How to Improve ROI with Marketing Analytics
Every business wants to increase its marketing ROI by employing different marketing strategies such as SEO, native advertising or influencer marketing. ROI is a measure of how successful a company has been with the various marketing strategies it uses over time.
For businesses to achieve positive results in any marketing campaign, they must first create an outline of what they want to accomplish, define their goals, and monitor their marketing campaign’s performance.
Here are some of the best practices to improve your business marketing ROI:
1- Plan for the ROI
You only get positive results once you have a plan to achieve those results. Besides, you won’t be able to judge whether your marketing efforts are a success or a failure.
Identify the right marketing goals for your campaigns that contribute to your long-term business purposes.
You must be able to effectively measure your marketing campaign and determine if it is helping you achieve the results you want.
Use web analytics tools to measure the effectiveness of each marketing campaign as soon as you employ them.
Apply historical data and trends to predict future results. Find out which of your past marketing strategies were successful and work towards improving those tactics.
To measure the effectiveness of the marketing strategy, you can:
- Use social feeds to obtain useful data for customer engagement.
- Adopt predictive modeling in your data analysis.
- Implement data analytics tools to forecast the performance of a marketing campaign.
- Keep all your marketing analytics in line with your financial goals.
2- Run Experiments
To find out what marketing strategies are more effective for your business, you should run experiments regularly. Performing a funnel analysis is the best way to fix the bottlenecks in your sales funnel. Use the target audience and product offering to come up with an ideal marketing strategy for your business.
For instance, if you are offering financial assistance services for startup companies, you can set an online tax calculator on your landing page to acquire your prospects’ details (like name and email address).
Apart from optimizing your site to drive more traffic, you can also adopt A/B Split Testing to determine the most effective site layout for your online business. Tools like Optimizely can help you carry out an A/B split test for your site and determine what works best for your business.
3- Create Strategies to Attract More Leads
The only way to increase your sales turnover is by creating the best marketing strategy that helps attract more leads to your business and convert them to customers.
Most online shoppers know what products and services they are looking for before they make their final decision. Before buying a product, shoppers probably read several customer reviews and testimonials on different blogs and social networks. There are various ways to get a review, such as emailing the customer, asking in-person, and incentivizing the process.
Make sure your website and social media handles have plenty of reviews. Even better, ask your existing customers to share their opinion about your products on social media to increase your network. Make sure to fix bad Google reviews because it can harm the reputation of your business.
Measure and optimize your sales, leads, and traffic metrics. Focus on driving high-quality traffic to your website to increase your conversion rate.
Here are three tips to help you increase your sales:
- Use customer journey mapping tools to understand what your customers think.
- Use analytics tools to find the best sales strategies that work better for your business.
- Engage your organization in discussions to come up with the most appropriate marketing strategy that achieves ROI.
4- Avoid Measuring Vanity Metrics
If you want to focus more on increasing traffic to your site, you must avoid vanity metrics as they don’t have any impact on your traffic or ROI.
Only measure metrics that help you understand your target customers and provide actionable insights to boost your ROI.
Always collect useful data for your marketing campaign. With the right data, you can:
- Analyze your marketing campaign performance to know if you are on the right track to achieving marketing ROI.
- Track your customers’ behavior and determine if they are responding to every marketing strategy that you employ.
- Only create customized reports that your business needs to adopt the most effective marketing strategy.
5- Make a One-time Decision that you won’t Regret
When choosing the best marketing strategy for your company, ensure that you have some useful insights to back up the move.
Yes, there is always some room for improvement, but some decisions can cost your business a lot. Leverage Google Analytics data to determine what improves your customer experience and influences shoppers to buy your product.
If your marketing department is undergoing analysis paralysis, you should try to develop a more vibrant marketing team.
Equip your team with all the necessary tools and systems that they need to provide you with actionable insights to create a one-time decision for your business.
6- Always Focus on the End Results
Increasing sales should be your primary goal whenever you adopt any marketing strategy. I’m not saying that you should completely avoid the customer experience that buyers go through before deciding to buy your products.
You should know more about the cumulative process that your customers go through and create a marketing strategy that focuses on improving their experience with your product.
Determine your customers’ intention whenever they visit your online store and provide them with the right information that leads them to buy your products and services.
Employing the best marketing analytics is the only way to increase your marketing ROI. How good you are in creating and implementing your business marketing strategy will determine whether you succeed in achieving marketing ROI or not.
You can lower your marketing costs, make your brand the most sought by customers, and increase your sales by simply adopting the right marketing analytics. Always keep testing different marketing strategies until you land on one that helps you generate better results.