Do you want to adjust your marketing strategies to anticipate the next trend before it happens? Check out how to make your business a “prophet” for profit.
Wouldn’t it be amazing if you knew what tomorrow’s audience would look like before tomorrow comes? Having the opportunity to modify your marketing strategy before the change was necessary would undoubtedly give your business a leg up on the competition. Say this opportunity was possible–nobody would be able to ignore such a chance–and yet many businesses are unaware just how achievable this level of foresight is. Check out just how real audience-based prophecy can be for your business.
Predictive Analysis:
So “prophecy” may not be the best way to describe a decades-old practice, but with modern advancements in the field of data analytics, your business is perfectly capable of predictive analysis so accurate that it feels like you are looking into the future. With the help of modern data gathering and analysis techniques, even small businesses can achieve marketing prophecy:
How Predictive Analysis Works:
Before you can start anticipating changes in a market, you must understand what is happening presently with your audience. The best way to do this? Gather data. While you are doing business, keep track of what has been working for you, with what audience, and what similarities your seemingly unrelated customers share beyond the surface. By gathering data which pertains to your current business you can begin to perform statistical analysis.
Statistical Analysis:
This process is the foundation for virtually all informed decision making: corporate or otherwise. Statistical analysis is the process of parsing down a large pool of collected data to a smaller, more relevant pool which paints a picture of what works for your business. Once you begin to gather and clean up your data, you can move beyond the “what” to the “why”.
Diagnostic Analysis:
Diagnostic analysis takes a deeper dive into the data which you’ve collected. The prospect of diagnosing your data allows you to understand why your marketing efforts have been successful or ineffective, using historical data to affect change in your strategies. For a long time marketing strategies were based nearly exclusively on evidence discovered thanks to diagnostic analyses performed by bigger firms.
Predictive Analysis:
While many sciences have relied on predictive analysis, given the efficiency of modern data gathering methods, businesses can now build marketing strategies which rely on the anticipated data which they will gather. Thanks to technologies such as machine learning, the elimination of human bias makes it possible to “see into the future” of your business based on potential adjustments in your marketing strategies. All of this seeming miraculous analysis is based on the same data traditionally used in diagnostic analysis, just with a more fully unlocked potential.
So how can your business start looking into the future? By utilizing data. If you already have a website which generates traffic, all of the information you need is right in front of you; that information just needs to be gathered, analyzed, understood, and utilized.
At M1 Data & Analytics, we not only gather data for your business, but report it and help you understand it. Utilizing tools like SmartpiXL, we aim to have your marketing efforts aimed forwards, not backwards. For more information about M1 and how we help you succeed, please contact us or take a look at our suite of services.
