How Can Marketing Analytics Contribute to Business Revenue?
By Mobistreak on Jun 24, 2020
Marketing analysis is a critical aspect of any successful sales and marketing strategy. By focusing on the right data points and leveraging the right marketing analytics tools, various teams have an idea of their potential leads. This helps them target the right contact at the right time with the right message.
This will help create more relevant content that will truly attract and engage your prospects, build more productive teams by eliminating manual tasks, make shorter sales cycles and, ultimately, more revenue.
Here’s How Marketing Analytics Helps Improve ROI…
Marketing analytics tools put data in context, allowing advertisers to detect trends and indicators that can be used to help improve business performance.
These insights help account managers acquire new businesses, adjust funds to the most effective marketing channels and foresee new opportunities. Thus, the integration of marketing analytics software into the sales process, saves time and increases ROI.
Here are six ways of increasing your business ROI with marketing analytics tools:
Plan for ROI
To achieve your business objectives, learn to measure your marketing activities and your expected results. Historical data can help you identify customer behavior trends and marketing gaps, which you can address while planning campaigns. Always align your marketing campaigns with your financial goals.
Online advertising is unique as campaign managers can often check the performance of ads in real time. Metrics, such as clicks, impressions, and conversions, help you understand which ads are most effective.
Real-time campaign monitoring is a powerful tool for the modern seller. Low-performing locations are paused or reviewed, while those with a high ROI can receive additional advertising dollars. These ideas often result in a more efficient advertising investment. Information from other media channels can be integrated with online applications to better understand the journey from the potential lead to the customer.
Stay cautious about vanity metrics
Vanity metrics such as Facebook fans and press release publications make us feel good if they go up, but they don’t help us make decisions and don’t correlate with revenue. These metrics can distract your team from the business objective.
Instead, shift your focus to the commitment metrics that connect to the ROI. And keep track of metrics such as revenue, customers, conversion rates, A / B tests, funnels, cohorts and marketing campaigns. When you collect the correct data, it saves time and helps make better calculations.
Focus on More Sales
The millennial age has produced a smart consumer: an informed buyer. People now make buying decisions based on blogs, reviews and social networks. The good aspect for your business is that you have access to all this information. But the sad part is: your team doesn’t know how to translate that data into revenue.
Once you discover how to measure this data, take this knowledge to provide more relevant information to the prospect and turn them into a customer.
Do more trials and experiments
Experimentation provides opportunities for your business and accelerates its growth. Before you start trials, you need to have a way to measure success and keep track of your reports.
One of the best approaches to experiments is the “try and learn” approach. Perform an action with a target group, perform a different action (or no action) with a control group and then compare the results. This method keeps the process simple and the results become clear without difficulty.
The best-performing marketing specialists use strict metrics for each channel, campaign and quality throughout all marketing touch points which indicate the effectiveness of each source in revenue generation.
The better your ROI, the more positively you can reinvest in your marketing to expand your business and your profitability quickly. For expert marketing analytic tools and solutions contact us Mobistreak.