The first quarter of the new year has passed. You’re gathering data from your marketing campaigns so you can use it to inform your next move. With so much data readily at your fingertips—from sales to social media interactions—it can be difficult to determine which data to focus on and how to use it to improve your marketing ROI.
Marketing analytics can help you assess the performance of your marketing campaigns, identify areas of improvement, and drive conversions. Now is the perfect time to assess your Q1 data and reports to reset or adjust your marketing goals for a successful 2023.
Different Types of Data
There are different types of marketing analytics insights that can be used depending on what type of information you want to gather. You could review data related to digital marketing efforts, content marketing, social media ads and interactions, customer preferences and feedback, and even competitor data. Each data source offers its own unique insight into the successes and challenges of your marketing campaigns. While data is immensely helpful to glean what worked and what didn’t, it can also help you identify ways to improve moving forward.
1. Know Your Sales Numbers
The first step in gathering any marketing analytics insights is to review conversions. Depending on your business, this could be leads generated or actual sales made. If these numbers are on track to meet your goals, it’s a sure sign that your marketing strategies are working. But if these numbers fall short, you can take a deep dive into your campaigns to find out what isn’t working and take the necessary steps to make a change.
2. Alleviate Customer Pain Points
Data from customer interactions such as sales calls, support chats, social media interactions, and onboarding calls can offer insight into your customers’ opinions about your product or service. Gathering this information can help you find out what your customers need to know in order to fully appreciate what you have to offer. For example, if they are upset over or do not fully understand a product’s complex features, you could create an informational campaign highlighting the area in question—and alleviating an otherwise frustrating experience in the process.
3. Beat the Competition
Digital marketing efforts make it easy to see what competitors are doing and the impact it has on customers. Take a look at your competition’s product reviews and social media pages. Make note of common themes among commenters. What do they like? What are their complaints? What type of content is getting the most interaction? Use your findings to fine-tune your own plans and stay ahead of the curve.
4. Determine Customer Preferences
Knowing your customers’ pain points and assessing the competition also helps you understand what potential customers prefer. This can make it possible for you to deliver the right message to the right audience at the right time. Say your product has a feature that a competitor’s product does not. You know this is a feature that can meet an unmet need for your target audience. You can use this information to craft digital marketing efforts that position your product as a much-needed solution.
5. Optimize Your Website
When it comes to websites, customers like an easy, user-friendly search, shopping, and checkout process. But is your website set up to optimize customer experience, or are potential buyers getting lost along the way? Knowing how your customers navigate your website can provide insight into why they may not be taking the actions you want them to take. By determining which pages users are viewing and what links they’re clicking, you can design, update, and optimize your site to keep your prospects on the right track.
If you’d like help maximizing your marketing efforts, contact our team today. We’d love to help develop a customized, strategic approach for your business that gets you the results you want.