Modern marketing is more science than art – with abundant data about each customer at their disposal, businesses can precisely track where their revenues are coming from and adjust their plans accordingly.
One of the first dictums of marketing is to ‘know your customers’. Indeed, that’s never been easier than today, as mailing lists, social networks and online polls have all proven to be effective tools to collect data about the people who use your products or services. With a little bit of effort, it is possible to collect a lot of info that could be used to make well-informed decisions.
Still, raw data won’t tell you much if you don’t know what to look for. It is simple enough to crunch the numbers using one of the available analytics tools, the real trick is to select the most relevant factors that bear significant impact on your sales. If you are still in the early stages of analytic work, you would be well-advised to keep track of the following demographics:
Age group distribution
Great place to start your analysis is by asking how old your customers are. Popularity of your flagship products may vary between different age groups for numerous reasons, so it makes a lot of sense to sort out sales data for each individual generation. This way you can identify your strongest and weakest market segments and redirect your marketing funds to strengthen those areas where the results don’t meet your expectations. Even more importantly, these numbers can help you understand why certain groups of consumers don’t feel enthusiastic about your company and start working on your image by using the most appropriate channel for your target group.
Of course, some products will naturally be more attractive to members of one sex, but in many cases the distinction is less clear-cut. Even if your company caters primarily to men or women, it isn’t wise to completely ignore the minority of customers. Focusing too much of your advertising on the gender perceived as more important can lead you to forfeit a large portion of available traffic to the competition. Instead, you could try to incorporate more inclusive elements into your promotion plans and gain grounds where you are least expected to. Every beer company targets guys, but the largest ones sell to women, too!
Common use of electronic devices to buy goods and services remotely allow you to map your brand presence in new ways and smart companies are using geo data to fuel expansion into new areas. Knowing where your customers live can tell you a lot of things about them, including their likely income, political affiliation and other relevant details. Mobile access to online stores may be clouding the picture a little bit – your customers may be in roaming when they are make a purchase – so combining data from multiple sources could be a good idea. Results obtained in this way can be classified by country, city or even narrower clusters down to street level.