Using data insights to build an effective marketing strategy

You would have heard the phrase ‘data is king’. And for good reason.


When you have access to data it is almost like having a crystal ball. If you’re tracking your customers’ spend, visitation and habits within your business it provides valuable insights that shape your marketing strategy to support a particular outcome e.g. increase spend per head, increase foot traffic, repeat visitation, and so on.


In a time when we are so blessed to have this sort of information at our fingertips, it is time to question whether you are getting the most out of your data.


In this blog below written by Carly Deards, our colleague from Membership Loyalty Solutions, and co-host of The Engagement Gurus Podcast, Carly outlines how we can better use the data we have access to for our marketing strategy.

READ CARLY'S ORIGINAL BLOG HERE LISTEN TO EPISODE 7 OF THE ENGAGEMENT GURUS 'USING DATA FOR YOUR MARKETING STRATEGY'

Using Data For Your Marketing Strategy

By Carly Deards, published 21 July, 2020

www.mlsolutions.com.au/using-data-for-your-marketing-strategy


In a time where we are blessed to have so much information at our fingertips it is time to question whether you are getting the most out of your data library. When you plan your marketing strategy, it will quickly become apparent whether you have enough data to inform your strategies. If you don’t have useful data, you need to consider how your business is collecting information and how you can use it to its full potential.


How can data assist during this process?

There are two main types of data that can be helpful when building your marketing strategies. This includes information from your surrounding areas (external) and figures from what is happening inside your Club (internal). Internal data includes analysing your members’ demographics and spend to make informed decisions on upcoming promotions, target markets and to identify if you are hitting the mark with your current strategies. External information can be used in conjunction with the internal information to ensure you are catering to your LGA’s demographics. This can give you insight into whether there is potential to grow another market by diversifying your offering.


Specifics to analyse


Active Members

It’s all well and good to have a membership database of 20,000 that consist of 18-80 year old’s, spanning across the state, but it is really important to drill down into who is contributing to the bottom line. You need to consider who is visiting multiple times per week or month to truly uncover who is contributing to your income. I would be analysing these active members and building strategies to increase membership in this segment.


Segmenting member types

Not all members are the same! There are lots of different reasons people visit the Club. By segmenting patrons, you can see what value they bring to your business. You can determine times of the day certain promotions would appeal to different segments and where you will most likely receive a positive return on investment.


Promotions

Analysing promotion performance is extremely important for future planning, did your previous promotions bring in the intended customers? Did you get a good return on investment? Did it satisfy your marketing goals? All of these questions need to be answered so that you can determine what works, what doesn’t work and how you can improve for next time.


Bonus tip

Excel is your best friend when trying to connect your data together. It is often hard to get your head around joining information together from POS, membership, gaming and your sign in terminal. With just a little bit of time spent learning, you can build a picture of a member’s journey at your Club. You will be able to see how much value certain segments, demographics or tiers bring to your business.


Not sure where to start?

If you are realising you might not have your data collection strategies on point, there is still time to improve! Start small. Identify one area you would like to improve on and work on that first. It might simply be to move raffle ticket sales to POS so you can capture who is purchasing. By making the changes now, you will be collecting useful data that will be able to inform your next marketing strategy. By creating strategies utilising specific information from your Club, you can be confident that success and return on investment is just around the corner.


If you want to learn more you can listen to my chat with Alice Williams on The Engagement Gurus podcast or MLS can complete an audit of your current processes or even analyse data for you. Send an email through to info@mlsolutions.com.au to get started.


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