“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” – John Wanamaker
You’ve no doubt heard that quote before – it’s pretty famous. But does it still ring true for you today? If so, it’s time to step into 21st century. Marketing analytics provide oh-so-much more than just cool graphs to spruce up your next presentation. They are the key to finding out exactly how well your marketing campaigns are performing and improving them.
Here’s a sampling of what those “cool graphs” can help you do:
Get to Know Your Customers
Who are your customers? If you don’t know the answer to that question, it’s difficult to market to them effectively. A good analytics program can help you organize and visualize demographic data and survey responses, turning raw data into actionable information.
Target and Refine Your Campaigns
Unless you’re completely isolated from modern civilization, you’re constantly treading water in a sea of marketing messages, each louder and more outrageous than the last. So is your target audience. That’s the bad news.
The good news? Once you’ve broken down your customer base into different categories, you’ll have a much better idea of what moves them. Relevance is the key to making your campaigns stand out. Don’t try to shout over the crowd. Get your customers’ attention with campaigns and offers tailored to their needs instead. But don’t stop there- keep tracking the response you get so you can see what works and what doesn’t. Then, adjust your marketing strategy accordingly.
Change Your Channels
Is social media working for your business? How about direct mail? Radio? If you don’t track results, how will you ever know where your leads are coming from?
Analytics can tell you which channels are working for your business and which need some extra attention or a different strategy to become profitable. Then, you can make the appropriate adjustments and continue tracking for improvements. Why keep “spraying and praying” when you could be continually improving your strategy and your results?
We hate to brag, but…Dukky’s custom URLs and landing pages to make it especially easy to track the response you get from each channel.
Improve Response and Conversion Rates
All of this adds up to one undeniable conclusion: better response and conversion rates, and more leads for you! In fact, a 2003 report from SourceMedia found that after the application of analytics, mail response rates went from .5% to 18%, conversion rates went from .9% to 10% and repeat buyer rates went from 2.0% to 60%. Cha-ching!
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