Post by Megan Totka
ChamberofCommerce.com
One of the biggest reasons marketing campaigns fail is a lack of data. Although you thought you had enough data to make decisions, you might have missed some important information. You were under a tight deadline and thought you knew enough to create a strong new campaign, but did you have everything you needed? Were you equipped with the right data? Probably not.
The biggest reason marketing campaigns fail is that the wrong data was used to build the campaign. Data tells you what your customers like, what wins you business and what causes you to lose valuable opportunities.
With so much data available, there’s no reason to not harness this information for your next campaign. Here are four reasons to never ignore your marketing data again.
You Can Quickly See Why You Lost Customers
1Perhaps the toughest pill for marketers to swallow is a lack of success. You spent days, weeks, or maybe even months working on a campaign. Although it might have sent you a few leads, something went wrong along the way and people didn’t buy. Now you need to know why before you hit the drawing board again.
Getting a quick overview of why people opted for your competition is vital. Without this, you can’t identify critical elements, such as a unique selling proposition that aligns with your customers’ needs or a stronger message to get more customers through the door.
By using your online customer relationship management tool, you can filter out the reasons you lost business. Turn these into visual charts to get a quick, yet powerful, idea of what your customers want going forward.
You Can Justify Your Spending
2Equally important to why you lost sales is how you earned new customers.
- What types of customers did your last campaign bring in?
- What were the values of these customers?
- How much money will one campaign earn your business over the customer’s lifetime?
As a marketer or business representative, you need to spend money to earn your company money. However, getting the type of budget that supports your efforts isn’t always easy (to say the least). The only way to convince your higher-ups that you need and should receive a larger budget is by showing them how you’ll double, or perhaps even cube your investment.
So, how do you find your marketing ROI?
The easiest way to do this is to break down your last few campaigns into the values of new opportunities and the values of opportunities won. With this you can show the potential of a finer-tuned marketing campaign and the money you earned your business.
You Can Get Reminders About Your Customer’s Buying Patterns
3Humans are creatures of habits. We drift to the path of least resistance. If something worked before, chances are we’ll continue using it. But, if something went wrong, we’ll express our frustration and move to a different solution.
Finding these buying patterns can shed tremendous light on what’s working in your organization. It shows you the path your customers are most likely to follow so you’re not left to guess what they want – you know with certainty which of your solutions is getting bought and which people are running from. Although you might think you know, it’s easy to get lost in the daily shuffle and forget to check in regularly.
To help, it’s imperative you set up alerts or scheduled reports to break down customer behavior. This must be done on a regular basis so you have consistent data to analyze. When you create your own habit of receiving these reports as triggers, you’re more likely to create a path of least resistance for yourself too, making it harder to ignore the data needed to make smarter marketing decisions.
You Can Understand the Mob Mentality Happening in the Market
4Mob mentality is a strong indicator of what people want. As easy as you might think it’d be to understand what the group you’re targeting is thinking, it’s not. Most of the time you’re using guesswork to make your decisions about a large campaign instead of data.
To pull data for specific groups and demographics, you need to understand past behavior. What did this group do before? Did they repeat the same action again? What comments did they have? What needs were and were not being met?
Pulling group reports from your CRM analytics tool will give you that insight. It will show you how a group reacts to certain triggers. You can then use these triggers to make your marketing stronger.
The bottom line
Data isn’t an overwhelming set of facts and figures. It’s marketing gold. It shows you what your customers want and how to get your customers to buy from you. By creating a habit to use Google Analytics and incorporating reporting from your online CRM system, you can make measuring marketing data so simple it becomes routine when planning new campaigns.
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