There are many dynamic and effective tools and solutions which a business entrepreneur or marketer can undertake to maximize their marketing efforts for optimal results. As technology progresses, new and more vibrant marketing approaches and methods would emerge for business owners and marketers to adopt for the most effective marketing strategies developed.
These dynamic marketing techniques should not be feared or avoided by business owners and marketers for a richer outcome at the end of the day. A quick embrace works to benefit them in terms of market visibility and bottom lines.
Two emerging marketing approaches for increasing conversions and enhancing the online customer experience are data mining and retargeting. These are highly effective marketing techniques with a huge dose of creativity.
Even popular social media giant Facebook indulges in data mining; and this has attracted many more users who have become subscribers. The huge reservoir of Facebook subscribers amounts to data mining which could benefit businesses. It is now easy to access millions of potential business leads from this vast quantum of Facebook user accounts; provided that user consent is obtained.
Marketers need to be careful that data mining and retargeting would not scare off targeted audiences or be afraid of their marketing potentials if they seek to understand their dynamics and effects prior to application.
Data mining is a simple process of extracting and analyzing data that is collected from a bigger pool of raw data. Retail stores manipulate data mining very frequently in their operations where browsing customers could provide preferred products and services which the business could offer for a higher chance of a sale.
Mobile providers also manipulate such data to predict potential leavers from the fold; hence, appropriate incentives are generated to appease their decision to unsubscribe from the company. As the customer base increases over time with new emerging technologies, there would be more data collected, which could prove useful to retailers to improve their marketing strategies and campaigns for better business outcomes.
Data mining is highly effective in procuring the attention of potential business leads or interested consumers. Businesses need to exercise greater focus in identifying their target audiences to display the best ads that would stimulate interest in the target audience.
Retargeting is another term for remarketing which refers to a marketing technique that works to attract previous customers back to the brand or company. Many customers could leave the brand or company after patronizing it for some time whether with valid reason or otherwise.
There are many cases which retargeting is executed effectively. A tech website could display an ad for laptops which the web visitor had browsed when visiting their site. This happens even when the web visitor has left the site and moved on to another site.
Retargeted users are much more desired than new users in terms of engagement and purchase potentials. The former would have had a taste of the brand or company offerings to be mooted on another purchase more easily than convincing the latter. Satisfied customers are more likely to return for repeat purchases than new customers who need more time and effort to be convinced of the brand or products offered.
3 Steps for Successful Data Mining & Retargeting
The steps for successful data mining and retargeting are few and simple. If they are executed appropriately, these marketing techniques help to lower customer acquisition costs while improving conversions and sales.
Step 1 – Personalization
Business owners and marketers need to identify their preferred customers by targeting the right crowd. This may require an in-depth market research which would identify the best category of potential business leads for boosting the brand and company in the market. A clear target of the preferred market audience helps the business to be focused and efficient in their marketing endeavors.
Moreover, every potential business lead or customer is different, even if they are the targeted consumers. It is impossible to send out the standard business message to every customer or potential lead to expect the same favorable response in the stipulated timeframe.
Different customers respond differently and their responses should prompt business owners and marketers to engage them in a personalized approach that would win them over for the company. This approach would also reveal the genuineness of service to the target audience who might be moved to favor the brand and company.
Step 2 – Build Trust and Confidence
A strong customer relationship is crucial to the success of data mining and retargeting. A customer or potential business lead may agree to allow the company access their personal data such as name and contact but the buck stops there. Trust and confidence must be built with clear policies on non-disclosure of such information regardless of condition or circumstances.
Moreover, return policies must be clear and favorable to customers for the assurance of keeping their data private and confidential. This would generate trust and confidence in the customer for a long business relationship. Consent by the customer or owner must be always procured before sharing the personal data.
Step 3 – Be Professional
A professional approach to data mining and retargeting would help position the brand and company properly in the market for greater mileage of success. The best of services rendered with each customer data would crank a notch up for the brand and company when it is proven that the company respects the data collected for its own consumption.
Many companies tend to sell off the data collected for their own gains which result in spam emails to consumers who get frustrated. This would break the good customer relations and damage the company reputation. Spam emails could be reported to the relevant authorities that would take action against such parties.
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