Many businesses struggle garnering a significant Return on Investment (ROI) no matter what industry you’re in and your marketing activity plays a big role in ROI. Surveys indicate that 69% of CMOs as well as senior marketing executives identify marketing as a revenue driver. Continue reading to learn more about the factors that drive marketing ROI and how you can help your business with marketing analytics to automate your data analysis for significant ROI insights.
Critical Factors for Marketing Performance & ROI
Visibility and insight are the two critical factors for driving the marketing performance of any firm, and marketing ROI. If you can get a bird’s eye view of past campaigns and assess how they have impacted your target audience, you are better equipped to make informed campaign decisions that can prove more profitable in the future.
However there is no cookie-cutter formula that fits everyone in order to boost marketing ROI. Quite often, marketers use a plethora of soft metrics as Key Performance Indicators (KPIs) to evaluate campaigns. Unfortunately, these soft metrics don’t provide much insight into ROI from marketing efforts. A more in-depth, nuanced approach is necessary. This requires in-depth visibility and analysis of data for insights on what works for your campaigns – this will vary across organizations, products and offerings. Weighing out the pros and cons of a strategy based on data-driven insights can greatly increase your marketing ROI.
Invest in Tools for Visibility
Insights are drawn from data – so tracking every interaction with customers along their journey ensures rich data to derive insights. This is why investing in the digital tools and technology for comprehensive visibility into marketing campaigns and data capture is essential.
Understanding how individuals interact with ads, brand identity, brand positioning and how your audience behaves at various touch points helps discern the productive campaigns from the not so fruitful ones.
By learning from experience, future campaigns can be planned and optimized to attract tangible ROI. This will help boost your marketing-generated revenue as good marketing can increase the lead volume at the top of the funnel and overall increase your conversion rates by a great deal.
There are a range of tools available that summarize the cost and performance across several channels with visualization and analytics capabilities for rich insights. They also have dashboards built to generate instant, on-demand reports and in-built trend analysis reports with options to personalize the interface.
How to Reap Marketing Revenue Insights
Making sense of this wide spectrum of newly acquired data to unearth trends is crucial to improve your marketing ROI. Data without insight is meaningless, so assessing it is essential for future marketing endeavors. It helps to ask the following questions:
· Which marketing sources are generating the best quality in terms of leads?
· What content drives the most clicks and conversions?
· What keywords best attract your target audience?
· Which strategies return the most revenue per ad spend?
You can also analyze your data for audience-related insights to:
· Understand your target audience better and what piques their interest.
· Segment your audience into target personas, that can be individually monitored and tracked.
· Study how lead nurturing initiatives impact conversions as a whole.
· Examine different content and elements that engage your target.
· Evaluate which channels and platforms garner the best leads and why.
Implementing tactical changes by exploring such questions can identify what’s working and what isn’t across campaigns. These insights help you course correct and improve your marketing efforts for greater success and ROI.
Artificial Intelligence (AI) can suggest campaign changes and strategies to improve overall performance. The most advanced solutions use Machine Learning (ML) where systems assess an entire database of information to endow you with best practices for accumulating marketing revenues and ROI.
SprigHub can help you glean these marketing insights and more with our game-changing, AI-powered marketing investment optimizer. With a strong foundation in AI-powered data analytics, our platform provides a closed loop process for marketers to plan and measure campaigns. With multiple levels of real-time data visualization, your campaign leaders can make smarter, informed decisions driven through automated, AI-powered data analytics. If you’d like to know more, book a demo to explore how you can leverage enhanced marketing performance visibility to increase your marketing ROI.
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