Here’s to the Underdog
In a time where companies like Amazon and Walmart dominate retail markets, leveraging every penny of the marketing budget has become increasingly crucial for Small to Medium Businesses (SMBs).
In the past, big data and data engineers were resources only large and well-funded companies could afford, but not anymore. Smaller businesses and nonprofits need to make quick, informed decisions to keep pace with changing market conditions. Thanks to quickly evolving software algorithms and processing capabilities, data segmentation and profiling are available resources every business can now access.
2020: Time to use data to get ahead
Now more than ever, SMBs cannot afford to neglect investing in marketing efforts. Businesses can gain a competitive advantage by identifying their current customer base. When used correctly, data analytics can help target the right audience with strategic messaging through the most effective mediums relevant to their audiences’ preferences.
How a business chooses to target customers now can be determined by in-depth demographics, psychographics, and financial characteristics, instead of only the basic demographic features of the past. Businesses can then capitalize on market segmentation by identifying and isolating shared similarities. Analysts use this information to create easy to understand audience profiles using the segmented data, helping businesses visualize their target market in new ways. Audience profiles are invaluable when developing an effective marketing strategy.
Let’s break it down one more time
Use analytics to:
- Better understand your target audience
- Develop appropriate messaging
- Allow business owners to select the most cost-effective advertising channel
An effective marketing campaign requires localized targeting, ensuring your message reaches households that are likely to respond, increasing your conversions and your ROI.
Ultimately, marketing is about engaging your customers. Customers are more engaged when your messaging fits their wants and needs. Prisma’s analytics team can identify your target market down to the household level and help your business develop a strategic marketing plan.
Contact your sales executive for more information or email us and our analytics team will reach out to get you started!