Marketing

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Marketing is crucial to business success; however there are limitations in how we currently view marketing data. They have access to how many people clicked on an advertisement, how long they stayed on the page, if a purchase was made. For other advertisements they learn how many more people were driven to their business. It is also important to know more about what customers were attracted to your business by specific advertisements. Are they returning customers? How much do they buy in a single visit? How frequently do they visit? Do they refer your business on to other clients? Depending on how your business works some or all of these questions can be answered to give you a better view of your business.

Lead trees are an important aspect for understanding marketing. A lead tree traces referrals back to their original source frequently split up by year. This would allow you to see all business that eventually came from Internet Advertising, Networking, and paper advertising in 2014 giving you a better idea about the long term success of each marketing strategy. They also give you an idea about who your best referrers are, allowing you to focus on finding more similar customers or letting you focus your efforts on those individuals.

Price Management

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How much does a product cost you to make or to provide a service? This is an important question that is frequently difficult to answer. Setting a price needs to include this answer as well as how selling one product effects the likelihood of selling another product or service. Setting a price that you lose money on can make sense if it leads people to purchase products or services that are very profitable. It is a delicate balance that is difficult to maintain without access to the necessary information about your business.

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