Now, we are in a digital age. Everyday, we are bombarded with tonnes of data and information. However, there is not much people utilizing the power of data for their business, especially digital marketing. There may be lots of reasons on not doing so, maybe not good in tech, or don’t know how to start, etc…
BUT, let me tell you this …
According to research from McKinsey, companies rooting marketing and sales decisions in data improve their return on investment by 15-20 percent.
Yes! It may be hard to start using digital marketing data for your business. But, if you are a serious player in your field. You had better nailed it. Based on our research, most of the time, people likes you are in one of the situation listed below:
- Having too much data to analyze
- Having so many directions the analysis can take
- Struggling to find the best way to use the data to build strategies for increasing sales and profits
To help you narrow your focus, our team put together this checklist of
Top 3 Ways To Supercharge Your Revenue By Digital Marketing Data Analysis
1. NARROW YOUR OFFERINGS
Most of the time, when a business gets into a bottleneck stage of sales growth, it tends to create more offers.
In fact, it may not be a good idea and what you really need to do is to narrow your offerings.
Yes! Narrow your offerings. Based on the Golden Rule of 80/20, 80% of your revenue are coming from 20% of your offerings.
So, you have to find out your sales data and check out which offers are giving you the most sales. You can consider isolating the following specific variables in your segmentation analysis:
- Market, customer, or pricing segment
- Customer size
- Product Line
- Sales rep
There will be other parameters specific to your business. Compare and contrast these variables by customer segments to identify unique value points for each. Then narrow your offerings or even build custom offerings accordingly. You may also use your findings to uncover opportunities to upsell.
2. INCREASE SALES ON LOW-VOLUME ACCOUNTS
When you are in business, you must remember who your big buyers are. Your reps are always assigned to take good care of these accounts.
However, for truth grow of your business, you need to identify major sales opportunities being hidden in those small accounts.
Have your sales reps conduct a funnel to identify their needs and wants. As mentioned in Point 1, this can help to improve or even tailor offerings, then convince them to buy more.
With this sales data analysis, you can develop enhanced customer segmentation models. They determine which products to leverage for cross-selling and upselling strategies which drive smaller accounts to give you sustainable revenue and margin growth.
3. ENHANCE PIPELINE MANAGEMENT
You may think that you don’t know much about your prospects because there is no way to gather any data from them.
In fact, you can with the following steps:
- Use tracking tools like Google Analytics and/or Facebook Pixel to track your website visitors.
- Segment your prospects just like you segment your existing customer base.
- Prioritize each prospect based on how profitable the corresponding customer segment usually is.
- Identify the best product lines to offer them.
This lead qualification and ranking process ensures you spend less time on leads that most likely won’t pan out. And you can spend more on those that will, increasing sales quickly and effectively.
You can leverage your efforts by running a historical analysis from your CRM system to identify where your prospects are at and send them relevant offers.
LAUNCH BETTER DIGITAL MARKETING DATA ANALYSIS OVERNIGHT
Digging through data doesn’t come easily. However, if you are serious in your business, you will need to get that right. To make your life easier, we build Korzet. It helps you to gather your digital marketing data, process the data and report meaningful information to you. Hence, you can latest and accurate information on your finger tips to make smart decision.