‘Behavioral Data’ is the phrase in modern branding. To sell something, you should know the customer interests. And the customer interest depends on the factors that influence the customer. How to know the customer interests? Just depend on data.
In today’s connected world, where individual data becomes the driving force of sales, no one can discard data analysis for a successful business. Searching for pizza on the internet brings you pizza commercials on your social media pages. The moment you reach home after visiting a footwear outlet, you start getting online footwear ads right in front of your cell phone. They may say, individual privacy is in question, but reality is data driven. Big brother is watching you, and he helps you set your empire.
Netflix is the best example of how data can be successfully used as a tool for grooming business. They collect subscribers’ behavioral data and offer content based on it. Supply what the customer wants! Change the supply as per the mindset alteration. The result? Growth itself.
Data plays a major role in branding and product marketing. The collected information gathered by various methodologies are used intelligently to analyse the taste and trends. Data is the soul of trends and demands. It is used to provide relevant products or services to the people, the way they wish.
Business analytics is used to manage raw customer data to analyse and understand how well the company is performing. Using statistical models the data is processed and arrives at scientific conclusions that can be effectively applied to the business in real time. It helps the business in many ways.
- It gives an exact insight of the customer base
- It helps to deliver the best
- It saves time and money
- It can be used to correct the business strategy
When it comes to branding, how much data-dependent one should be? The answer is, a lot! The taste and behavior pattern changes every 500 kilometers. If you want to launch your product to a new place, know the region first. You need to collect customer data from every corner to study the market first. From cultural sentiments to relationships, the influencing factors are many. Even the colour scheme of your promotional material can influence the buyer, if regional sentiments are taken into account. Take a stock of the sentiments, attitude and behaviour and strategize the branding.
There are many ways in which branding can benefit from proper data analysis.
Sharper Audience Targeting
Trends can easily be collected from social media activities and other internet surfing habits.This helps devising workable branding strategies for exact target audience.
For brands that plan to expand into unexplored areas, data analysis will act as right hand in the strategy formulation. Extracting data from existing and non-existing customers and statistically analyzing them will augment the diversion process in a more successful manner.
Better Content Creation
Content Analysis helps to get a clear picture on the type of content that will appeal to the customers. Effective marketing campaigns can be designed using this kind of data.
Helps to correct
Unanticipated pitfalls can be corrected with the help of customer data without harming the prospects of the brand.
Proper data analysis helps B2B sourcing in a much effective manner. Identifying quality suppliers, for example, can easily be done using data processing which help build better brand value and customers trust.
In short, real-time data is the kingmaker of branding.