How to increase your ROI with marketing analytics

How to increase your ROI with marketing analytics
Image: Vecteezy

Gone are the days when the performance (and success) of your marketing campaigns are left, at best, to blind guesses and assumptions. You no longer have to close your eyes and hope for the best after launching your campaign – today’s tools enable marketers to track almost anything and everything.

Marketing analytics has become a key part of any successful sales and marketing strategy. As the saying goes, data is indeed king, and crucial to the long-term success of your business.

Having helped various brands such as StarHub and Amnesty International (to name a few) enhance their presence, and acquire new customers and donors – the team at SalesWorks operate with data and analytics at the heart of our strategy, as it is vital for our clients to understand with clarity the direction we steer them towards.

By focusing on the correct data points and leveraging the appropriate marketing analytics tools, you gain insight into your target customer base, which then helps you reach them with the right message at the right time.

This, as you would know, would effectively generate conversions and/or sales – which is the goal for any business.

This is also why we advise that it’s in your best interest to know which specific analytical metric to focus on, as this helps you look at what’s most important for your business. Once you have an idea of that, you can leverage marketing analytics to boost your return on investment (ROI) and further improve existing and future sales strategies.

Just to help paint a clearer picture, here’s how marketing analytics can help:

1. Consumer prospecting

Consumer prospecting
Image: Yo!Kart

You can learn so much about your target audience through marketing analytics, such as the channels they are on to the consumer behaviour patterns they demonstrate based on online activities, for example.

This is valuable in helping you create a consumer persona and plan out a sales strategy. Your strategy should include important criteria such as when to target your audience and what can increase lead conversion.

2. Know what’s working, and what’s not

Thanks to marketing analytics’ capability to track in real-time different metrics and their results, you have the power to make quick decisions that can save your overall performance.

Use the insight you can potentially obtain from marketing analytics to know when to shift strategy; look at channels where money is being spent and the conversion to help you optimise spending – and increase ROI!

3. Room to experiment for better performance

The beauty of having data at your fingertips is that it allows you to experiment in a controlled setting. Leverage predictive analysis to experiment (such as A/B testing ads for a specific product) and understand what strategy works best in driving the performance you seek.

Room to experiment for better performance
Image: Freepik

4. Narrow down key metrics that matter

The irony about having access to almost any kind of metric that you can imagine is that it can make performance analysis a little complex. Just because you can measure almost everything, it doesn’t mean you should.

Look at metrics that are directly impacting your overall ROI, especially ones that are based on your primary business goal, such as increasing traffic or conversion by a certain percentage.

5. Gain a more competitive edge

Marketing analytics enable you to conduct quality analysis and optimise marketing campaign recommendations. With this, you can invest in the right tools to drive better leads, conversions and overall performance – all of which can boost your ROI.

How to increase ROI with marketing analytics

How to increase ROI with marketing analytics
Image: Instapage

Now that you know how marketing analytics can help increase your ROI, you might have an idea of what needs to be done to make this happen.

Here’s a step-by-step guide:

1. Set a clear marketing objective

Ask yourself: what is it you want to achieve with your campaigns?

2. Set ROI goals

Once you’ve set a clear marketing objective, it’s time to narrow down what profits you are looking to generate, and figure out if they are obtainable based on past campaigns’ performance.

3. Focus on metrics that matter

Choose metrics that show progress toward your set goals, and not the ones that just look good on paper or during presentations. For example, there’s a huge difference between driving traffic to your website and making conversions – and it’s up to you to decide which one’s more important.

4. Use analytics tools

We highly recommend that you start using analytics tools to increase the efficiency and precision of your marketing campaigns to boost your business’ ROI as they can help you handle repetitive tasks, track leads, segment audiences and analyse data in an automated manner.

5. Experiment

Once you’re comfortable enough, be sure to experiment with different marketing tactics to find out what works best for your business, as this can help refine campaigns and boost ROI.

6. Partner with an experienced activation partner

One of the best ways to supplement your goal and ensure success is to work with an experienced activation partner that not only knows how to take the data and optimise it for better campaign performance but is also able to provide end-to-end support across the full strategic activation.

SalesWorks is one of Asia’s largest and most trusted partners in marketing activation. From executing face-to-face marketing campaigns for our clients to managing the administration and reporting work, we help brands succeed through data-driven strategies and an extensive footprint across Asia.

Keen to find out more about how we can help you increase your ROI? Get in touch and let’s chat about your business or brand goals!