With the “big data” or insurmountable, high-volume amount of information, data analytics plays a crucial role in many business aspects, including revenue marketing. Data analytics refers to the systematic computational analysis of statistics or data. It lays a core foundation necessary for business planning.
Data analytics make up the relevant key performance indicators (KPIs) or metrics necessary for a business to create various sales and marketing strategies. Business-to-business (B2B) and business-to-customers (B2C) companies use it for a wide array of revenue marketing strategies.
In this article, you’ll learn the different ways data analytics sets a new standard for revenue marketing.
1. Make Smarter Decisions and Meet Your KPI
What is revenue marketing? Revenue marketing pertains to marketing that works with sales, attributing campaigns to revenue. Even after sales teams take over, revenue marketing involves continuous engagement with leads. This marketing system is goal-oriented and targeted.
Data analytics helps with budget planning, forecasting, and unified attribution to improve the overall client experience. With it, you can measure your key performance indicators quickly and more objectively than traditional methods. Consequently, you can make smarter decisions and hit your metrics and overall business goals.
If you wish to know more about how data analytics can help you make intelligent decisions, visit infinigrow.com and other similar revenue marketing platforms. They could also provide insights on how you can meet your KPIs using an iterative process.
Check the following common business KPI that data analytics present:
- Sales Revenue
- Organic traffic
- Customer Lifetime Value
- Conversion rate
- Cost Associated Per Lead Acquisitions
- Lead generation rate
2. Drive Marketing Technology And Digital Transformation
Marketing technology pertains to using computer or software programs and other digital mediums to promote a product or service. On the other hand, digital transformation involves embracing digital innovations to get away with the obsolete, time-consuming, and traditional ways of doing business.
Data analytics is an indispensable tool in adopting marketing technology (MarTech) and digital transformation. Using traditional methods includes manual tasks whereas MarTech and digital solutions employ automation and data science.
When companies use data analytics, the processing of data is lightning fast. The most successful companies integrate data analytics across their business systems, transforming their operations seamlessly and more straightforwardly.
3. Holistic Customer Experience
Revenue marketing employs data analytics to provide a better, holistic customer experience. Now more than ever, creating optimal consumer experiences is important to drive more business traffic and win more sales.
Here are some examples of how to use data analytics to provide a holistic customer experience:
- Determine where your leads are in the sales funnel using data analytics.
- Marketing teams can create buyer personas, segment audiences, and identify sales-qualified leads using relevant data on analytics systems.
- Compare consumer feedback to data marketing results to improve your next campaign.
- Use data analytics to create better engagement campaigns to boost good long-term client relationships.
4. Creating Marketing Content
Marketing and editorial teams of media outlets and digital media agencies use data analytics to create content. They define the appropriate topics for each stage of a customer’s journey, including awareness, consideration, and decision-making. In this way, marketing teams can create the best tactics to catch the attention of their intended audience.
Data analytics provide relevant information to produce more insightful content for B2B or B2C marketing events, such as the following:
- Content marketing
- Video marketing
- Peer-to-peer (P2P) engagement content
- Executive round tables
- Electronic or e-Books
5. Lead Generation
All efforts towards attracting prospects are called lead generation activities. Unlike sales prospecting, lead generation involves a long-term effort commitment to nurturing leads. Revenue marketing aims to boost lead generation to the maximum level by using data analytics as a valuable reference for all marketing activities.
Lead generation companies can offer a wide array of solutions because of using data analytics. The following are some examples of how data analytics could help clients generate more leads:
- SEO Marketing: They use this tool to determine the best keywords to use for search engine optimization or SEO marketing campaign.
- Social Media Marketing: Social media ads include relevant metrics that lead generation agencies use to measure the effectiveness of their campaigns and return on investment or ROI.
- Media Syndication: Lead generation agencies and media groups can use data analytics to determine the best content to increase brand awareness and nurture leads across various media platforms.
In today’s modern era, software programs are designed to perform automated data analytics. Hence, data analytics pave the way to digital transformation and marketing technology, in which marketing is faster, automated, and targeted. This indispensable tool is crucial to every business wanting to attain success in driving their revenue to the maximum level.