Informed Decision-Making by Leveraging the Power of Analytics

 

 

Informed Decision-Making by Leveraging the Power of Analytics - Brandwidth Solutions

Marketing teams are quickly becoming hubs of technology as a result of their growing participation in online marketing programs. It used to be that an organization’s information technology department was the main team working on most of the software and various programs. While that likely remains true, marketing is rushing to demonstrate its return-on-investment (ROI) to leadership and to support its constantly-evolving marketing plan.

The Digital Frontier

If your head is swimming from the sea of data created by your marketing efforts, you’re not alone. Today, the marketing toolbelt has lengthened way beyond where it was just ten years ago. As Google Ads, third party display ads, email marketing, social media, and other digital channels are now utilized daily, there are what seem to be infinite possibilities when creating your marketing promotions mix – and an equally infinite pool of data flowing in from the results.

In addition, there are now also marketing automating systems that create and send your emails, track website visitors, and automate nurture campaigns. There’s GA4 (Google Analytics 4) that separately tracks more stats about your website. And, don’t forget, there’s also traditional print media, events, and other channels that aren’t necessarily digitally-based.

How can you wrangle it all?

Enter data analytics. At its core, data analytics can be a highly-complex discipline on its own. However, for marketing, there are tools available now that help measure the ROI of everything from print ads to newsletters.

What’s Important to Measure?

Your first challenge in harnessing all of your marketing data is to determine which marketing metrics are important to your organization. Every team is different, and what you need can vary by industry, products offered, and type of business. Do email opens matter to you? How about clicks? Or do returning visitors to your website, or how your organic social media posts are performing matter to you? Maybe all of those?

If your organization does print advertising – and yes, many in business-to-business life science marketing need to continue leveraging print magazines and resources – is it important that you track the ad when you can? (Hint: this can be done using a shortened URL to a landing page hosted by your marketing automation system).

Some of the answers to these questions can be found in reviewing your sales opportunities that have closed. You can use your marketing automation system to track and discover which touchpoints were included for a particular person who was involved in a sale. Dig into each deal that has closed and try to discover which marketing vehicles had influence on the sale. Then, you can also continue to track those efforts closely in your analytics and you can decide which marketing promotions and tactics to increase and which ones to decrease.

How to Harness the Data?

Once your team has determined what data is important to track, you can then try to determine how. And this is where many marketing teams struggle, as many are finding that using piecemeal Excel sheets and having to log into multiple systems individually to extract results (such as LinkedIn, or Facebook, or Google Ads) is simply becoming too time consuming among all the channels available.

We are seeing one particular option that is helping: a marketing ROI platform.

A marketing ROI platform can provide one parking lot to pull in all of your marketing data in real-time and empower you to analyze and visually see how the results from your marketing campaigns are contributing to marketing’s success.

You can see metrics such as email opens and clicks, leads by country or campaign, cost-per-click for paid ads (like Google Ads and LinkedIn Ads), impressions and social followers for organic social media (like Facebook or LinkedIn), and results from third-party campaigns with industry publishers.

Tip: When tracking leads, create a landing page with a form from your marketing automation system that each ad will go to when clicked. That way, when a prospect completes the form, they are fed into your marketing automation system and are then automatically pulled into your marketing ROI platform.

As you think about what kind of platform to use, you may think that building your own is a good idea. Carefully consider whether the time spent researching how to build a platform, the costs of purchasing the various software needed to connect the channels together, and the time spent in troubleshooting is all worth it. These platforms are complex digital tools that simplify data visualization. Unless you have particular expertise in building marketing ROI platforms in-house, we highly recommend outsourcing to a partner or an agency who already has experience.

Tip: To help clients walk through the process of considering which metrics are most important to include in their marketing ROI platform, we provide a questionnaire to help guide the conversation when they meet as a team. And it should be a team activity, as marketing and sales team members may have different viewpoints regarding which metrics are important.

A marketing ROI platform can have a structure like the graphic below, where data from different marketing channels is gleaned, processed, and then presented in a visual and digestible format.

Marketing ROI Platform: Data Flow - Brandwidth Solutions

Take the Data Leap

You’ll likely find that once you have all your marketing performance data in one place, you’ve saved many hours every month on what used to be an amalgamation of manual processes. In fact, your marketing ROI platform’s functionality should also have the power to export graphs, charts, or other visualizations directly to PowerPoint, eliminating the need to recreate them elsewhere. Now your presentation to your team is ready in minutes, not hours.

Or, consider this. You decide in a meeting that you wish to show the team what the performance looks like for your leads last month, so you log into your platform and take a look to start a discussion about the results – all in real time. The key is to design your platform with the capability to show the data that your team has agreed is most important, and in the ways that you wish to see it.

You should also be able to spot trends more clearly. For instance, one of our marketing ROI platforms we developed showed that prospects were opening emails on Fridays and days surrounding holidays – days previously suspected to be low-open days. The takeaway? It might be beneficial to send emails on these days and gain some extra eyeballs on your content.

Take the first step and start investigating how you can take your analytics to the next level – and start gleaning more insights that lead to better marketing and business decisions. Talk to us to learn more.

Brandwidth Solutions serves the healthcare, life sciences, energy, and contract pharma industries. We work with companies that want to make the most of their marketing – who want their marketing empowered to help drive leads – and ultimately sales. If you want to move your product or service forward in a smart way, we want to work with you. Call us on 215.997.8575.

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