Every headline reinforces the same megatrend

It's the era of data driven marketing

consumer analytics for small business

Consumer analytics is a key component to data-driven marketing

That's why companies are increasing investments in consumer analytics for insights to answer key questions, including:

  • How do we increase sales with existing customers?
  • How do we identify new customers?
  • How do we strenghten customer engagement and loyalty?

The investments are significant

Teradata reported a 130% increase in marketers making significant investments in data driven marketing in just the last three years. (Source: Teradata Global Data-Driven Marketing Survey)

 

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Unfortunately this shift poses significant threats to small and medium businesses.

They have the same need for consumer and market data to level the playing field with larger competitors—yet they lack the time, money, and expertise.

Frustrated by traditional approaches? You're not alone

Compressed business cycles require making smarter decisions, faster AND those decisions require right-time data.

While companies have amassed a treasure trove of date in CRM apps and similar tools, that internal data is often the result of prior campaigns and irregular customer interactions. This creates significant challenges in identifying, importing, and analyzing external data--especially marketing and consumer data.


42% of data a company needs to make a decision comes from outside the organization
— McKinsey
consumer analytics for small business

Traditional approaches are too expensive for small business

It often requires spending $250,000+ for a custom study by a third party firm and waiting months - or longer - for insights.
Some companies buy slices of consumer data/research from multiple firms then use spreadhseets on steroids to combine the data into something useful.
The insight is limited to a snapshot in time that may - or may not - hold up to your interpretation.

You'll end up with the same information as your competitors - if you're lucky

You'll also end up with more questions. You'll return to making gut decisions - and spending a ton of energy defending those decisions.


64% of marketing executives believe data-driven marketing is critical to revenue success in today's hypercompetitive global economy.
— Forbes Insights

When the market shifts or strategy evolves, all bets are off

And because the process was so painful, you'll delay doing it again - which increases the risk of falling further behind

Companies that don't know enough about their customers can't compete with those that do.
The bottom line