The world of marketing automation and lead nurturing is fundamentally changing the way business compete.With websites, search engines and social media, leads leave behind a trail of information bread crumbs that can be used to gain insights on the best way to market them.
Companies can now gather intelligence to integrate marketing and sales platforms to create a closed-loop method to analytics.
And with the importance of the ever increasing role marketing analytics have in the world of business, the key lies in understanding how to use them to make better marketing decisions – and ultimately better business decisions.
Unlocking the Wealth
As marketing continues to shift away from traditional outbound strategies, everything is starting to become more digital.
And with that comes the digital marketing’s ability to provide measurability.
Thanks to marketing software, such as HubSpot, numbers can be easily tracked covering every aspect of campaigns and leads.
Measuring only give you half the picture. The other half is being able to understand the numbers and how to use them to make decisions.
Using Marketing Analytics
Marketing analytics can be used to keep the pulse of how interested qualified and unqualified leads are taking.
So why is this important?
Say there is a lead that hasn’t opened the past four emails sent out. With this information, a final ‘breakup’ email can be sent as a last-ditch effort to maintain the relationship.
And if they don’t respond, the lead can be ditched and the marketing team doesn’t need to waste time trying to maintain the relationship.
Types of Marketing Analytics
- Descriptive (What has happened)
- Investment in marketing
- Value of pipeline contributions
- ROI per marketing channel
- Length of lifecycle stages
- Money spent to move lead to lifecycle stage
- Predictive (What could happen)
- Forecast the number of leads
- How quickly it will take to move through the marketing funnel
- Number of active conversations w/ lead
- Prescriptive (Suggestions)
- Reallocation of marketing budget
- Increase in attraction funds
- Optimization of social publishing
Can you or your business answer the question what would happen if you cut 10% of your marketing budget?
Most can’t and don’t even bother to find out the answer.
Theoretically, you should know if you’re spending $1,000 on marketing what effect spending $2,000 will have on revenue.
Businesses that take advantage of analytics are positioning themselves to outperform their competition based off more-informed decisions.
Can you identify what is working for you? Where you need to shuffle around resources for a better inbound strategy?
If you keep maintaining what you’re doing, will you ever fully understand how your business is truly performing?
If you can't answer these questions about marketing funnel analytics and why they matter to your business, contact us at HeadsUp! We'll be happy to provide a free marketing assessment and walk you through the current state of your business's ROI marketing.