How to use Consumer Data to your Advantage

In today's ever-changing environment, marketing can feel like navigating a forest in sandals. Obstacles all around, wearing at your will to press on. We know it's rough out there and sometimes, it can be hard to see beyond the branches blocking your path. We're here to help, bug repellant and hiking gear in hand. And, we brought a compass: aka Big Data. 

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Data is a business's best friend that can help cut a clear path to new business and elevated sales. Whether you with to appeal to look-a-like consumers (those most similar to the ones currently wandering your aisles), or if you are in search of other customer segments in your area that have not yet discovered you. There are three steps to using marketing data to your advantage. 

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  1. Identify who your customer is, how they live, what their interests are, and what their spending patterns are.
  2. Advertise everywhere those customers look. Utilizing proper reach and frequency, with offers and messaging that present value to them. 
  3. Collect consumer-response data and utilize that to increase future marketing campaign effectiveness.

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This data can be time consuming to pinpoint for the needs of your business. That's why Banner is proud to offer a FREE marketing consultation report to anyone interested. We will cut through the thick brush of consumer information so you can make the best use of it. Click to sign up today!

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These reports cover a variety of information, including: 

  • Basic information such as area population, median age and disposable income, age profile and household income.
  • In-depth customer profile information, including segmentation reports that dive into the weeds on how primary demographics in your area live, what is valuable to them, and what they like to do. It will also break down computer and cell phone usage. 
  • Consumer spending report for your targeted area
  • Competitor profile report

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To pull such a robust report, we will need some information from your business to make sure we can provide data tailored to your wants and needs. Topics we may ask about include:

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  • What are your advertising challenges? This could include obstacles like lack of distribution options, fierce competition, website issues, or branding continuity from one advertising medium to another.
  • What are your advertising goals? For example, do you want to grow your email marketing list, increase online sales, or get more brand recognition?
  • Do you have an advertising plan and budget for the year and, if so, what is it? If not, do you need help determining a budget based on your sales and growth objectives? As a general rule, small businesses with revenues less than 5 million should allocate 6 to 12 percent of their revenue to marketing. Additionally, young companies under 5 years old should spend 12-20 percent of gross revenue on marketing while older, established companies can reduce this to 6-12 percent.
  • What sets you apart from your competition?
  • What advertising methods are you currently utilizing? Are they effective, and how are you measuring their effectiveness?
  • What is your understanding of your current customer, including age range, gender, average income and other characteristics? How would you like to change or develop your customer base?

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Don't be shy. The more details we have about your business and goals, the better equipped we will be to recommend tailored solutions. 

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It usually takes less than a week (at least 2 business days) to generate your report and a Banner Consultant will go over it in detail with you. We will recommend next steps based on the data and help calculate the best reach and frequency based on your marketing campaigns. Reach is the amount of time someone sees your advertisements during the same promotion. each advertising medium has different frequency recommendations and reach capabilities, which is why having a professional team on your side is the equivalent of hiring a guide to see you safely through the dangers of the untamed Rockies. 

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We want to give your business all the tools it needs to succeed. So, let Banner be your guide through consumer data with a consultative report, plan of action catered to your goals, budget and targeted demographic to reach your business goals. After all, it's one thing to have someone show you how to cut through the forest and another to have Banner by your side, carving out a path with you. 

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Click to sign up today!