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DATA ANALYTICS AND MARKETING BUSINESS INTELLIGENCE

DATA ANALYTICS AND MARKETING BUSINESS INTELLIGENCE

One of the major advantages of online marketing technology is that it enables the advertiser to track where their most effective marketing efforts are coming from.

The technology enables us to pinpoint those activities that are helping us to achieve our business objectives.

For example, Google analytics allows you to track the search terms that are responsible for yielding sales in your business.

This information is vital, because if you understand what to focus on, you would eliminate the time wasters and focus on what’s right for your business.

In today’s article, we are going to share some valuable ways through which you can leverage this technology to track your most significant objectives and goals.

What are your business objectives?

what are your business objectives

Before you start investing in a marketing analytics tool and considering hiring a data analyst, it’s important that you understand your business objectives and what you aim to track online.

Marketing analytics technology allows us to track and make decisions based on a host of data from different sources, such as demographic data, behaviours, interest patterns, search terms, email campaign metrics, social insights, and so much more.

Here in lies the problem, because it’s so easy to get swept away by the numerous amount of data that’s available to us.

Not every data is important towards making a decision concerning your marketing process, that’s why you really need to understand what your business objectives are.

octoboard-dashboards-for-business-data-visualisations

BUSINESS OBJECTIVE

Your Business objective can include making sales, getting new clients, increasing downloads for mobile app developers, reduce churn rate, increase renewals of business etc.

This would largely depend on the kind of business you operate in.

Make sure, your business objectives are numerical and time bound.

Our Business objective was to gain 20 new clients every month.

STRATEGY

After identifying your business objective, the next step is to identify your strategy.

Strategy outlays the process you will embark on to achieve your business objective. For our business, our main strategy is inbound calls.  Our goal was to achieve 1000 qualified inbound calls every month.

It should be numerical and time bound.

We invested a lot in generating inbound calls who were  interested in signing up for a FREE 10 minute consultation.

That’s our strategy.

For some businesses it could be getting appointments and meetings, or boosting mobile app store traffic.

Understand the right strategy to reach your business objective and make it numerical and time bound.

TACTICS

Once you identify your strategy, the next thing is to list out your tactics that you would require to implement your strategy and achieve your business objectives.

 

Tactics are the various activities that would be taking place everyday towards implementing your strategy and achieving your objectives. This is where most companies focus their attention, they see high level of activity and they become impressed, but if your tactics are not yielding results, then it’s not effective.

High level of activity in the tactics stage, should not be confused for results and strategy implementation. 

Examples of tactics we’ve used in our campaigns are facebook advertising, facebook lead generation, instagram advertising, Google display ads, landing page optimization, search engine optimization and so much more.

These are all different ways to generate inbound calls, we don’t invest in certain traffic sources because we know that the inbound calls from those websites will not yield qualified calls for us.

Tactics should also be numerical and time bound.

 

There you have it, 

The first steps are:

  1. IDENTIFY YOUR BUSINESS OBJECTIVES
  2. IDENTIFY YOUR STRATEGIES 
  3. IDENTIFY YOUR TACTICS

Once this has been created, the next step is to create a sales funnel that maps out your process from start to finish.

A sales funnel shows how the business objectives would be achieved by displaying the whole process from tactics to objectives.

Here’s an example of our sales funnel below

That's all folks!

 

In the next article we would go a bit deeper into the process of analytics sharing some of the most vital trackable options available to you through marketing technology. 

It’s important to have done this preliminary work of identifying your business objectives, strategies and tactics very clearly unless you would be tracking the wrong things and get swept up with the numerus amount of data out there.

Try out our marketing analytics tool

Akanbi Adedamola F.

Akanbi Adedamola F.

Founder @ Taldn.com

Founder @ Taldn.com

We’ve begged him countless times to switch to any club, Chelsea, Liverpool, Chelsea, Man city even Man utd or Arsenal will do at this point, but Noooo, He has forever decided to stick with A.C. Milan… hugh, such loyalty. 

Minus his awful taste in football clubs (and food), he’s actually a great guy, with a slightly quirky sense of humour.