Evidence based marketing: The Power of Informed Decision-Making
Right – you’ve had your marketing budget confirmed, – but how are you going to spend it? Don’t just crunch the numbers! Test your hypotheses, craft a robust business case, and make the best investment decisions.
Evidence-based marketing empowers you to make strategic decisions with confidence, making sure that your business stays on a growth trajectory, rather than tripping on the first obstacle. Here are just some of the benefits.
- It helps you predict the future. Allowing you to understand and gear your marketing towards growth sub-sectors or emerging issues.
- It puts the clients’ needs at the heart of your strategy. Insight and research are the foundation to anticipate and reflect your clients’ needs and wants.
- It tests hypotheses. Allowing you to test gut feelings or emerging trends before you dedicate time and resources.
- It can gain buy in. Giving your team the confidence to get behind an idea by presenting them with transparent and credible data.
- It can increase ROI. Providing you with ideas to extend campaigns and target new audiences
- It can find the route to create conversations. From identifying events to attend, to inspiring ideas and the killer hook for campaigns.
Key sources to consider include:
1. Your stakeholders. Leverage the expertise and judgment of industry professionals. Insights gleaned from fee earners, referrers, new joiners and alumni can offer invaluable perspectives and new ideas to explore.
2. Market research. Synthesise sources such as industry reports, analyst insights, government white papers and trade publications. A thorough analysis of market trends and dynamics can offer invaluable insights into your target audience’s behaviour and emerging opportunities for you to act as their strategic radar.
3. Competitor output. Understand who you’re up against. This involves not only identifying direct competitors; but also analysing their strategies, messaging, and market positioning. You can identify gaps in the market, address your firm’s own weaknesses and capitalise on competitive advantages.
4. Your firm’s data. Assessing client satisfaction, retention rates, needs and wants provides valuable input for refining marketing strategies and enhancing your clients’ experiences.
Adopt a critical mindset and you can drive growth by navigate complex market dynamics with clarity and agility.