Improve Your ROI with the Right Marketing Analytics
November 20, 2016 0 Comments
Whenever you run any kind of marketing campaign, it is important to have ways in place to evaluate its success. There are ways to use proper marketing analytics services to better understand how your well your marketing campaigns are helping increase awareness of your brand and grow your bottom line.
- Make a plan. Before you start a marketing campaign, you need to spend some time working on your goals and objectives. It is impossible to really tell how well a campaign is doing without first defining what you success will look like. You can work with experts in things like demographic reporting to see who you are reaching but if you have not set who you want to reach, that data will be useless. Even the best marketing analytics are useless if you do not know how to measure success. You need to fully understand what metrics you need to measure, how you will go about measuring them and what your definition of success is. A lot of this is really just about getting to know who your customer base is. Most companies admit that they want better measurements of their marketing efforts but few offer any follow through.
- Use only empirical metrics. You need to only pay attention to the metrics that improve your bottom line. Vanity metrics, such as likes on Facebook or Twitter may make you and your team feel good but they may not have any impact on your bottom line and your sales. As you review the metrics that come in from your marketing analytics services company, pay close attention to the ones that will impact your revenue streams. For example, metrics that measure engagement on your website can help you determine what content is going over well with your customers. Pay attention to that and you can use the information to grow the areas of your site that do well and lay off the areas that are not performing as well.
- Focus your energy on selling more product. If you are a local business, you may want to look at location intelligence software to make sure you are reaching the people you want to make into your customers. Companies have access to more information than ever about what consumers are looking at and buying. Your work in this area is cut out for you. You have to make sure the people in your marketing team understand what all this information means and how they can use it to build your brand and increase your revenue. The good news is that you can use these marketing analytics data to improve your efforts to raise awareness of your brand and the goods and products that you sell.
- Test your campaigns. Developing the right marketing strategy should not be considered a destination but it is a process. You will always be testing and tweaking all of the areas of your marketing efforts from your web site, your social media efforts and your traditional media plan. Your testing process will give you the insights you need but should be able to give you new options for how to modify and improve your plans. You may find new bases of interest in your product. For example, when the character of Penny on “The Big Bang Theory” went to sell her “Penny Blossoms,” hair accessories, she found that transexuals and transvestites were interested in her product. That was a new group that she could market her product to.
- Use your marketing analytics to make better decisions. Sometimes companies get stuck. They are so worried about doing the wrong thing that they do not so anything at all. If you use your marketing analytics the right way, you can avoid the buyer’s remorse that many executives have after they make big decisions about their marketing campaigns. This is one of the biggest benefits of having great marketing analytics data. You will feel much better about the decisions you make for your business when you use the hard data to make those decisions.
Using your marketing analytics data can do a lot to help you make the most of your marketing campaigns, raise awareness of your brand and improve your company’s bottom line.