A Huge Mistake That Will Kill Your Profits Immediately
At first everything was great. Tens of thousands of customers accept offers and cash in on coupons. The customer analytics data pouring in is an absolute gold mine.
Any company would love to have these solid, specific, fresh details: what offers people are actually responding to, when, what they’re buying, how they’re buying, what they’re ignoring and what they buy again.
But then the bottom dropped out…
The marketing director suddenly decided to ignore all this precious response data and go in a new direction. Months later? Sales are stagnant and everybody wonders what happened.
2017 was a bloodbath for companies making stupid mistakes like this. And sadly, the trend will continue. Why? It doesn’t have to happen, but people simply refuse to learn to market. “You’re selling from your heels,” the well paid expert explained to the nearly dead company. How does he explain the advice?
“It means you don’t 100% believe in what you’re doing.”
Despite all the hard work they put into marketing, tracking customer behavior, analyzing the data and sending out more offers… they threw it all in the trash.
Let’s say you have an employee. He’s a likeable and friendly salesman. But there’s a customer with deep pockets standing outside your door. And a whole week goes by. The customer still passes your door, pausing, waiting for an invitation to come in and buy. But your employee does nothing.
How long would you keep this employee?
Do you make this same blunder with your response data? It cost you real time, effort and money to execute marketing campaigns, track customer behavior and then store the data. Yet if you do nothing with it, this will cost you far more money than you ever spent to get the data.
In one study, 93% of businesses say data is important (or very important) to their success. Yet some companies lie to themselves: “Oh yes, we use our data.” But the truth is, they don’t send out any marketing until the next quarter. Data from the last quarter or last year?
It’s actually rotten by now. Unusable.
Nobody can deny it. Our business environment is changing so rapidly it takes real focus to keep up. It’s vital to know exactly who your target audience is… this month, this week, today. And it’s becoming essential for survival to use behavior data to narrow your focus down to who is going to buy right now.
Let’s say your analytics find 100,000 people who look just like your current customers. Yet predictive modeling shows that only 15,000 of these people will buy immediately. You’re smart. You don’t dismiss the other 85,000. You simply market to them differently than the 15,000.
You keep on digging. You find 5,000 among the 15,000 who become the prime focus of your marketing initiative. And you send out offers to them at least every month.
Companies who will dominate this year have a strategy and a plan that includes action like this. Are you starting to appreciate why it’s absolutely critical that you use really reliable data?
And then act on it?
The biggest mistake companies make is failure to take action. Enough action. Often enough. To grow their business and achieve the results, success and freedom they want.
Don’t make this mistake. Guard your data. Use your data. Refresh your data. Profit from your data.
Let’s make this year the best one yet.
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