Is your company using data analytics to make marketing decisions? If not, you could be missing out on revenue and opportunity. According to a recent study by Forrester, ANA and Neustar, more than 150 marketing decision makers nearly all agreed that data-driven insights and decisions lead to considerably better results.
There may be many reasons why a company chooses not to engage in a marketing data analytics program – cost, privacy/data concerns or because they have a shortage of expertise. Another common roadblock is a lack of buy-in from the top-level company executives to implement a data-driven marketing culture. If you’re in this boat, I hope this blog will help you by offering ideas for three wins you can gain from using basic marketing data analytics. These wins may be just what you need to prove the value of analytics and gain the confidence needed to proceed with a wider-scale analytics program.
Answer key business questions.
If your company is struggling to answer key business questions, including who buys your products/services, what is the length of the sales cycle, what is product margin, etc., you are in need of marketing data analytics. By gathering some basic product and sales information, you can create client profiles, analyze the sales process and calculate product margin. The outcome of this will be more targeted marketing campaigns with higher ROI, focus on products that bring in the most revenue and better calendar planning. If you can make an impact on bottom line income for your company, you’ve just proved the value of data analytics.
Uncover new opportunity.
Looking more deeply at your customer base could uncover some unique opportunities to target and market to new audiences. If you conducted a product survey, for example, you may learn that the features and benefits you have been promoting are not the most favored among a segment of your users. By understanding this, you can create new sales opportunity by re-focusing your message and targeting a new segment of prospects. Growing your opportunity, means growing your revenue – something executives are sure to buy into.
Make more efficient use of marketing budget dollars.
What if you could spend the same budget as last year, but double the sales outcome? That would surely turn some of the leadership’s heads. If you haven’t been using analytics to target prospects, this is a very possible outcome. What happens when you introduce analytics into a marketing program is that you will realize a much more efficient use of budget dollars. This happens because instead of mailing 300,000 people, you now only have to mail 75,000 people – those most likely to respond. Not only will you spend less, but you will also increase the percentage of responses, raising your marketing ROI.
If you’re looking to find wins in your marketing program and ways to implement an analytics culture, be sure to reach out to us at B2E. We’d love to show you opportunity within your marketing and create a future roadmap for your analytics program.