Before a campaign is designed or the message is written, there is a story that needs to be uncovered. It’s based on numbers, patterns and behaviors. Knowing how to apply the story, can mean the difference between the long-term success or the failure of a marketing campaign.
Data is the story. No matter how eloquent your marketing messages may be, their efficacy will always be compromised if they aren’t informed by data - objective data.
Your MINDBODY account gives you access to important data about your business and clients – financial, operational, even some personal aspects (age, weight, shoe size!). But what else do you know about them? What makes them tick as a consumer? What would make them more likely to engage at a deeper level with your brand? In Geek Marketing 101, we call this Descriptive Modeling. You need to describe, to the finest details, who your customers are… but to do this, you need more data. In fact, you need BIG DATA.
LiveEdit’s Market Insights is a descriptive modeling tool that leverages the largest, most comprehensive consumer databases in the world to give you an amazing story about your clients. We all want to believe we know our customers, or that we have years of experience understanding our markets. But do we really? What if you knew:
25% of your customers:
1. Are married
2. Own their home
3. Are Nurses or Real Estate workers by occupation
4. Earn $60,000-$75,000 per year
5. Have children from 11-15, and
6. Respond to messages that include "scare tactics" like “Only 30 days left for this special. Act now, or you will miss out”?
You probably didn’t because you don’t have access to that kind of data. What if you did have insights like this, though? Would that allow you to craft a better marketing message? Would it help you create more personalized content, offerings, interactions with your customers? Of course.
Market Insights gives you a descriptive model of your client base by combining demographic, psychographic, and behavioral characteristics. But more than that, it also gives you a descriptive model of your chosen MARKETS. You will know how well you are penetrating different segments of the market with a simple glance at your Market Insights report. Armed with data about your present members and what they look like, you can make decisions and target potential customers that fit your descriptive model profile with a story that resonates with them personally. You will GET MORE CUSTOMERS by focusing on prospects within your markets that look like your present customers.
As the infomercials say, “But WAIT, there’s MORE!”
Not only does the Market Insights report show you the areas/characteristics in which you are doing well (high penetration rates), but it shows you where there may be opportunities you are missing out (low penetration rates). You might have 150,000 people in your target market that respond to “Buy American” messages, but only a tiny fraction of your client base has that tendency. How could you take advantage of that information? Maybe you couldn’t use the insight, because you focus on Swedish Massage or all your exercise equipment is European. And yet, what if you could? Market Insights can help you tap into new sales.
LiveEdit would love to help you maximize your potential. We have the tools to help you get there. If you would like to know more about Market Insights or any of our other tools that can make your marketing more effective, feel free to contact us!