Big data is extremely important in the marketing profession. This is supported by the fact that companies around the world will be spending over $4.6 billion on marketing analytics by 2026.
A growing number of companies are using data analytics to better understand the mindset of their customers, provide better customer service, forecast industry trends and identify the ROI of various marketing strategies. They are also using AI tools like Canva and Hootsuite to automate many of their marketing tasks.
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There is no disputing the fact that big data is invaluable to marketing. However, utilizing data analytics successfully can be a challenge. You need a well-articulated strategy for your marketing campaign to be successful. This is especially true if you are launching a marketing campaign for a new product.
Using big data to market your product is more important than ever. Having a breakthrough idea is no longer enough to get through with it on the market. Everyone has unbelievably great ideas, but offering them on the market and being successful is different. Whether you’re a small startup or an experienced company, you need to have a product strategy to make sure your idea is widely accepted. You won’t be able to sustain a competitive edge without a background in big data.
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You need an experienced data-driven marketing strategist who knows everything about product strategy and will help you get from point A to point B with great success. To do that, you need to hire a product strategy consulting expert. In this article, we’re talking more about product strategy and what the consultant will help you with.
Coming Up with a Data-Driven Marketing Strategy for a New Product
First, let’s define what a product marketing strategy is and what the consultant will be helping you with. Then we will need to consider ways to incorporate big data into it.
Every product has its value, but it will be successful only depending on how dedicated you will be to delivering it to the market. The consultant will share their experience and give you a couple of tricks off their sleeves to get a better job done. They will also give some insights into how you can use big data to improve on it. Now let’s see what you need to mind when creating the right product strategy.
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1. Make sure you have a clear goal.
Big data can be very valuable for product marketing. However, investing in new technology is not going to be valuable without the right strategy in place.
Everything in business is a marathon, and nothing good comes overnight. That’s why you need to set goals for your company and the particular product. Some of the most successful companies out there have set goals for years in the future and work on them daily.
Every product strategy must be wrapped around your business goal. Both must be headed in the same direction. If your main goal is something that your clients recognize as a great deal, your products will be successful.
Once you have outlined your strategy, you can start brainstorming ways to use data analytics technology to make the most of it.
2. Set a clear product mission with predictive analytics
The product’s mission and the company’s vision are deeply connected and intertwined. Every product must have a mission. The company must set an objective for what their product will achieve and how valuable it will be for the consumers.
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The product’s mission can be different. For example, being reliable, providing income and making a considerable impact,. You intend to do with your product and something that will change the world or profoundly affect your clients.
You will need to be realistic about the goals you established for your product. This is going to be a lot easier if you use predictive analytics technology to better understand the trajectory of the market. You can use Google Trends and other predictive analytics tools for your marketing research to estimate the future demand and gauge evolving customer expectations. You will have more realistic standards and know how to position your product to achieve them.
3. Research the market
Before starting the campaign, it is essential to understand how the market works, what’s happening between the competition, and what you can expect from your product. You can’t launch a LED bulb project in a village without electricity or sell pork in a Muslim country.
Doing so means you’re destined to fail, and if you try the pork example, you might even face severe punishment too. This is a clear example of why researching the market landscape is vital before starting anything.
A number of data mining tools make it easier to understand the market. You can do your due diligence by using data analytics tools like Qlik and Resonate. You will avoid going into marketing blind.
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4. Use customer data to better understand them
Aside from the competition, you need to know your customers too. They must research what they prefer, know how they can advertise the product, figure out what advertising channel will work best, and determine what other things should be done before going forward with the strategy.
You can use customer data from advertising platforms like Facebook or CRM platforms to better understand your customers. This way, you’ll learn what consumers prefer, how you can get their attention, what the best ways to prepare the campaign will be, and with it, find the best product strategy possible.
5. Use data analytics to understand every facet of your strategy before the launch
All these things mentioned should be placed in a sheet and analyzed correctly. You need to address every point separately and make sense of the entire research. You need to leverage data analytics strategically. The analysis will give you the big picture, and you’ll know the best approach to creating a product strategy.
Companies that gather information and analyze it make 30% more profits than those comfortable publishing their products without too much work. Spend some time looking into facts, and see how your product strategy is successful.
Big Data is Crucial for Marketing New Products
Developing a perfect data-driven product marketing strategy is complex, and if you can’t do it alone, you should hire a professional to help you. Consulting is a great way to get the job done correctly. If you’re launching a great investment product, you should ensure that it will be flawless. Every little detail during this process is valuable, so make sure you’re using all the pieces of the puzzle correctly. You will know what data analytics tools to use and how to implement them properly.