Posts tagged data mining
Football teams spend all week reviewing the tapes from an opponent’s recent games to find weaknesses and look for ways to win. You need to be that competitive to survive in the modern business world. Of course, businesses don’t release videos of their most-recent brainstorming session, and corporate espionage is just wrong, so what are you to do? Here are a few ways to gather the right competitive intelligence.
Competitive Intelligence Tip #1: Check the Analytics
Some information about your competitors is public knowledge. Other information might be a little more difficult to get ahold of, and businesses try to keep analytics on that list. However, if you get to look at some of the numbers, important things to look at include:
Competitive Intelligence Tip #2: Look for New Products
You can’t stay ahead of a competitor without knowing what their latest offering is. As new products are released, keep yourself up to date and see what you can do to one-up the competition. Sometimes it is all about adding a new feature or two that a competitor doesn’t have as the reason for releasing a product a little later.
Competitive Intelligence Tip #3: Watch Promotions
It is as easy as joining a free mailing list. Now you have access to every sale or promotion a competitor runs. Run better sales at the same time, similar sales when your opponent is between sales, or try to anticipate the next promotion based on recent history—and then get ahead of the game.
Competitive Intelligence Tip #4: Watch the News
You can set a Google alert for any news on your main competitors. If anything negative happens that you can capitalize on, you will be ready to do so at a moment’s notice. If a competitor does something game changing, you can react immediately, even if that means heading back to the drawing board.
The fact is that your competition is probably seeking intelligence on your company. If you are not playing the game as well, you are far more likely to lose. Hopefully, you now have what you need to get some competitive intelligence started up if this was not already something you do.
|No comments||This entry was posted by EIC Social Media Team on August 17, 2016 at 11:00 am, and is filed under Dating Mining, Internet Research. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|
Lesson From Car Manufacturers: The Value of Data
The car manufacturing industry is wrought with heavy competition. It’s a huge moneymaking industry, and data is an important resource the industry uses to drive sales. But data alone doesn’t always convert directly into sales. It’s about how you use it. Let’s take a lesson from car manufacturers.
The sales pipeline in regards to a car buyer is usually fairly long. The buyer may realize that he or she will eventually need a car. This, in turn, can lead to months of advance planning, which includes both saving and shopping. Will the purchase be a new car or will the buyer(s) try to find a used one to meet their needs? Which make, model, and options are most appealing? By using data that shows where a consumer is in their particular decision making process, automakers can then use the most effective incentives to draw a customer in.
The main difficulty for most car manufacturing companies is receiving a lot of cookie cutter data from third parties. It is up to the car manufacturer, then, to turn the data into useful information. For example, there are many sites where consumers can compare vehicles. This is commonly the first stop for potential buyers. What types of cars are they comparing? Are they looking for new or used cars? Does the third party information differentiate this information? Do they provide other vital facts such as geographic location?
Obviously, you can’t wait until someone waltzes into a car dealership to begin grooming them for a sale. Car manufacturers need to confront buyers at each step of the process. The seeds are planted when someone is comparison shopping. Then, once the shopper appears ready to buy, the campaign needs to be scaled up (perhaps a personalized incentive delivered via mail or email).
A little bit of data goes a long way, so don’t get muddled down in too much. As our lesson from car manufacturers show, learn to approach customers on a one-by-one basis. This is ultimately the best way to get a sale.
|No comments||This entry was posted by EIC Social Media Team on October 16, 2014 at 4:30 pm, and is filed under Sales. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|
Data From Your Marketing Agency: Stuff They Should Be Providing But Are Not
The business of big data has become massive, with companies utilizing technology that compile staggering amounts of information. Less than a decade ago, data merges stopped at 65,000 potentials, because that was the limit of your spreadsheet. Now you can have millions of email addresses in one campaign. Unfortunately, a lot of the data from your marketing agency is limited. They often share just a single monthly campaign report with you, instead of letting your company have access to all of the data. Here are a few things to be sure you are getting what you have paid for.
First, be sure to discuss how frequent they report to you. Why are you only getting a report once per month? Do really want to wait four weeks to find out that a particular campaign is a waste of time and money? The frequency of reporting should be up to you. If you need detailed information weekly, in order to make the big decisions that you need to make, then demand it.
You should also be kept in the loop about where your ads are running. This is a huge factor when it comes to ROI. The report must include this information on your campaigns, as you need to be sure your site with premium content isn’t being advertised to people who will never pay for it—or use it. Your campaign costs can be cut in half if the ad is not placed where consumers will run the other way.
Finally, you should be informed which marketing strategies are being used and how each is working. This is important so you can determine where the focus should be. You need to be knowledgeable about any third-party companies that you are doing business with, from how many angles your prospects are being hit by your daily campaigns, how the campaigns are being optimized to target the right audience, and what are the best and worst strategies currently in place.
It’s your money, and, the data from your marketing agency is also yours. Make the agency provide you with what you need, as often as you need it.
|No comments||This entry was posted by EIC Social Media Team on September 18, 2014 at 4:30 pm, and is filed under Marketing Data. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|