The internet has taken much of the guesswork out of launching and managing marketing campaigns. Before the web, companies had limited means of determining the success of their initiatives – they struggled to evaluate anything deeper than simple conversion rates. Nowadays, brands have more information available at their fingertips – with email, for example, companies can determine conversion rates as well as how many people opened a message, clicked links and took other actions.
However, data doesn’t benefit companies unless they can make use of it in a way that meaningfully improves business operations. Having this data available to you is one thing, but if you aren’t willing to leverage the information to help you supplement your marketing campaigns and sales pitches, then you’re potentially missing out on conversion opportunities.
More companies are beginning to realize the value that marketing analytics provides to companies. Whereas in 2009, nearly half of businesses (44 percent) told Econsultancy they didn’t have employees and technology devoted to evaluating marketing metrics, that number shrank by nearly half the second year and continues to dwindle.
Real-time analytics can help salespeople make meaningful changes to their marketing campaigns. When marketers have customer data in their back pockets, they are able to create targeted segments with materials that are designed specifically for people, greatly improving their chances of converting leads.
React in Real-Time
Real-time analytics are not only important in the creation of marketing campaigns, they are also pivotal in the continued management of them. It’s important to remember that marketing initiatives shouldn’t be conducted in a “set it and forget it” style – observing customer reactions can provide some invaluable insight.
With the right tools, businesses can learn precisely how their campaigns are performing and take the appropriate course of action. For example, if metrics suggest a company’s campaign isn’t hitting the target audience in a relevant fashion, it can be reassessed after evaluating its initial performance. This data can be leveraged to quickly fix campaigns and make them more relevant, helping to turn a potential failure into a success.
This is only possible, however, if your company has real-time analytics that can help you launch, assess, and then support your marketing campaigns. Insight is valuable at any level of business operations, but this is especially true with marketing.