Why Marketing Intelligence is the Fastest Way to Boost ROI
Blog post written by Adverity.
Do you find yourself second guessing marketing decisions? Are you never sure whether your ideas could drive stronger results for the brand? Well, then, it might be the right time to turn to the data and marketing intelligence.
Data has a tremendous power to take any marketing initiative to a whole new level. For one, it helps marketers move away from working off assumptions and gut feeling, finally.
Using the right information, a marketing team can answer strategic questions about their audience, the market or the competition. Equipped with such insight, then, they can launch more relevant campaigns. And in turn, drive a significantly better ROI.
The above, however, is only one of the many benefits of using marketing intelligence. Here are four other examples of how data can boost marketing ROI.
One. Data reveals new market trends that could affect a company’s campaigns. An excellent example of this is a sudden shift in the audience’s interests in particular products or services. Another example, a change in the type of information they seek. Something, that, potentially, could render the organization’s content strategy irrelevant.
Two. Analyzing marketing performance helps uncover the most successful marketing strategies to date.
Because, often, regardless of how many various marketing channels a company uses, most of its success comes from a selected few only.
Correlating various data points about marketing initiatives would help identify the winners and the reasons behind their successes.
Armed with such knowledge alone, a marketer could design more successful campaigns in a heartbeat.
Three. Analyzing data leads to a better understanding of the ROI behind every marketing initiative.
Linking a specific activity to revenue and demonstrating ROI remains one of the most challenging tasks for marketing teams. Some struggle to attribute their efforts to the bottom line. Others find theirs and the company’s metrics misaligned.
Marketing analytics offers the opportunity to overcome all those issues at once. In fact, by collecting and standardizing all their data, marketing analysts could reveal the true ROI of their efforts.
Four. With marketing analytics, an organization can forecast business and marketing results with greater precision.
Marketers often struggle with predicting the return of their various initiatives too. And to a no surprise. Defining the potential outcome of a new idea or marketing approach might prove almost impossible, after all. At least, not without the data to base any projections.
Analyzing year on year marketing metrics, for example, would help marketing managers forecast results for any upcoming initiatives.
But there is one particular requirement for achieving it all. An organization must have unlimited access to the data. From bringing information from all sources together to displaying relevant data in one place.
In short, it must use a marketing intelligence platform. There is no other way.
Meet Adverity on stand MD91 at Marketing Week Live on 6-7 March.