Business News
USING MARKETING DATA TO BUILD A SUCCESSFUL BUSINESS IN SIX DIFFERENT WAYS
Alex Tremlett , Operations Manager at Insight Data , discusses six different strategies a company can implement to add real value and profitability to its business model .
As the market starts to cool , companies will be looking at new ways to stay ahead of their competitors , particularly when they could be approaching the same people in the same market .
To gain a real advantage , they ’ ll need to look at what they can do differently to cut-through the noise .
A great solution is accessing relevant and reliable marketing data . This is because if one business has key industry intelligence and the other doesn ’ t , one company will have a massive advantage over the other .
With access to the best business and market intelligence , ambitious business leaders will be able to successfully grow their company despite the ongoing challenges they face within the industry .
In fact , there are six different strategies a company , with access to key business data , can apply to guarantee that value and profitability are incorporated into their business model .
1 : Organic business growth
Creating a steady flow of new leads and customers is typically at the top of most businesses ’ agenda but finding the right people to target isn ’ t always easy .
When looking for new prospects , a company should be able to easily pinpoint their exact target audience using up-todate and relevant marketing data . This is because highly accurate and targeted data is guaranteed to help identify the perfect customers and increase the chances of generating better-quality leads .
2 : Diversify your business
Alternatively , a company could consider diversifying their business and looking for alternative routes to market . Whether that ’ s introducing new products or promoting existing products to wider audiences , both are fantastic ways to help reduce risk and create brand new revenue streams .
A great place to start is understanding exactly where to promote products and who to target . By carrying out thorough market research , a company will understand alternative markets , their competitors and customers better .
3 : Reduce your marketing costs
When it comes to growing a business , marketing is one of the most important areas to invest in . Yet , companies struggle to find the time , resources or expertise needed to develop and execute a successful marketing strategy .
Outsourcing one or more marketing functions can be incredibly beneficial to reduce overhead expenses and increase marketing activity by having access to the latest tools and industry expertise .
90 SEPTEMBER 2022 CLEARVIEW-UK . COM