How An Alternative Data Marketing Plan Increases Valuation
Ryan is a career marketing professional with excellent operational skills whose creative thinking helps solve business challenges.
Your startup is booming and your new product line is about to be launched. You're looking into a new round of funding in a few months and are optimistic about what the new review will look like. But there are other data sources that could undermine the mark or push it to new highs.
Investors and financial analysts have long used unconventional information to make decisions. For example, satellite imagery can determine a retail store's traffic trajectory by seeing how full (or not) their parking lot is on a given weekend. Alternative digital data is now available for free, and made much easier as AI-based technologies mine all available sources of company information.
Social media activity and comments, product and service reviews, job postings and sharing opinions can affect your business ranking. This is alternative data which is a growing source of publicly available data points that researchers study. So how can you be sure that this information, which at times may seem beyond your control, reflects your best business?
Develop a marketing plan that capitalizes on your business' many touchpoints and the power of public opinion. Here are some of these sources and what to consider when incorporating them into your plan:
- Social Media: When it comes to social media, time and pressure (frequency and content) are your friends. Even so, it takes time to build a following. Post regularly and don't pass out during your period. The frequency of activity can affect your perceived business trustworthiness and reliability. Follow comments, likes and reposts carefully. Some content performs better than others. Be critical of yourself and explain why.
- Product Reviews: How do customers perceive similar products or services? What questions do they ask? Do many of them share the same concerns or interests? Even something as simple as where a product is made can make a difference.
- Cultural and economic reports: In this category, people explore a lot of things that are never talked about. The company's Google Street View. Desktop environment photos in Google Image Search. You organize events for employees and customers. What do your executives do in their free time, as shown on social media.
- Jobs: Talking about culture. What are the moral goals of employees? No need to exaggerate its benefits. People want to know what the job itself is like. Try not to copy and paste sample job descriptions. Describe the tasks the role is designed to complete and where the candidate is expected to perform the role.
- Voiceshare: “All publicity is good publicity” shouldn't be a focus. The goal is to be present in the right way. When we're looking for subtle ways to appreciate or care for a customer, try to be there for the right conversation. There are various kinds of media hacking. Customers form better opinions when you engage in important conversations. Aim for the best outlet you can find. Then promote.
Always put yourself in the customer's shoes. I do this with everything in life. This will give you a focused perspective, especially when it comes to marketing. There is a bit of emotion in every decision, even business decisions. What are you interested in as a buyer? What will you pay attention to and how will you rate the company? Be sharp and even a little merciless in your criticism. Because chances are, your customers are too.
Your goal is to create and spread the right emotions so that the person feels comfortable around you. And most often these emotions are influenced by subtle things.
The Forbes Communications Council is a closed community of successful PR, media strategist, creative agency and advertising leaders. Am I right?
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