How to Utilize Analytics to Boost Revenue
The power of data can’t and shouldn’t be underestimated. Data provides information about customers, it drives marketing decisions, and it also can be used to boost your brand’s revenue. Tapping into the power of data is one of the best things that you can do for your brand.
Keep in mind then when using data to boost revenue, you need to make sure that the data you’ve gathered is quality driven, correct, and truly indicative of what was researched. To get started boosting revenue today, you should start implementing the data boosting analytic techniques described below.
Data Based Behavior
When it comes to customer behaviors, you should focus on what your customers are currently buying. Gather data regarding their favorite products, the price point of the products, the quality of the product, and how often they are buying. Once you have gathered information regarding your potential customer’s buying habits, you can use this data in order to determine what your customers are most likely to buy without having them tell you.
This predictive form of analytics is crucial to developing your brand because it enables you to tweak your brand in a manner that comports with your customer’s buying habits. For example, if your potential customers are most likely to buy products at a certain price point with detailed packaging, then you want to ensure that your product matches what they are most likely to buy.
The better your brand is able to analyze what your potential buyers are currently buying and likely to buy, the more you’re going to be able to match your product to consumer expectations. By matching your product to consumer expectations, you’ll find that you’re making more sales, and thereby boosting revenue.
Quantify the Outcome
You’ll also find better results in terms of revenue if you are able to quantify the outcomes of marketing investments. By panning out your goals as a brand, identifying the cost of each endeavor, and creating a step by step process, you’ll be able to manage how much you’re investing and the return that you are getting on that investment.
In addition, when quantifying the outcome, it is extremely useful to determine exactly what data can be analyzed in order to boost revenue. A few of the most common points that can be analyzed to boost your brand’s revenue:
- Consumer Trends
- High Value Client Behavior
- Social Media Campaigns
- Effectiveness of Marketing Campaigns
- Email Marketing Trends
Analyze What Industry Giants are Doing
It is highly likely that industry giants are doing something that your brand isn’t – and that is managing their data very well. Industry leaders are able to gather a plethora of data that allows them to drive their marking decisions and through their detailed and meticulous organization and management methods, they can synthesize that data and reach conclusive results.
If you’re concerned on how to manage your data in order to achieve the same results, there are a number of things that you can do.
- Determine Topline Objective
The first step is to determine the topline objective. Your topline objective is the objective that you have for your sales and revenue streams. Everything that relates to the growth of those sales plays into your topline objective. For instance, your topline objectives can include monitoring customer referrals, social media content, and any word of mouth that is occurring in relation to your brand. Once you’ve identified your topline objectives, you need to identify exactly what data allows you to further each objective.
- Current Gaps in Data
Another important point to touch upon is current gaps in data. Check what data you have access to, in what form the data reaches your desk, how the data is structured, and what are the best methods for assessing the data. After you have clear idea of how everything looks, you can start looking at the data as a whole and determine where the gaps are, if any. If there are any gaps, it is necessary to fill them in.
- The Quality of Your Data
Lastly, data can be managed by also ensuring that the data you have is quality driven. All of the data that you attain should be from reputable and trustworthy resources. If the data is coming from your own IT team, then make sure that the team provides you the data in a format that you can understand. The clearer things are, the more effective you’ll be at turning the data into increased revenue.
How to Read the Data’s
Unfortunately, gathering data is not the biggest challenge that you are going to face. Being a wonderful marketing professional means having the right tool box at your disposal. This tool box should contain a basic understanding of science and numbers. If you don’t know how to read the data well, there is no way you’ll be able to use it effectively to boost your brand’s revenue.
A few of the key points to analyze when it comes to your data is what generated profit, what didn’t generate profit, what region is most likely to purchase your product, what campaigns were effective, what elements of the campaign worked out, and what marketing tactics have proven to be the most profitable.
If your marketing team aren’t experts at reading and understanding data from a scientific and mathematical point of view, then it can be useful to get someone on the team who can. With the right professionals, you’ll be able to use the data to your advantage in the most effective way.
What Attracts Customers in Terms of Social Media
There are many aspects of customer behavior that you can turn to in order generate more revenue for your brand. Another form of data that generates stronger revenue streams is what attracts customers in terms of social media. By understanding your customer’s social media behaviors, what posts they are most likely to read, which channels they are participating in, and what they like most about their favorite brand pages, you can use this data to improve your brand’s revenue.
The process of using this data is actually quite simple. By analyzing this data, you’ll be able to take the appropriate action to meet the needs of your customers. For instance, if your customers are most prone to using Pinterest and reading blogs, then you should tune your brand to their needs. Create a Pinterest account, post frequently, share with your viewers, attract their attention, and feature your brand on guest blogs that your viewers are most likely to participate in.
There are all kinds of data that can influence your brand’s decisions and how it executes. Another type of data that you should certainly be looking at is your brand’s messaging system and how it is used with your customers. What you need to be looking at is when is the best time to message your customers, what your customers prefer to read about, which incentives your customers are most likely to react positively to, and the like. By answering these types of questions through the quality data that you’ve gathered, you’ll be able to implement a message system that works.
Your message system should figure out when to send messages, what the messages contain, and how the messages interact with the customer for optimal results. In addition, you also want to make sure that you are presenting to your customers the right offers for their needs. Through tuning and tuning again, you’ll be able to achieve the results that you’re looking for.
Revisit Rate of Return
After you’ve been using the processes for a while and upon gathering and using the data to your advantage, the next step that you need to take is to revisit the rate of return.
When revisiting the rate of return, you should measure your efforts, the investments that are being made, and what the return on those investments is. Through this, you’ll be able to determine how effective each endeavor is and whether you are getting the results that you are expecting.
In every instance, the rate of return should be higher than the investment that you’ve made. By gaining a higher rate of return, you’ll be able to feel confident that your efforts are effective. If you want to move forward with a higher rate of return, then you can also decrease the investment amount while aiming for the same results.
Analytics are key to boosting revenue. The better your analytics are, and the more you manage your data, the better results you’ll be able to expect. You’ll be able to use your quality driven data in order to ensure that your potential customers are reading your social media campaigns, that they are part of your community, and most importantly, that they are making purchases of your products or services. With high quality data, you’ll be able to achieve the results that you are aiming for.