I touched on this a little bit yesterday. Marketing is all about getting to know the market. Marketers do this through data collection and statistical analysis. (If you don’t believe its all about math go read some of Avinash Kaushik’s articles and see what he can do with a bit of math.)
The three most important areas marketers examine include: People, Trends, Effects.
People make decisions and people have opinions. Even if you’re marketing to a business, you’re really marketing to a person, so getting to know about people, in my opinion, is the most important aspect of marketing.
If you picked up on it, I was alluding to the fact that Marketing is about selling, but I’ll get into that in another post.
A tool I use to better understand people are buyer personas. I learned about these from Tony Zambito. I’ll explore buyer personas in more detail in a later article, but buyer personas help marketers to understand what motivates people to make decisions. Anything from personal biases and experiences, to market cycles, and internal pressures from the work environment.
What do you think of when you hear the word “trend”?
- The fact that neon colored animal print tights made a comeback
- You haven’t checked the hashtag #DWTSfinale or #Ferguson all day
What about the trend of cloud computing? The slow down of the Chinese economy? The growth of economies in Brazil and India?
The movement of money around the globe and within an industry is very important to identifying opportunities to capitalize on. The advances in technology, scientific breakthroughs, fads in office management all effect preferences of new generations and marketers strive to understand these effects.
Every business wants to increase revenue and a marketer’s unique ability to measure and attribute efforts to revenue is invaluable to help reach this goal. Marketers help uncover:
- which efforts bring in the most revenue
- who is the most productive
- which colors have the greatest effect on brand engagement
- how long an email can be before response rates decline
- what words to use on a website to spark action
- what combination of tactics yield the heights return and margin
One of my goals with this blog is to share the tactics I use to measure my efforts and show effectiveness.
In short, marketing helps us understand what motivates people to take action, how they tick.
Marketers learn about opportunities and threats by paying attention to trends.
By measuring effects of efforts marketers help a business become more efficient and profitable.