Businesses use digital marketing platforms to achieve a specific goal—may it be to increase their web traffic, the number of followers, sales, and more. All platforms have existing tools called analytics that allow users to understand how the journey toward this goal is doing. Marketing analytics help users evaluate their marketing efforts based on set business metrics.
All the data you will see in marketing analytics is not only a report that will help you measure your performance. You can also use the data to your advantage, like in increasing your return on investment (ROI).
In this article, we share with you the questions you can ask yourself while reviewing your data. Hopefully, these questions help you generate ideas on how to achieve your ROI faster.
How can you reach your target ROI? Create a definite plan
Before you identify the steps that you need to take to reach your target ROI, begin by setting a clear target. Choosing a random number is not enough. You need to identify what you will measure, how you will measure it, and when you should measure it. Here are what you should do to achieve a definite plan:
- Create an initial plan for your business campaign
- Check your historical data for any trends
- Considering this information, change your outline into a full-blown plan
- Based on your plan, identify where you can insert analytics for effectiveness measurability (Make sure it is countable like launching a new product or sending marketing emails)
Now that you have a clearer ROI target, you must find ways on how you can reach it, and more importantly, how you can measure it. Here are important reminders:
- Make sure your marketing analytics matches with your financial goals
- Acquire other data, such as the engagement you have from your customers in your social feeds
- Also, try to consider using predictive analytics during your marketing data analysis
How do my criteria help make the company grow? Make your metrics purposeful
Just because you need measurable data doesn’t mean you will indeed measure everything that can be counted. All your efforts should still be purposeful and aligned with your mission. Avoid being distracted by huge but not helpful numbers, like random post likes or shares. When analyzing data for ROI, you need to focus on data that concerns the engagement and revenue of your business. Save more time by only looking into the data you need. That way, you also get better predictive analytics.
How does your marketing effort affect the sales productivity of your business? Create more selling opportunities
When you want to increase your sales, you focus on content that will generate more revenue. How does marketing analytics help in this scenario? Here are two ways:
- Analytics help you identify which type of content works best for your business. Use this information and anchor your analytics to a sales-generating content strategy.
- Use analytics to understand more about your consumers, their preferences, and their journey. Make a plan of action accordingly.
Marketing analytics can help you understand which marketing programs are profitable for your business. Because you have the data, you have a more backed up reason to pursue a campaign or put a strategy on hold. When you want a boosted ROI for your business, do not forget to dive deeply into your data and numbers. They can tell you so much about your business performance and serve as a guide moving forward.
For digital strategy consulting in Greenwood, we are here to help you. Magnitude Marketing is a company that focuses on helping you achieve results through revenue growth and profit. Call us today at 317-215-5781 to learn more.