MARKETING
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 cutthrough 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 .
4 : Consolidate Consolidation should focus on putting processes in place to fuel future growth .
Therefore , a key priority for business leaders should be reviewing and restructuring their current customer base . They should take time to replace the high maintenance , low-margin or financially risky clients with quality customers that are easier to manage , to hlp increase revenue and improve profit margins .
5 : Get the right tools
It ’ s important to have the right tools in place to successfully manage your business , teams and customers as well as to fuel business growth .
One tool in particular which offers a wealth of benefits is a Customer Relationship Management ( CRM ) system . When designed correctly , they have the power to increase productivity , boost sales and keep customer retention levels high .
6 : Gain insight
Utilising key business intelligence to collect a 360 degree view of the industry is an incredibly effective way to make more strategic , informed decisions about
products , markets and competitors .
With Insight Data , businesses can access in-depth market intelligence in real-time to successfully stay ahead of their competitors .
Additionally , companies can pinpoint their ideal business customers , faster and more efficiently through Insight Data ’ s innovative technology platform , Salestracker .
As a fully integrated sales and marketing platform , Salestracker helps users to target prospects that are the perfect fit for their products and services . What ’ s more it has a built-in CRM that also includes credit profiling , email marketing , Google map integration and document storage .
In today ’ s climate it ’ s so important businesses have clear , concise information about the market , existing companies and key decisions makers to effectively stay ahead of the game – and Salestracker helps to achieve exactly this .
With over 700 users , including major systems companies , fabricators and component suppliers , Salestracker ’ s five databases can be used in a multitude of ways to help build a more successfully , profitable and valuable business .
To find out more information about how Insight Data ’ s Salestracker system can help to fuel your business ’ growth visit : https :// www . insightdata . co . uk / salestracker /
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