Marketing analytics key to determining value of marketing campaigns

If you know anything about online marketing, you know analytics should be a key part of your strategy.

Analytics background conceptAnalytics are what show you which campaigns are working, which ones attract the most attention, which ones have the best ROI, and which ones are ignored altogether. Sometimes businesses shy away from the word “analytics,” however, because it sounds too technical. They assume it will be complicated and confusing. This isn’t necessarily true, though, according to Pat MacClain, co-author of Investment Advisor Marketing: A Pathway to Growing Your Firm and Building Your Brand.

The worth of your marketing dollars

In fact, MacClain claimed, “All you need is the right software, consistent data entry, and an easy-to-follow script for your office personnel and your analytics can clearly tell you whether your marketing dollars have been well spent.” There’s nothing worse than wasted marketing money.

Using scripted responses

First, in order for analytics to work correctly, you need a consistent approach to your campaign. Every time the phone rings, someone needs to answer it, and their response should be scripted so everyone is greeted with the same opening lines, but keep it short and sweet. Something like this: “Hello, this is the Prepared Pantry, your cooking store. How may I help you today?”

And at some point in the conversation, it is imperative that you find out how they heard about your brand. The significance of this goes without saying. You should do the same thing when responding to customer emails: Have a consistent greeting and then do a little follow-up, perhaps with a satisfaction survey. Some brands make the “How did you hear about us?” question part of the checkout process.

Client Relationship Management Software

Another name for analytics is Client Relationship Management (CRM) software. And while it can provide very specific charts and data, it can only be as accurate as you are when you input the numbers. MacClain explained, “Your CRM is the ‘keeper’ and therefore the organizer of your analytics. . . . With this information, you’ll be able to access data that not only determines the effectiveness of any individual campaign, but that can help you appraise your processes and the won/loss ratios by which you transition callers into actual clients.”

In the end, your chosen analytics system should be able to answer the question, “Was that campaign worth it?” Did the revenue generated by new clients outweigh the expense of the advertising? It’s a tough question to answer without a good way of interpreting the data.

Source: Wealth Management

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