A common statement in relation to privacy online speculates that “If you are not paying for something, you are the product”. That is not a mere fatalist outlook on our world. The power of data-driven decisions shows that it is currently the world’s most valuable commodity. Whenever we open a website, swipe left on an app, or simply share a photo of our pets online, we are giving someone else control over information.
We are not the first nor the last place to point out that sharing information online might be a delicate matter. However, there are many grey areas hidden in all those Ts&Cs we all pretend to read (and we should be reading those, for sure), the trade-off from allowing companies to learn a bit more about you can be worthwhile. The easiness of use of the internet definitely has more pros than cons – otherwise, billions of people wouldn’t be so eager to continue signing on to platforms owned by iffy CEOs.
Even if you are not a social media mogul with little regard for democracy, data can be an astonishing asset. By analysing even the slightest of information from customers, it is possible to improve your productivity, make smarter investments, and boost those ROI numbers.
Why Consider Using Behavioural Data?
If corporations such as Facebook, Google and Netflix are utilizing user behavioural data to make decisions, why should your company not do the same? According to studies, organizations using community insights have an 85% increase in sales and 25% in profit margins than their direct competitors not using those tools. Data gives companies an edge and allows them to stay ahead of the competition, nowadays the slightest inch you gain on the competition can prove to be the deciding factor.
Collecting information on your audience is the perfect way of focusing your efforts. One of the biggest changes in marketing in recent years is the capacity of directing your attention to specific groups. The days of mass advertising to reach a tiny fraction of potential customers are long gone – and smaller businesses can massively benefit from it.
Nowadays, there is no need for massive Ad budgets to propagate your service or product. With a little help from a focused team – for instance, think of how helpful those Webbiz guys are in their blogs – you can deliver precise and highly efficient messages.
It Is Not Who They Are, but What They Do
One of the blind spots in all of marketing is assumptions. Before social media and the smartphone revolution allowed marketers around the globe to properly grasp their audience, advertising agencies created the concept of Personas – fictitious profiles created to represent their intended target audiences, so they can plan around their desires and needs.
If only Don Draper could see how personas came along since the days of Mad Men. In 2020, every person with a social media presence is a persona by its own. In theory, you can know the habits, the desires and even the routine of every living being with an Instagram account – be it a human or one of those pet accounts your friends think are so damn original. With a bit of extra research on top of that, it is possible to learn even the things they don’t place in the public eye.
It was this very reasoning that allowed crooked business owners such as Cambridge Analytica to weaponize Facebook’s network to incite hate towards specific groups. The result of their meanderings is still ongoing across the globe. Even though in the CA’s case they utilized a couple of backdoor security faults across Zuckerberg’s empire, the information itself was accessible for starts. What made news was the scale and privacy invasion aspects of it, not the capacity to read people’s profiles.
While the line between “information” and “privacy” is indeed a blurry one, your company doesn’t need to delve into the darker side of behavioural data to improve its efficiency. Data can be read from every touchpoint you might have with your audience.
Let us give an example:
You are the owner of a Bistro. One day, you notice that people really like to take pictures of their food and post it on Instagram. Knowing this you create a hashtag for your business, and let your customers know that if they share a picture tagging your Bistro and using the proper tag, they can earn discounts or bonuses.
With that simple decision, you have created a new way of collecting information. By simply searching your tag, you have access to even more information about your audience – where else they post photos, other places they visit, and so on. From such a menial task, you acquired a constant influx of information from a group of people that targeting an ad towards “Women, 18-34 years old, Living in Dublin” would never be able to reach.
This is a barebones example. By using proper tools, the correct team and planning, the possibilities are endless. Behavioural data can be used not only on this hypothetical case of growing your audience online. It can and is used daily to increase sales, retain customers and reengage former clients.
Invest Smartly with Webbiz
The Digital/Social Age is a double-edged sword. On one hand, it gives us capabilities that were previously only explored by science fiction writers. On the other, we just have too much information all the time.
For a business owner, it is important to take that into consideration. More points of contact with your potential audience are directly related to more data available, but being able to know where to focus is key.
If we look back at the bistro example, someone here stopped to analyse the initial behavioural (people posting photos on Instagram) and how to utilise it to their advantage (creating a hashtag to gather data). This is why a team of specialists is essential to navigating the digital marketing landscape correctly.
Creating a tailored data point strategy that addresses your business needs is one of the things we do best here at Webbiz. With our savvy team of specialists, you won’t risk going in the wrong direction.
If you are interested in harnessing the power of your current customer base or simply want to talk options for your next project, get in touch. Together, we can make you take your brand to the next level.