What is The Marketing Technology Alert?
The Marketing Technology Alert, created each weekday, summarizes the 12-20 best marketing automation-related articles, presentations, videos, infographics, etc., published by analysts, bloggers, journalists and other marketing experts. We go through 500-600 articles each day…so that you don’t have to!
Go here to review The Marketing Technology Alert!
- Your Must-Read MarTech Digest™, for Tuesday 5/10/16 #MarTech #DigitalMarketing
- 4 tips to help switch marketing automation systems – CIO
- Gartner for Marketing Leaders: Gartner’s 2015-2016 CMO Spend Survey
- How Inbox Providers Identify Bad Senders – Litmus
- 7 Conversion Rate Optimization Mistakes You Don’t Know You’re Making – CrazyEgg
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Tag Archives: ROI
Increase your conversion rate optimization (CRO)
If you do one thing to lower your customer acquisition costs and improve ROI, make it conversion rate optimization. It’s most always the best place to begin.
Get more organic traffic to your website
Write better copy
Stronger, more persuasive copy can be the catalyst for improved conversion rates, higher average sales, more frequent sales, better reviews, more referrals… the list goes on and on.
Three foundational items. Part of the bible.
Demonstrating the impact of marketing when performance is the result of cross-functional efforts requires three elements:
- Show performance of shared impact metrics. Whether the goal is increased deal velocity, better renewal rates or improved customer loyalty, you need to demonstrate that the impact metrics marketing invests in are, in fact, improving.
- Provide proof of marketing participation. You need to prove that when marketing tactics are accepted by target audiences, impact metrics improve. If marketing isn’t involved, it will be uncomfortably difficult to assert any type of marketing influence over that performance improvement.
- Present evidence that performance metrics change as marketing participation changes. Evidence of marketing impact requires a comparison. Some deal cycles may have light levels of marketing interaction, some may have heavy levels, and some may have no marketing interaction at all. When you compare what improvements take place when marketing is present to what happens when marketing is not, you can develop reasonable proof that marketing is making a difference.
“With great marketing technology spending comes great ROI responsibility.”
Your firm may have capability to produce many – or all of these metrics – but are you using them to improve customer experience and business value? Several vendors we’ve talked to recently, who represent a cross-section of digital measurement technologies and services, described what they hear about this from prospects and clients. A (scary) summary: the firms report that they now have boatloads of data and a growing number of digital measurement technologies, mostly in silos – but don’t think they’re getting enough value from what they have. It’s as if some firms are paralyzed. This can’t continue. Operating silos of separate digital measurement approaches is not good enough any more. You risk falling behind competitors who are successfully combiningg approaches and continuously maturing their digital intelligence.
Mature digital intelligence requires identifying the business metrics that matter most and combining and aligning measurements that move the needle. Use the digital intelligence framework to guide you in changing an outdated “measure in silos first, understand the total effect later” approach. The report lays out the business value and examples of each metric and gives examples of how to use them – and even more importantly, how to combine them. Get started now with colleagues to work across the measurement silos – or more of them – to drive more value.
ROI also forces a skewed perception that slants toward short-term results.
The problem with this is that most modern online marketing strategies rely on accumulated payoffs that grow over time. For example, in content marketing, one good piece of content doesn’t offer a one-time return upon publication. It can be syndicated, expanded, and even left alone to continue compounding its value. Theoretically, every piece of content you create will carry value for you indefinitely in the future, meaning your ROI measurements are biased in two ways. You’ll always be measuring the present benefits of past efforts in addition to present efforts, and you’ll never measure the full potential your campaign has.
You need to compensate for this when thinking about the “value” of your marketing campaign. Measurable ROI alone isn’t enough to accurately capture the entire significance of your campaign—at least for long-term strategies like SEO, content marketing, or social media marketing.
There’s far more in the article, but our stance is simple: if there’s an investment in online marketing, then there needs to be a return from that investment that solely focuses on the $$$.
Make sure your sales team is aligned with your strategy and effectively following your leads through the funnel. Your platforms, such as social media management software, should be flawlessly integrated with your marketing automation and your CRM platform, such as Salesforce.
Analytics are driving so many marketing strategies as of late, it’s surprising companies got by without them. While all marketing automation platforms have some form of analytics, you can also have a separate program to strengthen your comprehension of what works and what doesn’t. Having a proper analysis platform can take a statistics-driven plan to the next level. Some statistics hold more weight than others and can have a positive impact on aiming content to your audience or understanding customer needs. Engagement is a huge part of this, so make sure to look for an analytics program that includes numbers about user interaction.”I sco
I scooped only these two factors (CT for others). Here’s the critical factor that’s missing: what ties everything together so that proper attribution can take place?
They may sound simplistic, but even simple rules-based models can deliver immediate results. This was the case at one company we recently advised. Only after considerable efforts to get data for each touch point aligned in one repository could the company begin to figure out sensible rules of thumb to guide marketing investments. It began by simply allocating resources to each touch point as a direct function of its marginal ROI. Even this rather rough and ready approach sharply improved the company’s overall marketing ROI.
This is what I’ve been advocating for quite a while as to the right approach to attribution: do your research to understand the past, and with that, build your model. This article takes it a bit further. Outstanding!
Unless it goes directly to a purchase page, I’m calling BS on this.