A lot of people talk about the use of data to improve the effectiveness of marketing and advertising. For those not very familiar with data it can seem a bit overwhelming at times. There is so much data from different sources available that is can be hard to digest how all this data will be helpful. Before you speak to any data providers make sure you know what type of data can help you build and grow your business.
Data is essentially market intelligence. Successful brands tell data experts what market intelligence they need – not the other way around. Not all data is useful or worth paying for. Data overload can quickly lead to frustration or the conclusion that the use of it is more complicated than helpful. Don’t be confused. Make sure you understand the data you are using, why you are using it, and how it will help you.
Especially if you are on a tight and limited budget the right data will help you spend your resources as wisely as possible.
Few brands can afford to buy any type of data available to them and even those brands that can afford to might end up wasting a large portion of their budget. The key to success is to understand what type of market intelligence will help your brand grow, increase sales, and generate ROI from using it.
Data plays an important part in creating and implementing marketing and ad campaigns similar to that of an architect and construction engineer in building a structure. Could you build a house without an architectural plan? Sure, but the outcome would be very uncertain. No one in the right mind would attempt to do it. The same principle idea applies to successful marketing and brand building campaigns.
Here are some best practices for data generation and use in marketing and advertising:
- Determine who your current and untapped target markets are.
- Make every effort to really understand these target consumers and how to best engage them (in terms of creative ideas, influencers to work with, etc.) so they will love and support your brand.
- Understand how your target consumers are affected by the Coronavirus and how it has impacted their buying habits.
- Learn where to reach these consumers and which social and digital media platforms will work best.
- Get target audience feedback on promotional campaign ideas, new product development, or competitive brands to question and confirm your own assumptions.
- Define and understand success from advertising campaigns on social, digital, and streaming media allowing you to adjust strategies and ad spend in real-time to maximize ROI.
If your brand sells directly to consumers – and even if you don’t – you will develop customer-specific data to build a more meaningful relationship with them.
All data you purchase, generate, and use should complement each other. Avoid data ‘silos’. Connect the dots. Manage data sets like LEGO® stones that build on one another to create a ‘big picture’. That ensures you get the most out of all the data and ultimately your marketing and ad budget. That is another reason you want to make sure to only utilize really useful data. The more redundant data is used the more challenging it is to manage it all.
Make sure the data you use is from a reputable source. Work with companies that actually develop the data and can help you understand, interpret, and elaborate on it. If a data provider refuses to disclose its origin how do you know it is valid? Keep in mind that you might be able to obtain valuable data from service providers you already work with such as distributors and tasting companies instead of having to pay for it.
Once you have developed data, use it, and let the data guide you. Marketing intelligence should tell you how to spend your marketing and advertising budgets most effectively. While that sounds like a no brainer we have worked with plenty of brands that ignored their own data or data provided by other parties and instead used their ‘gut’ instinct. Don’t be that guy. Doing so generally leads to a waste of company resources.
There are plenty of examples of how brands successfully use data to advance their business, increase exposure to their primary and untapped target markets, and increase sales and profit. At QBP, we have identified and work with some of the best data providers in the industry who can help your food and beverage brand also.
If you are interested to learn more contact us at email@example.com.