Marketing has clear marching orders to define, discover, engage and delight customers every day, along each step of the buyer’s journey—from prospect to loyal customer. While this has always been a business goal, the impetus is now squarely on marketing chiefs and their teams to make it happen.
Demand for analytics is exploding, with Gartner principal analyst Dan Summer reporting that the business intelligence platform market grew eight percent over the past year to $14.1 billion. Half of new spending is contributing to data discovery, the branch of BI that makes analytics data and reporting available to end users. One of the most practical ways to benefit from tracking business analytics data is to see how sales numbers compare to your marketing efforts, and how each are impacting your ability to increase revenue.
Track Your Marketing Budget
The typical small business marketing budget averages about $2,000, according to a 2012 Staples survey. To effectively utilize such limited resources, it's vital to track the return for every dollar spent. Towards this end, Forbes contributor Dave Lavinsky says that first, you should review your overall financial situation to see what your profit margin leaves available for marketing. The Small Business Administration recommends that companies generating under $5 million annually with profit margins of 10 to 12 percent should assign 7 to 8 percent of revenue to marketing.
Second, decide where to spend your marketing budget, dividing expenditures between brand development and promotion. Finally, track which promotional tactics are working best and prioritize high-performing... Read more
The holiday season is the most important time of the year for retailers, and while many companies pulled out all the stops to ensure they cashed in, there was one key element missing: tracking online and mobile marketing offers and tying them back to in-store purchases.
In a year where initial reports showed a decrease in spending on important days like Black Friday, this missed opportunity to gather intelligence was especially glaring.
So why is this data so important? To start, the digital and physical worlds are increasingly converging, and there are so many marketing channels being used to generate awareness around holiday deals (digital, email, mobile, etc.) that it has become critical that retailers and brands can provide attribution and accurately assess which channels are responsible for driving in-store business.
Additionally, advertisers need to be sure they can connect their digital offers to the basket size of a consumer. A brand like Best Buy may get someone in the door with a deal for a 50 inch TV, but they’re offering that deal with the expectation that the consumer may also buy a Blu-Ray player, some DVDs and a few other items as well. When assessing the effectiveness of the campaign, just... Read more