Data has the potential to transform the way that an organisation operates. One department that can really make use of data is marketing. Marketing is all about getting the right product to the right people in the right place and at the right price. So how can data analysis help with this?

Using data analysis can help marketers to make better decisions. It can help to develop more effective marketing plans/strategies.

Benefits of Using Data Analysis in Marketing

There are numerous benefits that data analysis can bring to a marketing team. The key ones are that it provides qualitative “proof” to your ideas, it can help determine profitability, it allows you to learn more about your customers, and it can help with identifying competitors.

There are a number of ways that you can use data analysis.

Look at Current Market Trends

Analysing data that covers current trends is an excellent way of identifying gaps in the market, seeing how your competitors are performing and seeing how things are being changed by external events/environment.

Analyse Previous Marketing Strategies/Campaigns

Using data from previous campaigns can help you identify in numerical format what has or hasn’t worked in the past – as opposed to relying on memory and instinct. Graphs and other tools can also be used to better visualise these.

Data Experts

If you feel that your business would benefit from the help of a data analysis company, there are plenty of companies such as Shepper that specialise in data analysis and helping businesses harness the power of their data.

Identify Upcoming Trends

Not only can data analysis allow you to “look back”, it can also help you to predict what may happen in the future. You can use modelling to take into account important upcoming events and innovations that might impact your business, customers and competitors.

Use Data to Innovate

Using data about customer behaviours will help you be more innovative and reactive to changing trends. This can help you to gain or maintain an advantage over your competitors.