever is analyzing this information is able to put all of their time into this task and that they report directly to someone that can make changes. Having an expert or a small dedicated team on this task will guarantee that you get meaningful results from the data that you collect.
Outside Perspective
Consider some of the giants in the industry as your best guide to success. For example, garnering advice from Orangesoda will allow your company to thrive if you plan on doing any sort of digital marketing. When you are looking at what larger companies are doing, you will be able to get a good idea of what works and what should be avoided. Thus, when you are looking at your reports and you see something that needs to be improved or reworked, look to the big players to find strategies and ideas that have been proven to create results.
Don't Ignore The Demographics
As you are going through your marketing reports, you might be inclined to turn immediately to the successes your company has had. However, you need to place a major focus on the target audience. These are the people who you need to speak to. Are most of your customers in between two certain ages? Do more males purchase your products than females? When you start to see the trends in your customer base, you'll be able to create more effective business plans.
Define a New Target Audience
You should allow the demographics of your current customers to guide future expansion in the company. Certainly, not all products will be attractive to every customer. However, let's say that your current target audience includes women from the ages of 30-50. You may wish to look at ways you can expand to include 25-29 and 51-55 year old women in that range as well. When you are looking at your marketing reports and data, make sure that you always look for ways that you can expand outwards to new groups. For example, do you have a small product that people from different age groups tend to buy? Perhaps, you need to spend more time advertising this product, since you might have a large wealth of customers that have yet to been tapped simply because they never knew your product existed.
Organize Your Reports and Strategy
Instead of simply allowing one report to guide your entire marketing strategy, you should be sure to organize an array of them. Not only should you be keeping record of all your online information, but you need to keep a detailed record of everything else that happens in your store. Track everything that you can and when you are looking to make changes, go back to all of these reports and spend time synthesizing the information. By looking at the big picture, you might be able to find links and trends that you would never have been able to find by simply analyzing a single part of your business. Remember, this process is going to be an ongoing one, not one that you can dismiss after a brief overview.
Taking marketing reports and turning them into business plans is a necessary job for many companies in order to experience success.