Today, there is data everywhere. From website visitors to followers on social media, you may be confused about how real-time marketing analytics relates to ROI. Setting well-defined objectives are just the beginning of refining your resource allocation and improving profits. Then what is the ideal way to approach data analytics in real-time so as to measure the success of your marketing campaigns and improve ROI?
Here, we will see how real-time marketing analytics can boost your campaign performance and help perk up your ROI.
What is Marketing Analytics?
Understanding consumer behavior is vital for business success. At the same time, if you know which marketing channels work best with varied segments and which ones are more profitable, you will achieve better results. In-depth analytics let you predict your consumers’ requirements and measure marketing performance. Not only do they ensure increased customer satisfaction, but they also help boost business growth and profits.
Marketing analytics uses critical data to help advertisers target their prospects better, measure the ROI and forecast demand. Marketers use a range of predictive modeling and data mining techniques to target their prospects with effective communications and make marketing more profitable. There are three primary use cases for marketing analytics:
- Identifying potential customers and improving the quality of prospects
- Track and analyze campaign performance
- Demand forecasting and discover new opportunities
Thus, real-time analytics is a beacon that directs your marketing strategy. It is an agile approach that is not just about adapting the latest trends, but rather, identifying opportunities and consumer behavior that are relevant to your brand.
What are the key metrics of Marketing Analysis?
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To achieve higher ROI, it is first important to identify the key metrics of marketing analytics.
• Deriving valuable insights
Analytics is not just about data handling. It is about deriving valuable meanings from such data. Every year, we generate tons of data, most of which is unstructured. Turning bulk amounts of data, Big Data, into meaningful insights requires a rigorous process of organizing, reporting, and analysis. So, the key to real-time marketing analytics is to transform data into business-critical information.
• Consolidating data with concepts
Data holds no meaning when analyzed in a vacuum. It is vital to combine important data with your existing knowledge structures to identify which metrics are crucial and how to formulate actions from such data. It is only when you transform data into concepts that you can translate analyses into actions to optimize performance. Data visualization provides an in-depth view of what is going on with your marketing campaign – something you cannot do with just a column of numbers.
• Using marketing insights to guide data gathering
To improve your data gathering efforts you need a good understanding of critical marketing concepts. For instance, your user experience data. Without knowing how your consumers move through the sales funnel or what affects their decision-making process, it is difficult to know what data to evaluate further or to integrate into your A/B testing.
• Continuous monitoring
It is not enough to have a superb analytics program in place. You have to ensure constant monitoring, i.e. collecting, structuring and analyzing data in real-time. With performance monitoring in real-time, you can tweak your marketing campaigns or create powerful social media posts to achieve improved results.
Statly is a powerful tool that gives real-time marketing analytics a new dimension. It provides real-time tracking of how your customers behave through the sales funnel, and radically improves your chances of transforming quality leads into customers. This comprehensive analytics tool helps gather meaningful data and integrate it into your existing business concept to make the right decisions.
Tips to improve ROI with effective Marketing Analytics
Marketing analytics practices put data into relevant contexts, allowing you to spot indicators and trends that can be used to boost performance and increase ROI. The insights may help you win new prospects, allocate funds to the high-performing marketing channels and forecast opportunities.
Here are some tips to rev up your sales and increase ROI with the right marketing analytics strategies in place.
#1 Set objectives for improved ROI
To improve ROI, it is important to have a plan. To achieve your objectives, first establish an outline of what to measure, how to measure and when to measure. View historical data; identify modern trends. Know how you can incorporate analytics into your existing process. Discover how you are going to reach the desired ROI.
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Based on your outline, find out ways to measure performance by:
- Using predictive modeling techniques in marketing data analysis.
- Bringing real-time marketing analytics in line with your financial goals.
- Gathering customer behavior and engagement data.
#2 Lead prospecting
Successful customer acquisition and retention are crucial to drive sales and increase ROI. Give it a boost with real-time marketing analytics.
Many marketers merely collect information on users who visit the company website or view the ads; the data is often compiled through various advertising networks. But they only get the basic demographic details with no valuable insights on how to convert the leads to sales.
Use one-of-a-kind platforms such as Statly to gain real-time “opportunity based” marketing analytics that helps track every prospect moving through your sales funnel or website. Having a robust and in-depth view of your prospects, you can identify qualified leads and configure your marketing campaigns to target only these users. Leveraging the data insights, you can optimize their sales experience, minimize bottlenecks, improve conversions and leverage hidden opportunities.
#3 Focus on engagement metrics
Often, marketers make the mistake of remaining content with typical metrics, like press release shares, retweets or Facebook fans. However, these parameters are considered “vanity metrics” and do not contribute to revenues as such. Rather, prioritize “engagement metrics” that can help improve your ROI.
In this regard, the Director of Products at Filament, Jason Amunwa, states, “Vanity metrics do nothing for your actual website objectives but make your marketing efforts look good. This is problematic because often 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.”
Instead of running behind what does not correlate with your ROI, save time and make better decisions by tracking the right data.
You can leverage effective tools like Statly to:
- Monitor consumer behavior in a consistent manner.
- Get customized reports with the most relevant data.
- Analyze critical data through all stages of your marketing initiative
#4 Leverage real-time Website Analytics
Website analytics plays an integral role in identifying quality leads and improving their value for a lifetime while reducing the cost of customer acquisition & retention.
With effective web analytics, you can uncover various key performance indicators that help drive website traffic and conversions. Identifying stellar performers, and tweaking the weaker ones, can help improve the overall user experience, converting leads into quality customers. Use key metrics of web analytics to:
- Understand your customer demographics.
- Track essential parameters like click-through rate, bounce rate, number of conversions or types of referrals.
- Perform behavioral analysis of website visitors to increase ROI over time.
#5 Demand forecasting
Having the right data at the right time empowers marketers. At the same time, tracking historical data is vital to helping identify trends and forecast demand. Critical factors such as seasonality can affect campaign performance.
In-depth analysis can help highlight these variables, and likewise, re-allocate or tweak your marketing investments. Data analytics helps to understand the product or campaign performance, providing insights into which products will face a high demand in the next quarter.
#6 Use Marketing Analytics to increase sales
Today, consumers are more informed than ever. Most purchase decisions are now based on information gathered from reviews, social networks, blogs, etc. The good news: marketing analytics gives you access to such significant information. The bad news: you have no idea how to convert this data into profits.
To gain a holistic view of ROI, focus on how your marketing efforts impact sales. Identify when the right time to call a prospect is, which product would make a killer impact and who is best suited to close the deal. Discover what marketing strategies are contributing to maximum sales. Big data analysis can help increase your sales by:
- Understanding a customer’s decision-making journey.
- Tracking user behavior and sales patterns on the website.
- Discussing your ROI plan with the entire organization and not just the sales or marketing teams.
#7 Conversion tracking through your sales funnel
For effective business growth, increased sales and better ROI, you must have the right sales funnel in place.
Do not have a sales funnel? Have an expert build a sales funnel for you that seamlessly guides a prospect through all stages of Attracting, Converting, Closing and Delighting.
Statly is a tool you can use to track conversions through your sales funnel, analyze data and build strategies to improve user experience across all stages. Not only will this help increase conversions, but it can also go a long way in boosting profits by improving overall value.
Real-time marketing analytics practices are sure to play a vital role in effectively tracking performance and measuring ROI. A profound understanding of its capabilities is the key to leveraging these powerful tools to your advantage. Use Statly to assess how you can profit from real-time marketing analytics. From planning to decision-making, use analytics to spread brand awareness, increase sales and lower costs.