Marketing and analytics are key for all businesses. Many companies already know how to use this powerful tool to improve their sales funnel and follow a straight path from A to B. Nonetheless, some businesses are still launching operations or even going through the process of acquiring more customers. Below are six tips that will help you over your performance measurement skills and grow your customer base at the same time.
1- Develop a Reporting Cadence
The first step is creating an effective reporting cadence for your team. When you have a regular schedule in place for analyzing data, it’ll be easier to keep track of how the marketing efforts are performing. Find a schedule that works with your team’s resources and goals, then stick to it.
2- Define Measurable Business Outcomes
If you want your marketing analytics to help grow your business, the next step is to define what growth means for you. Whether it’s defined in terms of revenue or customers acquired, knowing your goal will enable you to determine how close you are to achieving it.
How Do You Define Measurable Business Outcomes?
Start by outlining the process involved in converting a customer. For example, if your sales team operates entirely over the phone or through a call center, then having a potential customer visit your website and fill out a contact form would be the final step before conversion. In this case, such leads should be evaluated as an integral part of your marketing efforts.
3- Take Action on Data
The point of analytics is to help you make decisions about where to spend more and where to spend less. Look at key performance indicators (KPIs) like unique clicks and conversions by channel, and adjust budgets accordingly. Don’t forget to look at purchase attribution.
This involves how many times a customer interacts with an ad before making a purchase. It is an excellent way to determine whether or not there’s a problem with conversion rates across channels.
4- Build a Hypothesis-Driven Testing Culture
The most important thing you can do is build a hypothesis-driven testing culture. Your staff should be looking at data and making analyses. They should be making educated guesses about what works and what doesn’t and then using the data to see if those guesses were correct.
How Do You Build a Hypothesis-Driven Testing Culture?
Start with senior management. If you have buy-in from the top-down, that’s half the battle. You also need someone in charge of monitoring the tests. This includes making sure that everyone is doing them correctly and that everyone has access to the data necessary to analyze results. Finally, when you get results from your tests, make sure they are shared widely.
5- Find the Right Technology to Support Marketing Analytics
This is particularly true if you want to use marketing analytics to personalize customer experiences and create dynamic content. You need a system that can manage all of your customer data in one centralized database so that you can apply data-driven insights across channels.
6- Choose the Right Solution for Your Needs
There are many options for marketing analytics, from Google Analytics and Optimizely to Kissmetrics, KISSinsights, and Clicky. How do you choose the right solution for your needs? Consider your goals. Do you want to improve conversion rates or increase traffic? This can help determine what data you need to track and which solution is best for you.
The bottom line is that marketing analytics can help companies achieve numerous benefits and improve existing marketing strategies. But how exactly do you do this? Above are five tips for leveraging marketing analytics for growth and success.