3 Techniques to Improving ROI With Data
The question isn’t if you should invest in marketing data analysis in 2016, but how to go about being data driven in a way which boosts your marketing results and return on investment. As corporate buyers increasingly turn to the online and digital world to make purchases, marketers will find a growing need for complex data analytics to inform and guide their marketing strategy. But what data secrets are you overlooking which could increase your marketing ROI…
Are you customer obsessed?
Nowadays, becoming hyper personalised, customer obsessed, and feeding back prospect data to guide your ongoing marketing strategy is key to grabbing the attention of prospective buyers and personally nurturing them into a customer.
According to Forrester, 59% of B2B buyers cited timing of marketing communications as the top reason for their purchase (i). This knowledge could come from insights in customer databases, social activity, and other sources, which can all help marketers predict why buyers buy, and lead to new opportunities and conversions.
Understand your buyers’ journey, and look for patterns in your best customers to find new metrics with which to identify future potential customers. You could end up tweaking your marketing campaign in ways you never thought of before to generate new upsell of cross-sell opportunities.
86% of marketers aren’t confident utilising data analysis to create value on their marketing efforts (ii) . Analysis of your marketing campaigns must run deeper than simple email opens and clicks reporting. Contextual analysis such as comparing industries, job functions and geolocation engagement data with benchmarks and agency knowledge turn a good campaign into a great one if it is used to make informed decisions.
Predictive and continuous
Do you analyse how your marketing performed in retrospect, and how often do you reflect? The most effective and sophisticated marketers are constantly looking to tweak, iterate and improve campaigns with predictive reporting, propensity modelling and optimisation analytics.
All this means that the next wave of competitive advantage will come from deep customer knowledge and actionable insights from your B2B data analytics.
To see how we can help with your marketing data…