Alright, truth serum: Have you ever created an off-the-cuff marketing campaign to generate some leads but opted out of implementing the necessary tools to analyze performance? If so, you are setting yourself up to commit an epic marketing mistake: making decisions without statistical evidence or support.
Long gone are the days of throwing a marketing campaign out into the real world while already developing the next campaign’s messaging and appearance. No more! Executives now are looking for campaigns to demonstrate a high marketing IQ that includes the ability to capture meaningful trends from past and current campaigns, and then extract actionable insight for future initiatives.
You Think You’re So Smart?
To be competitive and successful in today’s cutthroat markets, companies must access historical data from previous campaigns, track activities in real time through a campaign, and compare changes in performance and results before embarking on a new campaign in the future. This means making intelligent, data-driven decisions based on in-depth reporting and thorough analysis.
Sound easy? Maybe not, but it can be when marketing teams are equipped with the most up-to-date marketing automation solutions to track, measure, and optimize all leads. But finding the right technology can be challenging. For example, Google Analytics can provide reports on website activity and PPC performance, while voice-based marketing automation tools can track all phone leads from various initiatives. When marketing automation and analytics solutions are combined, the reports are more detailed and the insights extracted are more valuable. In other words, decision makers will have a much higher marketing IQ.
Is Marketing Automation for You?
With so many marketing technologies available on the market, it can seem near impossible to find the best options for your company. A recent study from Software Advice looked at a pool of companies currently searching for marketing automation technology and identified some purchasing trends including:
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- The majority of buyers are evaluating marketing automation for the first time
- Marketing automation’s key purpose is to improve efficiency
- The most popular features are lead nurturing and analytics capabilities
- Companies of all industries and sizes demonstrated a need for marketing automation solutions
Time to Buy. Where to Begin?
According to the study, most companies had some kind of software in place to enable certain marketing activities and were looking to upgrade to a more intelligent solution. Improvements automation could make to their current operations included:
- Better lead management
- Automated processes
- More features and functionality
- Improved integration
- Ability to accommodate significant company growth
- Enhanced services to customers
The top three features requested by the vast majority of companies were lead nurturing, reporting/analytics, and lead scoring. Because these features provide marketers with greater insight into campaign performance, customer activities, and channel ROI, they are key for future growth. Without these features, decision makers are left with limited intelligence to guide future campaigns or properly gauge ROI.
Got My Tools. Good To Go?
Once the automated technologies are in place, marketing teams can go back and refine the settings to ensure the appropriate metrics are being tracked, functions are integrated with other solutions, and customer data is available to the right teams. Not all data should be collected through automated processes equally. Teams must identify their key metrics for gauging performance and then design campaign reports around these statistics.
Similarly, decision makers must understand what analytics and trends are most important when determining ROI and moving forward with future campaigns. Focusing all reporting and analytics on a few metrics may limit the scope and detail of any actionable insights extracted. Likewise, reviewing data of little relevance to campaign success may only complicate the analytics process and make the right decision harder to realize.
A high marketing IQ is built on accurate data and advanced analytics. The latest automated technologies allow marketers to reference historical data, track in real time, and make adjustments quickly and efficiently for a more continuous reporting experience. To truly demonstrate high marketing IQ, companies must understand their unique needs and implement the latest solutions to support data-driven decision making.