INCREASE YOUR ROI BY FOLLOWING THESE STEPS?
- Plan for ROI
Value exists in quantifying the expected outcomes from marketing
investments. Learn what to measure, when to measure and how to
measure. In order to achieve your goals, establish specific steps to move
the process along.
According to the State of Marketing Measurement report, 82% of
marketers say their executives desire every campaign measured, but less
than a third can effectively evaluate the ROI of each channel. Moreover,
only 48% of marketers are using web analytics tools to measure
marketing campaign effectiveness.
Find clarity in your plan by creating an initial outline. Look at historical
data; pinpoint any trends. Then, flesh out your outline into a detailed plan.
Figure out how you can install analytics into your existing process, like
sending marketing emails and launching new products.
Be an investigator! Plan and search for ways to measure
effectiveness in your organization by:
Aligning marketing analytics with financial goals.
Using predictive modeling in your marketing data analysis.
Obtaining customer engagement data from social feeds.
- Avoid Vanity Metrics
Keep away from metrics that distract your team from the business goal.
Typical marketing metrics like Facebook fans and press release shares
may impress folks, but often don’t correlate to revenue.
“Vanity metrics do nothing for your actual website objectives, but make
your marketing efforts look good. This is problematic, because oftentimes
they siphon effort and focus away from the things that could really move
the needle for you. Engagement metrics tell you what content is truly
performing for you, what’s just “meh”, and what’s ripe for enrichment and
optimization; in short, engagement metrics tell you where the real
opportunities are for growth.”
When you collect the right data, you save time and make better
predictions. Leverage your tools by:
Creating customized reports with the data your company needs.
Tracking your customers’ behavior consistently.
Analyzing the data before, during and after a marketing initiative.
- Sales, Sales & More Sales
The Information Age has produced a new type of consumer—an informed
buyer. People now make purchases based on blogs, reviews, and social
networks. The good news for your business is that you have access to the
same information. The bad news: your team doesn’t know how to
translate that data into revenue.
Shed light on what marketing programs are profitable. Use data to
increase sales by:
Anchoring analytics on a strategy, not the previous year’s budget.
Understanding the consumer’s decision journey to purchase your
product or service.
Discussing ROI with the entire organization, not just the marketing and
sales teams.
- Experiment Frequently
Experimentation offers opportunities for your business to accelerate its
growth. Testing should not only offer insight but also alternatives.
Furthermore, it doesn’t have to be a cumbersome process; simple
business experiments work well.
Try the test-and-learn approach. Take one action with one targeted group,
take a different action (or no action) with a control group, and then
compare the results. This method keeps the process simple, and
outcomes become apparent without the hassle.
Tele stream, a provider of software and hardware products,
increased its revenue by 300% with the help of Blast Analytics &
Marketing. The marketing firm conducted conversion rate
optimization testing, which uncovered key findings that led to a
redesigned product feature matrix. The new site design gave
potential customers a better understanding of Tele stream’s product
offerings and persuaded them to select the higher-priced offering.
Improve the returns on your marketing by:
Setting aside some of your budget exclusively for experimentation.
Picking one focus area; test until you can’t improve anymore.
Moving quickly from failed experiments; no benefit comes from sulking
in defeat.
- Make A Decision Without Regret
Reporting your marketing analytics is necessary for your business’s
success. More importantly, your team should focus on making
an informed decision from those reports. So, what’s stopping
management from taking action? They may have a case of analysis
paralysis.
You can quench your organization’s thirst for more data by:
Introducing definitive boundaries on when data collection should halt.
Ensuring that all analytics reports include action items.
Creating a subcommittee to follow-up on decisions made after an
analytical report.
Don’t let the chips fall where they may. Assess how your business can
profit from marketing analytics. Your ROI depends on how you create and
implement your business strategy. From planning to decision-making,
your team can lower costs, increase sales and spread brand awareness
The average conversion rate on AdWords text ads is less than 3%. On
display ads, it’s less than 1%. Yet you’ll pay $2 or more per click for the
97% of people who didn’t convert. With that kind of odds, it can be hard to
get a decent AdWords ROI, let along a great one.
- Creativity and ROI
To argue that marketing should be creative seems a little ridiculous, no? Yet you would
be surprised. The advent of mass online media has shifted the emphasis to quantity, not quality. But this doesn’t have to be the case. The technology exists to both create and scale your creative with ease and the data shows that creativity converts too.
Of course, creativity can be a subjective term, and personal taste isn’t an indicator of
success. But that’s where the data comes in. Don’t expect to push the boat out with
your designs yet not test the results at the end of the day. Creativity can be a bold new
design for a billboard ad, or it can mean changing a call-to-action button from red to
green. If you’re measuring the impact through A/B testing, iterating and optimizing, then
at the end of the day, that’s where you’ll see the results.
