Are you using marketing analytics to measure, manage, and analyze your marketing performance? If you’re not, there is a good chance that you aren’t maximizing the effectiveness of your marketing campaigns. MCH can help you define the right marketing analytics strategies to minimize waste, create efficiencies, and generate a higher return on investment.
Having the right data is important for building a sound marketing analytics strategy. In many cases, this includes looking to data sources both inside and outside of your organization. The ultimate goal, though, is to have the most accurate data and information needed to draw the right insights you’ll need to make your marketing programs more effective. Some of the most common data sources needed include:
It’s important to know how your business collects the data, how fresh and accurate it is, and define any gaps before you build an analytics strategy. As you determine the most critical data elements, you’ll have to make spending decisions about how to gather, validate, integrate, and analyze the right data.
You don’t have to be a data scientist to define your marketing analytics needs, but you do need to engage with a data scientist to develop and implement a successful strategy. Unfortunately, this is not a DIY initiative, and even the most data-savvy marketers would want to stay away from any false positives or misinterpreted results. If you work with MCH, we have a team of in-house data scientists that our customers leverage to help them craft the right strategies. Now, education marketers can leverage world-class data science expertise to solve complex business problems. Read our case study to learn more about how MCH helped a leading education publisher understand which institutions and education decision-makers were driving sales.
Education companies who can best predict the customer and act on those insights will ultimately take market share from their less attuned competition. An effective marketing analytics strategy will present actionable insights that marketers can use immediately to make smarter, more informed decisions. Some of the most common marketing insights derived from analytics include:
Need to improve your prospecting efforts? MCH can help you identify new customers or lookalike audiences. We’ll analyze how prospects behave, or in some way, resemble your current customers. Bring in new customers who may not be aware of your brand, but meet similar characteristics of those who do, giving you a better chance of making your prospecting efforts successful.
Wan to maximize cross-sell opportunities? MCH can help identify patterns in your transactional data that tell you which products or services are often purchased together. Grow your business by understanding what products are most likely to be purchased.
When competition is fierce, reactivating customers is an essential strategy for growth. MCH can provide campaign recommendations for markets that once were strong but have since fallen off.
In an era where sales and marketing professionals not only need to validate the success of their outreach programs, understanding the lifetime value of a customer is critical. MCH can help predict the net profit attributed to the entire future relationship with a customer.
Understand the rate of list decay/fatigue to improve engagement and response rates. On average, a typical B2B list decays at an annual rate of just above 23% per year.
Are you ready to engage in a marketing analytics strategy that can help you grow your business? Contact an MCH Relationship Manager to start the conversation. Need more information on how MCH has helped customers use marketing analytics to solve complex business problems? Read our latest case study or contact an MCH Relationship Manager to learn more