As the digital age becomes more and more advanced, businesses that get ahead are abandoning “guesswork” and turning their marketing efforts into a science.
Digital marketing lets companies reach a wider audience, but delivering a message to millions of people who don’t need your product or service is a huge waste of time and resources. Getting ahead in 2019 means leveraging data to personalize marketing efforts for greater results.
Personalization drives modern digital marketing, and data is what makes it work. Leading organizations pour huge amounts of money into this. Tech giants like Google are funding more artificial intelligence research than most universities. Fortunately, small and medium-sized enterprises (SMEs) can get in on the action, as well.
In this article, we’ll help you and your business dip your toe the exciting world of SME marketing analytics. Whether you do it in-house or with our help, we want you to take the first steps toward data-driven decisions and better success driving sales and leads online.
Key Performance Indicator (KPI) Dashboards
The need to collect data is obvious enough, but you also have to consider how you organize it. When you store your collected data across multiple hard drives, cloud spreadsheets, customer-relationship management systems, servers, and so much more, accessing the data you need at any given time can be a pain.
If you’re an SME trying to compete against tough competitors in the online space, you’ll need to maximize efficiency any way you can. This means having immediate access to all your data for measurement.
One solution is a Key Performance Indicator (KPI) dashboard. Not only does this tie all your data together, but it can provide valuable insight into how your marketing efforts are performing. Remember, digital marketing isn’t something you simply set up and let it run its course. You have to constantly monitor it and make necessary changes based on performance. In order to make the best changes that will lead to the strongest results, you’ll need information from a key performance indicator.
Chances are your sales team has a customer persona or “avatar” that describes your “typical” customer.
Throw it out the window. Now.
With personalization being increasingly more important in online business marketing, you’ll need to start dividing your audience into segments. No two customers are exactly the same, and if you can figure out the best ways to group them it will help you improve your marketing strategy in ways you’ve probably never considered.
Even if you primarily appeal to a niche group, segmentation will still offer better results than trying to get by without pinpointed persona targeting. While segmenting can be difficult when you have a lot of data sources to include, it will allow your SME the opportunity to provide a personalized customer experience that your big competitors won’t be able to offer.
For the most part, small businesses should focus on linking revenue to customer data. That means you should work on determining how customers’ behavior and demographics relate to the amount of revenue they generate. If you find that the most high-value customers for your business are millennial women who find your site through Google, you might want to dive into that specific audience to generate more of those high-value customers.
When professional digital marketers say marketing is like a science, they mean it. With A/B testing, you essentially conduct a scientific experiment on your marketing efforts. Put simply, A/B testing involves you first changing a variable in a piece of marketing, whether it be the size of a call-to-action button or a color theme of an email blast. Then, you send the changed piece to one user group and the original to another. Based on their engagement, you can see which was more successful.
While it’s possible to change more than one variable at a time, analyzing the different performances of each can get a little messy and be very time-consuming. Small businesses are better off focusing on altering and testing single variables. A great place to start is with landing page optimization, but there are a variety of different areas you can address using this method.
By gathering data using A/B testing, you’ll have what you need to improve the impact of display advertising and increase completion rates for the checkout process, among others.
SME Marketing Analytics With Symphonic Digital
If you need help taking advantage of all the available SME marketing analytics to make more data-driven decisions, Symphonic Digital is here to help. We’ve always valued a data-driven approach, and our quantifiable performance measurements for your digital marketing efforts allow you to see what works and what doesn’t. Get in touch with us today to learn about everything we can do for your SME’s digital marketing strategies.