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3 Tips for Data-Driven Success


Online advertising can do incredible things for your small business, but only if you are willing to put in the time it takes to analyze the data and refine your efforts. But how can you make the most of your time?
 
Check your marketing frequently.
With traditional marketing tactics like radio spots, circulars, or print advertisements, the expectation is that by placing the ad you’ll reach a large audience. Sometime down the line, these ads will (hopefully) generate more sales — but you don’t have to check them every day.
 
However, an online ad is not like traditional marketing channels. Potential customers can click on your ad and instantly enter your storefront, so online campaigns are doing the work of both marketer and salesman. If you aren’t regularly evaluating campaign performance, you’re leaving potential sales on the table.
 
Track ROI, not just impressions. 
According to Shop.org and Forrester’s State of Retailing Online 2016 study, the median conversion rate for retailers is 3 percent and the site abandonment rate sits at about 49 percent. With more consumers comparing prices and migrating across multiple purchasing channels, elevated abandonment rates are understandable. But, it means that getting customers to your site isn’t enough — and tracking clicks or impressions isn’t giving you the data you need to make the most of your efforts.
 
Traffic-focused metrics can offer a lot of valuable data about the appeal of your ads. Conversions can tell you a lot about what happens after someone clicks on your ad, providing insight into the effectiveness of the overall customer journey. But, as helpful as traffic and conversion data can be, neither one tells you whether your campaigns are actually making you money.
 
If you want to make the most of your efforts, you need to track ads, keywords, and other metrics all the way through to the sales they produce. While tracking ROI can be a challenge — involving extra hours and a good Customer Relationship Management platform — it’s worth it. According to Hubspot, marketers that track ROI are 12 times more likely to generate a greater year-over-year return than those that don’t track ROI.
 
Get rid of underperformers.
Once customers reach your website, you want to make sure they convert to a lead or a sale. The best way to improve your conversions is simple, age-old advice: figure out what’s working and what isn’t.
 
Still, when it comes to crafting and maintaining successful marketing campaigns, knowing is only half the battle. As you consistently review and reassess your online marketing performance, you need to use that data to find campaigns and ads that aren’t performing and cut them from your game plan.
 
inferno is an award-winning brand development, advertising, public relations, design and digital marketing firm based in Memphis, Tennessee. Visit creativeinferno.com for more information. You can also follow inferno on Twitter (@creativeinferno) and Facebook (facebook.com/creativeinferno).
 


Posted: 1/4/2017 12:05:49 PM | with 0 comments
Filed under: Inferno, Marketing, SBC




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