Marketing in the Modern Age

Marketing today would seem "alien" to companies a few decades ago and many of them have failed to capitalize on the effectiveness of the new information age.

Information anyone?

Information has never been more readily available in today's age than at any other time in history.

What does this mean for companies?

Companies today have the resources to zero-in on on a wealth of data that, if used correctly, can have a major positive impact on their business in terms of:

• Who to target

• What advertising medium to use

• Budgeting

• Forecasting

• ROI

Who to target

Social media has forever changed the way business is done and should be leveraged by all businesses as it's reach is unparalleled. Another advantage of this medium is that whatever platform you choose, whether it be Facebook, YouTube, LinkedIn, Twitter etc. they come along with a very valuable tool....analytics!

Data is valuable but it means nothing if you don't know how to interpret it and this is where analytics is gold! It can give you valuable insight into "who" is reacting to your content and "where" they are located. The "who" and the "where" are two of the most important pieces of data for any business when devising an effective marketing strategy.

What advertising medium to use

There are many advertising mediums to choose from which can make things a little tricky for a business. Sadly days of putting a good old ad in the paper just doesn't really cut it any more for most businesses and meticulous research and planning needs to be done in order to choose the most effective way in which to advertise your products.

The good news is that by doing the necessary research and interpreting data correctly, a lot of time and money can be saved in utilizing the most effective way to get your brand across.

Budgeting

Information about your specific market as well as the business' past marketing performance will make budgeting easier more effective.

Simply put, knowing what didn't work is just as valuable as knowing what has worked in the past and capitalizing on it.

Forecasting

The market research demand forecasting technique uses customer surveys and questionnaires in order to predict future demand. This forecasting technique is ideal for businesses that do not have historical sales data available such as when a new product is released.

Data supplied from market research initiatives can assist to identify economic indicators and customer's personal information. This data is invaluable in planning sales or marketing campaigns that target a specific demographic of customers.

ROI

You can do ROI analytics in Google Analytics by using the ROI Analysis report and the Cost Analysis report. Through these reports, you can calculate the ROAS of various marketing campaigns under different attribution models. In Google Analytics, the ROI analysis is done via ROAS (i.e. Return on Advertising Spend).

Benefits of utilizing analytics

• You get an opportunity to reach out to the global market with little investment.

• You can track your results to determine the effectiveness of your marketing efforts.

• You can build on your customer database, personalize your approach towards your visitors and build better relationships with market segmentation.

• There is greater conversion rate.

In conclusion

Marketing has changed drastically over the last few decades and with information being readily available it is becoming extremely important for businesses to know how to interpret data as well as measuring the correct metrics pertaining to their specific industry.

"Knowledge is power"

After this "data translation" has been done, businesses should then only start to develop their marketing strategy.

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