The pressure on CMOs to demonstrate return on investment from various marketing initiatives is only increasing. So, an integrated marketing analytics approach could be the key.
FREMONT, CA: Today, enterprises are dealing with enormous data volume generated from external and internal resources. To succeed in today’s business environment, marketing leaders need to deliver insightful and actionable analytics on the captured data. gone are the days when companies made decisions on gut feelings and hunch. Data-backed decisions must move the needle for organizations to stay competitive. This data-driven approach requires collecting, analyzing, and then applying the lessons learned from the data. However, to make this transition successful, a lot of wheels should come in motion at the same time. Marketing analytics projects are time-consuming, and mismanaging this crucial step can make whole initiative fruitless. The challenge for CMOs is to avoid this cesspool of blame games and become successful with their data strategy. Here is the blueprint.
• Understanding the Role of Analytics
In this data-driven world, a piece of metric can initiate a significant shift in the customer journey. Marketing analytics is playing a crucial role in understanding customer behavior and interaction with the brand and the services provided. So, the primary thing is to understand the importance of marketing analytics. While considering the marketing analytics strategy, CMOs will have to check if the previously set goals were realistic. Based on the results of marketing analysis, CMOs have to reset some goals so that the firm can realistically achieve them.
• Calculating Conversion
Once done with data analysis, the next step is to find conversion rates. This is to be considered as one of the principal goals within the marketing strategy. The percentage of website visitors who become first-time customers is the conversion rate. Checking out and getting data on whether the visitors are exploring the entire website or are they losing interest soon after landing on the webpage can come to help. These are essential points a marketer should be aware of as they can make adjustments in the marketing analytics strategy as per the requirements.
• Merging Online and Offline Data
Marketers need to keep track of the customers in-stores and online. Many services make this job more manageable. CMOs can take help from third-party solutions that offer digital data about customers. Enterprises can use this data to send coupons, newsletters, and more directly to those customers. Thus marketers have a clear understanding of the purchasing history and marketing trends.
• Getting Leaders Involved
Typically, business leaders are always curious and will be pushing on marketing to show more growth. The best approach for CMOs is always to have their analytics clean, accurate, and telling a story. Showing reports just to flood the leader’s table with many charts will always lead the marketing to an uncertain path while inserting context will shift leaders’ focus from the numbers to the insights.
CMOs are under increased pressure to drive revenue and improve margins, and they see data as one of the top methods for impacting those measures. Understanding marketing analytics allows CMOs to strategize the process and to be more efficient at their jobs and minimize wasted marketing dollars.