Most marketing sucks.
When I say it sucks, what I mean is, it doesn't work.
Marketing is the one skill that I consistently see people believe requires little or no skill.
And they couldn't be more wrong...
People are bombarded by ads every day, so they think they know what makes a good advertisement. Until they make one and it's not profitable.
Yet, it's not just the DIY marketer that's bombing. Many marketing agencies take on clients then lose them within a few months because they can't deliver. Their clients simply can't justify the expense.
So, what gives?
The Costly Mistake Most Marketers Make
Have you ever heard the saying "you can't build a great building on a weak foundation?"
Well, you can't build profitable marketing on one neither.
When most people decide they are going to move forward with marketing online they focus their targeting using either demographic data or they go on Facebook™ and target customers by things they are interested in on their profile.
These data points are notoriously unreliable and because of that they end up burning through a bunch of money targeting a huge audience of uninterested consumers.
They are looking for a needle but targeting the haystack.
Targeting With Big Data is the Future of Marketing
Like it or not, everything you do on the internet is tracked.
Whenever you are logged into Google or using any of their tools such as Google Maps or Gmail, they're tracking everything you do.
Facebook has a reputation for tracking users and collecting data as well. There are over 7 million advertisers on Facebook. Whenever you visit a site that uses Facebook for advertising they save and use that information.
Consumers use tools like ad blockers and incognito browsers to stop sites from tracking them. However, those efforts are in vain as new ways to collect data are constantly created.
Internet connected devices such as your cell phone with its microphone, wireless doorbell security cameras and even your car serve as sensors that are used to gather data.
In 2018 there were over 30 billion sensors. By the year 2020 it is estimated that we will live in a trillion-sensor economy.
All Data is Not Created Equal
Below are a few types of data used in marketing and their definitions. Listed from weakest to strongest these data types are:
Offline data is data that has been collected from an offline source. Typically, this is data stored in places like CRMs. Usually, it's personally identifiable data such as contact information, purchase history, etc.
Demographic data is socio-economic in nature. Population, employment and income are demographic data examples.
Interest-based data is data concerning things a person is interested in.
Behavioral data is data connected to a user's behavior, such as:
- Content, ads and buttons clicked.
- Previous search terms
- Email sign-ups
- Websites visited
- Recency of visit
- Duration of visit
This form of data is often stored as an "event," meaning an action was taken. Metadata, a description of that event, is also stored.
How to Take Market Share and Profit Using Big Data
As previously mentioned, most businesses are wasting time and money targeting people that will never buy.
The best way to grow your business fast and predictably is to eliminate time wasters and market to people who are interested in your service.
Our Double Your Closings™ Client Acquisition System uses a combination of machine learning, artificial intelligence, data analysis and behavioral targeting to target the needle instead of the haystack.
We know who the people are who are behaving like buyers and sellers of real estate online and we know them by name.
If you're interested in closing more deals with predictability click the button below to see what our Double Your Closings™ Client Acquisition System can do for your business.