Use Data Analytics for Your Next Truly Optimized Marketing Campaign
If you are a business person or marketer, you know that making an impact in the market is not easy! Your marketing budget may fluctuate with your cash flow, or you might be unbelievably short on time. There are innumerable factors at play. That is why finding your most successful marketing efforts at the right moment can maximize your time and profit.
What is Marketing Analytics?
It is the procedure of analyzing and monitoring performance data to figure out the worth and effectiveness of your marketing activities. Marketing data collection and analysis gives way to improved sales and customer experiences. You will interpret what is working and what is not. Marketing analytics will help you understand your brand’s engagement with the customers. Examining the data you collect can help you understand your customers and their behavior better. Convert your customer base into your brand champions!
According to recent survey, 55% of respondents believe their marketing is successful because their marketing decisions were based on data. This was up from 37% of the previous year. Analytics proves to be relevant! It highlights the importance of metrics to calculate the return on investment and suggests areas for improvement. You can have an expert digital partner who understands your company’s and team’s business goals. They can help you detect anomalies, trends, and lots more!
Benefits of Using Data Analytics
For improving your business’ ROI, you must have a clearly defined goal that can be quantified, a well-established data analytics practice and a sole source of truth for your data. Scattered and siloed data often leads to poor decision making that could cost millions in marketing every year. Unifying your data, deriving insights and implementing these data driven insights will cut your marketing spend while delivering maximum value for every dollar spent.
“Nearly 36% of companies don’t use all the data they possess, and 47% are only planning to implement a data analysis tool in the future. Does this mean you can sit back and relax? Not so fast. Amir Orad, the CEO of Sisense, says companies that don’t use their data will disappear.” - Forbes study
Choose the right metrics. Key Performance Indicators are vital for measuring ROI for a marketing campaign. Take note of the conversion rates, traffic per channel, monthly visitors, impressions, reachability after each marketing campaign. Implement best data analytics strategies, which might be a combination of metrics, and the most productive interpretation for improved ROI. By finding what is truly valuable you can make the right judgements on future campaigns. Go for good data analytics services if you want outstanding results.
Better Customer Engagement and Personalization
Suppose you have sent bulk emails to your customers in the past, you can check their open rates and tailor your new emails accordingly. This informed decision making by critically defining customer segments via available data insights will help you in making better predictions. There will be a boost in customer engagement as you know which customers are more likely to respond. Use analytics for experimentation and learn about the different permutations and combinations that can be there for better customer engagement.
“The Meaningful Brands 2019 report by Havas Group projects that 81% of European brands could go extinct because they don’t create relevant content and can’t offer personalized discounts. Only 19% of brands conduct customer behavior analysis, segment their audiences correctly and personalize their offers.” - Forbes study
Understand your customers and their needs by personalizing their experience and giving them relevant and meaningful offers and promotions.
Target Right Channels
Marketers are often puzzled about which channel to use, one or many – be it direct email, social media, paid ads etc. The historical data you have may be the gold mine you have longed for. By tracking and mapping their customer journeys of different channels you can find the answer you have been looking for. Transform insights into actionable events by unlocking customer engagement at every stage. Analyzing data real-time makes an enormous difference and can be used across foreseeable impactful channels. You can also spot the most expensive failure points and do away with them. Data analytics services can be as of great help. What are you waiting for? Reach us today!
Deliver Messages that Resonates with Your Audience
Click through rate or CTR is a valid proof of whether your campaign is working or not. If your creatives and messages are performing well, you will see it in the form of clicks right away. Meticulously calculate the expected outcome in terms of Click Through Rate using historical data and industry benchmarks. If your CTR is significantly lower, change the content; if it is significantly higher, you are on the right path. Delivering the right message can do wonders for your organization. You can convert ‘one and done’ type of customers into loyal and life-long promoters of your brand.
Create Engaging Landing Pages
While CTR is the first step, engagement metrics like average session duration, pages per session, number of sessions per user and new Vs returning users are important indicators of how engaging your landing pages are. Having an engaging campaign is a sure way of improving conversions eventually. Take the right corrective action if your customers are not engaging enough. Always do A/B or Multivariate testing to see what connects with your customers and motivates them to take the next step. Give your customers what they want to have, not what you want to sell.
We helped a Nutrition Brand by fine-tuning their marketing analytics with our analytics practice. They could save $100K per quarter by campaign optimization alone. Want the same? Contact us right away.