Making data analytics a vital part of your marketing will help you to achieve better ROI. Getting the best possible returns by improving operational efficiency is a key business concept, but one that's often overlooked when it comes to sales and marketing.
Efficient B2B marketing is more valuable than volume advertising but only when there is data to back it up. Your data tools could be the most crucial business investment you make.
Your Revenue Model
One of the easiest ways to perceive the mix of data is to see it as a tool for continual development of your sales processes.
Raw leads must become qualified leads and progress to sales-approved leads, then skillfully nurtured into paying clients. At that point, you can formulate a plan for client retention.
You can think of your revenue model as a diagram or flowchart that outlines the whole process according to your business plan, and the steps your team should take.
While innovation and quick-thinking are important on a per-client basis, everyone should already know what steps to follow to reach the next stage. They should know how to define the different lead statuses, how they transition, acceptable time spend at each stage, and any exit conditions required before moving to the next.
As you sketch out your revenue plan, make necessary metrics to gauge and define progress. These usually fall into six practical categories.
Your Business Metrics
These are the gathered figures from early in the process to discover how many people your efforts are engaging. Depending on the medium you're using, it could be social likes, ad clicks, emails opened, impressions, visitors, downloads, etc.
These are viewed in terms of rates and rations. Every niche usually has expected conversion rates, but you should never stop trying for more. Conversion occurs at every stage of the process and is measured in context. What percentage of names become qualified leads? What's the ratio of qualified leads that transition to sales leads? This is where analytics is key to understanding ROI.
You must track the time that it takes to move from one step to the next. It's also important to track the total time spent on each lead. What is the average time frame? At what point should the lead be written off or recycled?
These are the dollar, euro, and other currency figures that you should ultimately be tracking to determine whether you're really getting the ROI you need. You must keep an accurate record of what you're spending on each client at each stage, and how it affects your numbers overall. Although time and money relate in many ways, the bottom line is what matters.
Certain metrics, such as likes or re-tweets, are only of real value to the people running your social media campaigns. That goes for most of the data you'll collect. Employees that are not responsible for related marketing content may not find them of interest, though they can also serve as overall key performance indicators (KPIs) for real-time feedback.
Performance and Efficiency Metrics:
These can come from various operations crucial to current and ongoing initiatives, such as downloads of a trial version of the software, or a need to keep improving delivery time. You establish a baseline and then track changes. Analytic tools are essential for automated monitoring and reporting of these goal-oriented metrics as a constant and reliable feedback loop for making decisions. While most KPIs will include metrics, it's not always obvious which factors are affecting ROI.
Analytic forecasts are more important than even traditional lead scoring for modern companies. The more accurate and updated your information is, and the more relevant to the problem being addressed, the easier it is to predict future outcomes (e.g. how many new users will register on your website next month). Higher volumes of quality data provide more accurate forecasts.
With the adoption of mobile technology, these solutions are accessible to your teams from any location, at any time, over any secure internet connection. Identifying and tracking the marketing data you need has never been easier. Automating and streamlining your data techniques takes the struggle out of lead generation and performance improvement.