How to Increase ROI with Marketing Analytics
Interpreting marketing analytics data is critical to uncovering hidden customer acquisition opportunities for your products or services. However, most online businesses struggle with making sense of data in a way that will benefit their bottom-line. They are not sure how they can increase ROI with marketing analytics.
Read on to learn six ways of increasing your business ROI with marketing analytics tools from Phonexa:
1. Plan Your Marketing for ROI
To achieve your business objectives, learn to measure your marketing activities and their expected outcomes. Historical data can help you identify customer behavior trends and gaps in your marketing, which you can address when planning your campaigns. Align your marketing campaigns with your financial goals.
2. Beware of Vanity Metrics
Not all data is helpful. Don’t get trapped into measuring vanity metrics that don’t move the needle in your sales goals. Measure metrics that help you understand more about your customers and their progression down your sales funnel.
3. Focus on the End Goal: Sales
The sales process is a cumulative one composed of different steps that a buyer goes through, including asking for recommendations, reading reviews, researching on forums and so on. Luckily, you can determine a customer’s intention based on their interaction during the buying journey. With this knowledge, you can provide more relevant information to the prospect to turn them into a customer.
4. Run Experiments
Run experiments to find out what marketing strategies lead to the best ROI for your business. Your product offering and target audience can help you identify the ideal marketing strategy. For example, if your business is in mortgage lending, offering an online refi calculator is a way to generate qualified leads.
5. Make Decisions without Regret
Your marketing analytics data must be put to good use. Unfortunately, your marketing strategies will not always lead to a positive ROI, even when you implement them based on analytics data. Be quick to refine your strategies when they are not leading to the results you want.
6. Use Tools to Gather Insights
Use lead generation and analysis tools, like Phonexa’s Call Logic and LMS SYNC, to find out more about your prospects and their needs whenever they interact with your content. Track their activities and use predictive modeling to uncover opportunities for closing sales. Do not be afraid to pick up the phone if it would help to push prospects towards the buying decision.
Get the Best Marketing Analytics Platform for Improving ROI
Increase your ROI with effective marketing analytics tools. Phonexa’s fully-integrated software offers important insights on your marketing campaigns and strategies, helping you make smarter, more effective decisions.