Owing to digitization, marketing has become more of a scientific approach than art. Marketers have become data-savvy making it easier for them to get seamless valuable insights into opportunities, their performances, customers, competition, and more for improving future operations. Marketers who don’t take resort to analytics are at risk of being left behind in the competition. Furthermore, everything correlates to the profitability of the company in the long run.
Market monitoring and analytics are about finding out the patterns within the data which can enable you to make smart and lucrative marketing decisions. Insights from the analysis will offer a deep understanding of the market performance as well as where your customers are. Analytics can help in becoming proactive instead of reactive. It helps your marketing activities in creating optimum impact efficiently.
Conducting a fruitful marketplace monitoring or market monitoring exercise means roping in the best company like PriceIntelGuru and getting a trustworthy platform for your company. Now, let us under stand the significance of market monitoring in maximizing profits.
Advantages of Market Monitoring and Analytics for Business
1. Integrated Marketing Data
The marketing teams put a lot of effort across different platforms to get the relevant word out for the company and its products. The data gathered from various resources in one place requires a high level of coordination and accuracy. Marketing analytics will centralize the data for analysis. When you have all your data in one place, it helps in understanding what is working for you and which are as need more effort or budget. It also helps in sharing the learning across different channels and teams.
For example, if an image is fetching a lot of clicks on Facebook, but your Twitter is not getting similar likes, you can bring the Facebook image to Twitter and see if it performs. You can add elements to your marketing mix over time to create a picture of what is working. Analytics is all about getting data in one place and in same format. This example only shows a small part of the wonders that market monitoring does for your business.
2. Improved Efficiency Of Marketing Strategy
When you pay attention to customer experience it offers marketing insight that can go beyond quantitative data. Also, having a look at the metrics such as page views and time spent on a page can help in identifying the problem areas. When this type of data is combined with qualitative data like interviews, customer feed back, and surveys, it can help in prioritizing efficient and effective marketing techniques and tools. The marketing mix is a very complicated phenomenon, and market monitoring helps you in having a guideline for implementing the same in an effective manner.
Qualitative and quantitative data helps the marketing team in focusing the customer analytics efforts in the right area and give an insight on if you need to irrelevant processes from the marketing budget. Marketing analytics can help in identifying the factors which promote a company’s success.
For instance, you have an eCommerce store selling sports shoes. Now, you would want to know what’s the trend in the industry going on in terms of design, comfort and pricing. Not just that, you also need to know about the competitor pricing strategies. Market monitoring allows you to have straight access to such kind of information in a comprehensive manner.
3. Customer Retention
It is a known fact that retaining your current customers is easier than fetching new ones. This is all the truer for SaaS companies like WebDataGuru and PriceIntelGuru as subscription renewal contributes significantly to the sales numbers. Analytics can help in reducing your customer turnover and maintain a strong association with your existing customers. With the help of analytics, you can identify customer trends and try to find out why they are canceling the subscription. You can then put effort to meet their expectations. You will be able to identify the users who are at risk of leaving so that you can incentivize them to continue.
The main factor that impacts retaining a customer is the consistent delivery of quality products or services with the best after-sales response. here marketplace monitoring draws you a pathway for the right kind of details needed to retain the customers.
For instance, with accurate data analysis and monitoring, you can understand what kind of key words are being searched by the customers on every eCommerce platform. How would that help? Well, if you know what the customers search for, then you can understand their tastes and priorities. Some shoppers may want free shipping, and some might want no-contact delivery, or some might want better deals. If you know such data, then you’ve hit a jackpot!
4. Improve Sales Figures
Having a true understanding of your customers and identifying what they like makes it easy to increase sales. This can be of great help to e-commerce companies.
An e-commerce company that wants to drive customers to its web page can segment the customer analytics into newsletter signs-ups, conversion rates, click-through rates, etc.
If the market monitoring and analytics show a lower level of engagement or conversion for mobile users as compared to the desktop, it’s an indication that you must optimize your mobile user experience. Once the analytics points toward a certain issue, you must use the insight for taking the right actions.
5. Reduce Customer Acquisition Cost
You can reduce the cost of acquiring new customers by identifying what drives the present customers to make newer purchases or renew their subscriptions. You can identify the customer pain point as well as the gaps that competitors have in their product experience.
When you are designing a social media campaign to target prospective leads to bring in more traffic to the web page, you should know what excites the users by measuring click-through rates, interactions, and more for creating an engaging post. With the help of analytics, you can stand out in the industry with the right product solution.
6. Segmentation of Existing Customers
Every market is divided into smaller market segments and your company might target only a few or even a single segment of the market. Here, market monitoring will give you the exact perceptual map of the market and your share in the same.
Furthermore, the customers are not similar as they belong to different backgrounds have different preferences and demographic profiles. This means that a business can’t adopt a one-size-fits-all strategy for its marketing initiatives. With the help of segmentation and profiling, you can group similar leads together on the basis of factors that you find most important. This help in creating targeted strategies relevant to each segment’s preferences. Also, this creates a better focus on delivering the product to a set group of people and which will create lesser fluctuations in future demands. Although it doesn’t guarantee a purchase, this can help you focus on chasing the right client and invest only there without losing much of your resources by targeting all kinds of customers.
It increases the success of your market performance and leads to lesser wasted efforts. You can analyze the campaign data with the help of market monitoring and analytics and make changes in the customer profile accordingly.
7. Get Useful Information For Each Stage Of Customer Journey
Every customer has a unique path which they follow before purchasing the product and even after buying. The journey consists of several touch points. The marketing analytics shows that most customers use social media to get brand awareness, social media for considering, and website for buying.
You can offer consumers suitable information at each point in their journey. You can use precise content on social media pages for capturing the attention of consumers. Considering consumers use search engines to find more about your products, you can plan to design the website in such a way that their common queries are answered so that they know what your product has to offer.
Using market monitoring and analytics in a strategic way can help in building your brand as well as improve the brand reputation in the market which helps in gaining a wide and loyal customer base. The more you focus on analytics and fetching consumer data, the more it helps in understanding your target customers and their needs. It helps in creating a great experience for them.
Drive Your Business With Clear Vision
A clear vision only happens with clear information. You must know what your business stands for and what it can deliver. Having a straightforward approach helps you in making better and more effective communication with the customers in the right manner. PriceIntelGuru is a leading pricing company with great market monitoring tools for every kind of industry. The expertise and diverse portfolio help in catering to all kinds of needs in an efficient manner.
So, what are you still doing? Contact us today to know more about our market monitoring tools