Use Marketing Analytics to Increase Your ROI

With data existing everywhere in today’s business world, it can become overwhelming to try and deal with the social media insights, web site visitors and other titbits that can seem like they’re coming in from all sides.

The first thing to understand is the there is more than one kind of marketing data. While some can provide incredibly useful insights, others can just serve to distract you from the true customer reaction to your business.

Reach Your Goals by Creating an ROI Plan

When you can quantify expected outcomes from the marketing investments you’ve made, value is the result. That being said, you have to know what to measure and when. The best way to achieve any goal is to outline the steps you will take to move from one point in the process to another.

The most important part of any ROI plan will be the outline. When creating your outline, look back into your historical data. Do you see any trends? If so, you have the details you need to transform your outline into the plan you will use.

In addition, when creating your plan consider the possibility of integrating analytics, such as those you can gain from email marketing into your plan.

Don’t Be Vain

If you have a Facebook page with fans or are using a similar site, these are vanity metrics, or tools and numbers that others will find impressive, but won’t result in revenue for your company. Vanity metrics do little more than direct you away from those things that could help you increase your ROI.

Go for Engagement

Instead of using vanity metrics which don’t tell you who likes what most, consider engagement metrics. Engagement metrics will tell you what content is working best, what could benefit from optimisation and what your visitors could do without.

Collecting data from engagement metrics will allow you to track customer behaviour on a consistent basis. It will also help you to analyse data prior to a marketing campaign as well as during and after. It will also allow you to track customer behaviour.

Don’t Stop Experimenting

Unless you continue experimenting with your analytics, you will never know where your business stands at a given moment. Many don’t experiment because they feel that it will be cumbersome and time-consuming. But it doesn’t have to be.

Keeping business experiments simple is one way keep things from getting too overwhelming.  Consider also the ‘test and learn’ approach, in which you can take an action with a targeted group, do the same with a second control group and then compare the results.

Dealing with Data

Instead of becoming obsessed with filling the gaps of information, make sound decisions without creating or accumulating data by reporting your marketing analytics. If you are dealing with an amount of data that’s become overwhelming, simplify; start collecting only that data that benefits both you and your clients.

Truly assessing how marketing analytics can benefit your business will take it much farther than simply letting the chips fall where they may.