With the rapid rise of digital marketing, there is a slow but sure decline in the art of sales and marketing. Soon the necessary skills which we use for sales and marketing will render obsolete.
Soon, sales & marketing will be taken over by data science, which will offer them capabilities they never imagined. The rise of data science has enabled marketing leaders to focus on asking the critical questions like:
1. How to increase long-term revenue?
2. How to reduce financial risk?
3. How to increase sales and marketing efficiency?
4. How to make profit predictable?
How often have we spent long nights pasting emails into the CRM, logging data into spreadsheet, create simple graphics using sophisticated tools?
Data analytics is the process of maximizing the effectiveness of your marketing strategy by analyzing, measuring, and managing it. It helps you optimize your (ROI) return on investment and enables marketers to minimize marketing budget.
When something costs more than what it gives you in return, it isn’t a great business strategy. That is precisely why it is critical to measure marketing efforts correctly.
Let us look at the different ways to measure the effectiveness of your sales and marketing campaigns:
According to a recent study, today, almost 80% of the world’s population is online. One of the easiest ways to reach this humongous market is through PPC (pay per click) marketing. Online marketing allows you quickly access marketing analytics and the efficacy of your marketing strategy. It allows you to see how many people see, click, or visit you. Using sales reporting tools and marketing report tools enables you to see the exact sales your marketing campaign generates. Anytime, anyplace!
KPI’s or Key performance indicators are metrics that best indicate the performance of your campaigns. They are the best way for a business to analyze and measure if they are meeting their goals.
KPI’s allow you to streamline your marketing efforts. Businesses that regularly meet their KPI’s are the ones which have the most impactful marketing campaigns.
Following are the most critical KPI’s that can be measured:
# Cost per conversion
# Sales revenue
# Online marketing ROI
# Social media reach
# Form conversion rates
Data analytics is witnessing increased adoption across domains, globally. It has helped businesses leapfrog towards their growth objectives and enabled them to stay ahead of the competition. No function in the enterprise setup has remained untouched by the influence of data analytics. It has helped the sales and marketing function in delivering sustained results.
Organizations that know its customer and market better reach the conversion process quickly. Using data analytics
tools like sales reporting tool and marketing report tool help them tap, track, and deliver the best customer experience. Data analytics enables salespeople with the extra edge during steps like lead generation, sales pitching, lead nurturing, or follow up calls, by providing them with impactful insights.
“The end has come for making marketing decisions based on gut instincts; everything marketers do in the digital world can now be tracked, from the first click all the way to the deal close. CMOs who do not embrace and accept this concept will likely not be CMOs for very long.”
– Kurt Andersen, EVP Marketing and Sales Enablement, SAVO
Data analytics allows sales and marketing teams to go beyond traditional analysis. It gives them deep insights using social media and behavioral data. It helps them get ideas on subjects which were purely hypothetical at one point of time. When organizations place data analytics using a certain degree of algorithmic marketing, it opens up an invaluable layer of customer interactions.
Most of the customer’s pre-purchase activity takes place on the cross-device digital ecosystem. What data analytics does is, it gleans insights on these channels. It helps the sales and marketing teams to tailor customized marketing campaigns and retain customers while attracting new ones.
To sum up!
Data analytics and predictive analytics are the new norm for any organization to outperform their business rivals. It helps them stay atop and significant in this competitive market. Using data analytics, the sales and marketing teams can influence a substantial degree of customer’s journey with the company’s brand.
Data analytics works well only if the data you use is relevant. It provides a unified, clean, and enriched way to understand and work through your data. It enables marketers to use data accurately for laser-targeting for digital marketing campaigns.