Today, organizations have a huge amount of data at their disposal. If utilized correctly and effectively, such data can be of great help for undertaking the right decisions and avoiding terrible mistakes in marketing and branding domains. Listed below are 4 ways of how an organization can use information to gain a competitive edge in the market:
1. Investment of Funds
The success and failure of campaigns enable companies to understand whether it is worth investing funds in similar activities. For instance, an event may do wonders if it is attended by the right audience. When a product is promoted to uninterested participants, the campaign will be a failure, irrespective of the excellent attributes of the product. The data on the profile of visitors and the corresponding conversions will throw light on whether it is feasible to invest resources in similar campaigns and events.
2. Product Launching Strategy
There are several ways of launching a new product in the market. The organization may organize a large event, get the endorsements done by celebrities, or conduct a press conference. By analyzing the data of previous events, one may decide the most effective way of communicating the benefits and characteristics of the product to the key reporters and target audiences.
3. Budgeting
The different tools for marketing include PR, social media, paid advertising, and much more. With the help of information on the number of clicks, number of shares, likes, & followers on social media sites, web traffic, and subsequent conversions, one may determine the most viable channel for conducting marketing activities, and accordingly set a budget for each of the channels. The enterprise may increase or reduce the budget based on the performance of the various mediums of marketing.
4. Deciding the spokesperson of the company
The spokesperson serves as the face and the voice of a company. While in most cases, the CEO speaks on behalf of the organization at major events, at times, other technical or product managers may also assume the role of the company representative. The decision of choosing the right spokesperson may depend upon the anticipated questions of the media outlets. If the data points out that the media aims to cover the financial situation of the company, then the CEO would be the best person for the job.
Companies which keep aside large amounts of funds for marketing purposes should ensure to take the most effective and productive strategy. In such circumstances, it becomes imperative for companies to take the help of PR firms to analyze data and determine the most viable solution.