What data means to brand 2020

May 17, 2020
Industry Update

In today’s world, data is the foundation of the business landscape. Regardless of the industry, if your aim is to strengthen your brand, it is vital that you make decisions on the basis of accurate and valuable data. From small to large-sized businesses worldwide rely on data to build their marketing strategies.

You won’t believe it, but every 2 days, we create as much data as the amount of data created from the beginning of time until 2003. In 2012, Gartner predicted that “Big Data would add 6 million jobs in the U.S Economy”. And the amazing thing is that it created 8 million jobs and $57 billion dollars were spent on the technology in 2017 that gather big data.

Indeed, it’s no wonder in the fact that data utilization is one of the core aspects of big brands’ success. In the new era of innovation, it is essential for all the brands that they must clearly understand the need and interests of their customers, and data can help you in that as well. If you have access to authorized facts and figures, then you can take new initiatives to serve your customers in an innovative and unique way, thereby generating more revenue and solidifying your brand name.

Why Data Play A Critical Role For All The Brands?

Being a business owner, no one can deny the significance of customer retention, and business can sustain its rate of retention only by rendering products and services according to the latest market trends. Poor data handling across the businesses and governments cost $3.1 trillion in a year for the U.S. Economy.

If you are looking for ways that can assist you in expanding the customer base of your brand, then you will require Intent and Behavior data as they enlighten you where your prospects are, what they’re looking at and when they are ready to do business with you. When it comes to creating sound marketing plans for your business, you need to gather the information that can provide you insights into your potential prospects.

A retailer can increase its operating margin by 60% with the help of Big Data


Now, let us explore decent reasons that will highlight the significance of data in today’s time for businesses of all sizes:

Improves market understanding

When you have access to refined data, you can understand your industry in better ways. There are many software solutions and algorithms that have developed within recent years that you can use to collect and analyze the data. Imagine how you would know who your actual customers are? Without data, you cannot make a solid understanding of your customers and the market.

Helps in targeting audience

Believe it or not, but data can help you in identifying your ideal customers and the ways to target them. With the help of useful data, you can take the necessary steps to target your potential audience. Once you do that, you can expect the growth of your business as you will be hitting the right audience who are in need of your products and services.

Resource : https://www.formilla.com/

One of the prime factors that play a critical role in expanding the arms of your business is the audience segment, which is basically dividing people or customers into similar groups depending upon their product usage, behaviors, and other important aspects in order to create strategic marketing plans. For comprehensive audience segmentation, you need data.

Helps in increasing the knowledge

Well, there is no point of doubt in the fact that if you want to maintain long term relationships with your customers, you need to provide valuable news to them. Initially, big brands use to publish magazines so that their customers can remain aware, but nowadays, you can do it with the help of publisher data. With the help of an expert, gather all the crucial data that is vital for your customers and communicate it to them in unique ways.

Bonus Tips: How to Use Data for Your Business?

Well, there is no denying that in today’s time, the marketing strategy can make or break your business. If you have accurate data and information, then you can leverage it to bring new customers to your business. Utilizing Intent and Behavior data, you can interpret the buying signals of a person or a company. If you aspire to boost your revenue, then using intent data is a must. Let’s now explore some strategic ways to accumulate intent data:

When a person visits your website before they fill out any form, they are known as anonymous visitors. But with the help of the right technology, you can identify the person or the company with the help of the IP address. And in the future, you can use the data for converting the visitor into a prospect. By the time 2020 finishes, one-third of all data will pass through the cloud, and we’ll have 35 zeta bytes worth of data that will eventually lead to a shortage of necessary talents in the organizations.

You can generate leads as well with the help of intent and behavior data. Once you gather information about the behavioral activities of the person, you can create sales plans and products on the basis of collected data. Forbes state a fact that “for a typical Fortune 1000 company, just a 10% increase in the data accessibility could result in $65 million additional net income.”

People research about a product or service on different platforms before they plan to invest in your business. Their purchase decisions are highly influenced by the content they read before they visit your website. All these activities are known as third party behavioral data. With the right tools, you can get access to this behavior data, which you can incorporate later into your marketing strategies.

With the help of gathered data, you can analyze and compare the impact of your advertising campaigns, which is also known as the attribution journey. Attribution that is driven by data can help you to gain insights regarding prospective customers. With the help of accurate data, you can strengthen your marketing channels in order to have high conversion rates.

Full-Funnel Marketing Visualization
Resource: https://www.mondovo.com/blog/wp-content/uploads/2016/06/Sales-Funnel.png

When it comes to the full-funnel marketing campaign, with the help of data, you can assess the journey of a customer. This helps the business to find out when the stage of awareness to purchase arrives. Meanwhile, with the help of the collected data, you can make relevant products and services to ensure that the generated leads are converted into sales.

It is true that in a full-funnel marketing campaign, the marketers pay attention to those marketing plans that ensure profitable returns. In order to do that, marketers require data, so that helps them to “evaluate” a specific formula that can help in generating leads.

Some Final Words

In today’s world, data is the fuel of any business. You can anticipate the needs and demands of your customers, enabling you to generate more profits. You don’t believe in this fact? Companies like Google, Amazon, or Facebook are among the most successful companies all over the world. Do you know the reason for that? It’s because they have considerable quality and quantity of data. If you want your business to achieve incredible heights, then start accumulating relevant data and analyze it.

Need to know more about how data impacts your business, let us tell you!