Companies tend to believe that their market strategies reach the best impact, but most of the time, it is not true, due to the unstable and constantly-changing market environment.
Influence and performance demands regular monitoring of customers’ dynamic and uncertain demands which can be very time-consuming, therefore, is often neglected. However, there is nothing odd about it! Nobody wants (and is able physically) to track the Big Data!
That is why, in this article we will explain the importance of a company’s positive performance and influence, while at the same time, provide you with the best solution suited for small enterprises and start-ups.
Which factors can influence a company’s performance?
Trends are constantly changing, so do customers. Your job as a marketer is to constantly monitor each activities in order to find which one drives the best impact for the company and which one needs some improvements.
KPIs impact on company performance
First step in defining the impact of your business activities is to set measurable goals throughout the decision making process. Those goals are KPIs (Key Performance Indicators) which can be described as quantifiable measurements used to gauge a company’s overall long-term performance.
The KPIs would guide you and your team, so that you can achieve desirable goals.
Business impact on customer behaviour
Secondly, you need to identify how your business can influence customers’ behavior. Once you recognize the areas which are the most important “touch points” while interacting with customers, you are able to prepare a precise marketing plan.
Which business areas can influence customers the most?
Your target audience needs to also go through the decision making process, and during this movement they can encounter many touch points which would either convenience them to purchase a product and become a loyal customer or drop your offer forever.
How marketing influences customer’s journey?
This step in a customer journey is concerned about how you market your product/service and persuade your potential buyers to purchase it by targeting their reactions, imagination, word associations and all sorts of emotions associated with the offered product/service.
The aim of reaction is to make your customers behave towards your marketing campaign, for example by sharing a word-of-mouth or interacting with a brand on social media. Basically, it involves any customer reaction towards your product or service.
Imagination can help attracting attention towards your brand, and as a result, create different associations related to your company, depending on the words you are using within the campaign.
Last but not least, emotions can influence buying behaviour of your customers, according to feelings you want to target with your product/service. For example, music can bring both nostalgia, joy or sadness.
However, you need to know and understand your clients, In order to influence their customers’ behavior using mentioned methods. Marketing campaigns cannot be successful without being perfectly suited to the customers’ most profitable needs, and every marketer is obliged to track the performance of the campaign as a KPI regularly.
How trends influence customers behavior?
Being up-to-date is considered a priority for every innovative small enterprise and start-up. Innovations and technological implementations is usually what makes companies at the early stages of development stand out of the crowd, and hence constitute to their competitive advantage.
Your goal is to constantly monitor trends and react to them accordingly.
For example: your clients became active on a new social media platform, such as Tik Tok, while at the same time started to spend less time on Facebook. In this case, your goal is to improve your social media strategy in order to meet a new demand as fast as it is possible. Otherwise your competitors will reach your customers faster and take over your market share.
Keep in mind that the market is a dynamic place, influenced by many variables, such as economical, social and law changes which affect society at a great level, shifting their preferences towards new products, communication means or solutions. Keeping a track of it can be very difficult, even impossible for a single person.
How trust influences customers’ behavior?
Would you like to collaborate with a dishonest company?
Your customers share the same opinion.
As a consequence, a good PR and intense social media presence is what you need to build a trustworthy relationship with your customers. People tend to trust companies which are active on social media, if they display authenticity, authority and helpfulness throughout their profiles.
As a result, the company’s social media presence needs to be specifically suited to customers’ needs. You need to know what your customers consider as helpful, knowledgeable and interesting enough to follow, like, comment or share.
Keep in mind that your customers are active on various social media platforms, and you would need to implement an omnichannel strategy in order to reach them effectively, according to the activity ratio of each platform.
How to track customers’ behavior?
As mentioned above, customers’ behavior is changing constantly. It also affects all business activities (from finance, product development to marketing and sale), which makes the process extremely important, and at the same time difficult to track, due to the complexity of Big Data.
Moreover, small companies at their early stages of developments and start-up do not have a great knowledge about their customers as a result of their novelty on the market. Likewise, these enterprises do not enjoy having a large budget to fulfill their needs, and therefore, demand more accessible applications.
Customer Data Platform designed by Custimy is a perfect solution for all small businesses and start-ups. It is affordable for most of the businesses, and at the same time extremely precise.
The CDP software scans data about a single customer in real-time, providing companies with the most precise information about their clients. This data is crucial while tracking a company’s impact and performance in relation to the customer behavior.
You need in-depth data to completely understand every single client and market your product/service according to their needs and preferences.
Moreover, CDP data is able to identify current and upcoming trends to follow, so that your company is able to stay competitive and up-to-date which is very difficult while operating in a variable environment influenced by unstable economic and social conditions.
Last but not least, CDP can pinpoint what your customers need in order to develop an essential trust towards your brand. The CDP can help you create a flawless social media strategy, suitable for your customers’ preferable ways of communication at the omnichannel level.
There are plenty of other benefits related to tracking company’s performance which CDP can bring to your business. Big Data is very complex, but at the same time crucial for understanding customers.
Being a digital-oriented company demands from you to meet customers needs based on the digital data! There are just a few softwares that can read data so precisely at such an accessible price and Custimy’s CDP is one of the leading ones!
You are always welcome to contact us for more information! 🙂