Despite the advancement of various technologies that give a glimpse into consumer behavior, not enough company executives are delving into marketing the data available to them – data that could help them make fact-based decisions that could improve sales.
Marketing didn’t always have the metrics available that allow people spending money on advertising the luxury of knowing what works and what doesn’t. John Obrecht quoted a department store magnate in his opinion piece on advertising in BtoB Magazine, saying, “Half the money I spend on Advertising is wasted; the trouble is I don’t know which half.”
Today, the metrics available to marketers allow them to see exactly, or almost exactly, where their money spent on advertising is doing what it is intended to do. Most customer relationship management (CRM) systems on the market today are providing the tools necessary to provide this visibility. Despite these valuable metrics, marketing measurements aren’t always an easy sell to company administrators.
An important distinction to make here is that these metrics are meant to prove the value of the marketing, no improve it. Chief marketing officers that on measure their brand awareness or look to trade show scans and website traffic as a measure of marketing success are going to be, if not already, left in the dust.
According to a Forrester Research study, too few company executives are making decisions based on marketing data available to them. The study found that 15 percent of sales executives do not rely on marketing metrics. Only 10 percent of business unit leaders, eight percent of CEOs and four percent of CFO/finance executives will rely on marketing metrics.
It appears that many marketing leaders do look at the metrics to justify their budgets, but there is so more to the data that could help companies make better decisions and retains customers. For instance, marketing data that shows purchase patterns can add to the company’s knowledge about the lifetime value of the customer.
The data can help underline more than the return on marketing investment; automated marketing systems, which are at the fingertips of most marketing professionals today, drill down on the collected data and show brand sentiment and where loyalties lie.
Marketing professionals that are utilizing the tools available to them are looking at shifting some of their budget to relay a targeted message to key customers they’ve identified through their data analysation. This is projected to help boost the lifetime value of that customer to the company.
The data is also showing what happens with consumers after a sale. Many companies are missing up sale opportunities that exist and are only visible through delving into the data.
Blue Valley Telemarketing is a company that has an extensive history of drilling down on their collected data to reach a more positive outcome to marketing campaigns. Whether the campaign is focused on politics, lead development, customer reporting or publisher campaigns, Blue Valley has an extensive set of tools offer the most detailed/customized reports any organization would want for their marketing needs. If you’re ready to see how Blue Valley can help, give us a call today.