As a business owner, you know that it is essential to invest in marketing to bring in new customers. But are you proactive about tracking the results of these campaigns to calculate your Return on Investment (ROI)?
Instead of spending money and hoping for the best, you can optimize your results by using marketing analytics to identify which channels are producing the most revenue. This data is valuable because it helps you adjust your strategy to maximize your marketing investment.
Here are three essential strategies you should be using to see how your marketing tactics affect the bottom line:
How many people are visiting your website? What actions are they taking when they get there? What is resulting in the highest number of conversions? These are the questions Google Analytics answers.
Not only do you need to bring potential customers to your website, but it’s critical that you pay attention to what converts and what doesn’t. Google Analytics is a way to track conversions for different traffic sources, including social media, organic search, and Pay Per Click.
Google Analytics tracks a wide range of information, such as how long the person stayed on the website if they went to multiple pages. In addition, conversion tracking gives you the data to measure how clicks on ads and free promotions lead to sales.
Tracking Leads to Customers
As you bring in leads, it’s essential to see how many of these leads turn into customers. This tracking helps you know the source to see the effectiveness of the marketing campaigns.
You want to know if the new customers came from organic search, direct referrals, or social media. This information helps you decide the ideal channels you want to invest in.
Consider using an extra layer of software to help track this data, including Hubspot, Marketto, and other similar tools.
CRM: Track Contacts, Sales Pipeline, and Follow Up
Next, consider how much information you can gain by using customer relationship management software. This system helps you track your contacts, follow-ups, sales activities, closing ratios, and more.
The right CRM is powerful because you can see customer activity from lead to closing. Every detail is tracked, from first meeting to design meetings, contracts, and beyond. It’s helpful to have the option to run reports about sales activity, conversion rates through the pipeline, and more.
The end goal of using a CRM is to have your sales tool connected to your marketing tools. This integration shows the development of each lead:
- When you close the loop
- When someone comes in organically
- When the lead fills out a form
- When they receive a newsletter
- Follow up activity
- Whether they signed a contract or not
The CRM tracks and organizes all activities into one timeline. As a result, you know what your marketing is doing and the influence your marketing had throughout the sales process.
What are Your Most Profitable Marketing Channels?
Do you know which marketing channels produce the most revenue and how much money you bring from those channels? If not, it’s time to upgrade your marketing systems.
Marketing analytics help you see patterns to identify channels that produce the best and highest margins, so that’s where you want to focus your marketing spend going forward.