One of the biggest mistakes firms make when it comes to data analysis is allowing themselves to be scared away by all of the numbers.
(In all fairness, there ARE a lot)
But when the numbers (and a little bit of brain power) can gain you insights into almost anything about the performance of your business—from customer satisfaction to how the weather affects your site traffic— can you really afford to shy away?
If you’re interested in learning about how your management consultancy can glean insights from data that will allow you to reach your target audience in a more informed way—in a way that will really resonate with them—then you’ve come to the right place!
Below we’ve shared our top 3 tips for analyzing data which (in our opinion) are the best place to start if you’re a data newbie.
1. Use Client Data from Previously Purchased Services
First, look at each service you provide—who has previously purchased them and when did they last work with you?
Then, look for patterns in recent purchases to further inform the profile and behaviors of your target audience—what industries are these companies in; how long did it take for you to convert them from prospect to client; are they active online and what social media sites do they use?
If you find the target audience for one of your core services takes an average of 4 weeks from initial contact with your firm, to a stage where they’re ready to buy, then you can tailor your marketing campaigns to work within this timeframe.
If a pattern emerges which shows that previous clients return to use your management consultancy services a year after their first contract with you ends, then you can create an email campaign which retargets that type of client around 11 months after their contract is up.
Analyzing your existing client data is important—these are the companies who have not only shown an interest in the kind of services you offer, but have signed on the dotted line and agreed to work with your business specifically.
So these are the ones you want to learn from in order to inform future client acquisition.
2. Track Email Engagement
Email is a strong communication tool for your business.
86% of professionals prefer to use email when communicating for business purposes (Source: HubSpot).
Firms that don’t analyze their email output—i.e. what’s working and what isn’t—generally don’t see positive results from the emails they send.
In order to learn more about your target audience, you need to split-test and trial your email marketing campaigns.
You can do this by segmenting your mailing list—by services purchased, geographic location, or job title—and sending slightly different emails to each segment.
Trialling different elements of your emails (such as the content, style, action, time it’s sent etc.) will help you to better understand how best to engage with your prospects.
3. Monitor Your Website Traffic
“Big data and advanced analytics are creating profound new opportunities for businesses, yet only 4% of companies are able to combine the right people, tools, data and organizational focus to take advantage” (Source: Bain & Company).
Google analytics is free, right?
Wrong! (I mean, technically yes…But I’m making a point here!)
You NEED to invest time and resources into monitoring the data it collects for you, otherwise it’s costing you more in wasted opportunities than you care to even think about (trust me).
By leveraging the analytics provided by email tools, social tools and Google Analytics, you can compare conversion rates or click-through rates with the average time a prospect spends on your website.
This will help you better understand how your target audience engages with the content you put in front of them, and what content on your website is driving inquiries.
Using data analysis in your marketing efforts will not only help you to better understand your ideal clients, but it will also save your firm time and money by streamlining your efforts.
If you want a better understanding of your target audience, and how to get your firm’s services in front of your ‘right-fit’ clients, get in touch with Kelly via email on [email protected], or call (UK) +44 20 7099 5535 / (US) +1 877 465 7740.
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