If you are like most businesses, you are probably missing out on key opportunities to improve your marketing efforts. The wealth of analytics tools now available makes it difficult to know where to turn for valuable data. However, if you want to maximize conversions and improve your MROI (Marketing ROI), you need to be tracking essential marketing metrics.
MATH MARKETING – CONNECTED DATA
Introducing Math Marketing
Math Marketing aligns creativity with numbers, allowing you track patterns and predict behaviors of your prospects, leads, and customers. This helps with everything from generating more qualified leads to better defining your audience. By looking at data as a whole, you can uncover priceless insights that can help you interpret, understand, and forecast trends in order to drive sales, revenue, and growth.
In addition to this, Mathematics Marketing allows you to justify spending for each marketing activity by showing the returns for your efforts. This also enables you to better designate budget to the most profitable areas, while removing unsuccessful activities from your strategy entirely.
Thanks to these benefits, more organizations have said they will be embracing Math Marketing this year.
How to Implement Mathematics in Marketing
Mathematics have a place in every step of your strategy, starting with customer acquisition. Customer acquisition is one of the most challenging tasks for any business — and one of the most expensive. These two factors alone should tell you that this is no place to rely on intuition.
Analytics at the acquisition stage assist you in delivering more effective messages to prospects and in creating personalized experiences to increase the chance of a conversion. Data also helps you locate signals of intent, especially among prospects who may not fit in with your buyer personas, such as users looking to purchase a gift.
Data collection is central to Predictive Marketing. It allows you to better understand your audience, make predictions, track the effectiveness of your campaigns, and more. Options for gathering data are endless, ranging from web and mobile analytics to surveys.
When deciding what type of data to collect, bear in mind that many useful metrics are completely unrelated to conversions — some types of prospect behaviors, for instance. You need to gather any information that tells you about your prospects’ habits, preferences, and characteristics, especially traits that differentiate these users from the general public. You also need to know how customers discovered your company and keep their contact information on hand for cross sells.
Collecting data is a relatively simple process, as most of the work is done for you by tools and software. More challenging is sorting this data, confirming its accuracy, and analyzing what it means. The process begins with cleaning; for instance, when you collect data from various sources, derivations are common. You can remove these by normalizing your data, therefore eliminating the risk of errors in the analysis stage.
Next, you will need to organize your data into manageable amounts. The best way to do this is to segment the information into different categories in order to build more effective lead generation. This way, you are able to find just what you are looking for when you need it. We recommend dividing data into four metric types: consumption, reach, lead generation, and conversion.
Finally, you have analysis. Communication at this stage is key, especially between departments. Avoiding silos will prevent staff acting on duplicate data, missing important insights, and taking unnecessary action.
One of the best ways to create a more predictive analysis about a lead or customer is to seek patterns in the behavior of groups of users. By developing audience segments, you can even make accurate predictions with incomplete data. This also allows you improve your marketing efforts in various ways, such as by determining viewing preferences and assigning accurate content suitability scores. Tools like Google Analytics, Kissmetrics, or the HubSpot Dashboard will reveal trends in your data and offer social insights for business, including patterns you never expected to find.
Rather than just relying on software to reveal all you need to know about your data, you also need to examine the information yourself. You should use statistics like frequency distribution, descriptive statistics, correlation, cross tabulation, and text analytics.
Math can help you create more accurate buyer personas by better defining your prospects’ needs, wants, and characteristics. Turning to the data ensures you avoid targeting too large an audience, which would lead to wasting resources on leads who will never convert.
With historical audience measurement data and look-alike modeling, you can draw up concise forecast ratings. This will allow you to connect the dots and accurately predict everything from content performance to business outcomes.
Predictive Marketing also provides several formulas to determine MROI. You can use a similar equation to calculate customer lifetime value and compare the value of a customer or group of customer to that of others.
HubSpot CRM is an essential tool for any business that wants to improve productivity. Managing every aspect of your pipeline, it automates as many tasks as possible. Your employees will only need minimal training to use the software, far preferable to the many hours that would be necessary if they were carrying out statistical analysis unaided.
The HubSpot CRM stores all your data in one place, no matter its origin. You can choose from a variety of views and filters to make comparisons and track performance. Plus, the same software will help you with a variety of marketing tasks, from delivering personalized emails in a drip campaign to sending internal notifications to your staff when a contact completes a specified action. You can also use the software for tasks related to landing pages, A/B testing, outreach efforts, and content.
Mathematics can help you with a range of business problems. By using the right analytics, you can analyze a problem, resolve it, and then take action to prevent it, or something similar, happening in the future.
- What happened?
By looking at how data changed within a timeframe, you can pinpoint the problem.
- Why did it happen?
Data mining allows you to consider all the potential factors that could have caused the problem. By bearing in mind all anomalies and sudden changes, you can draw hypotheses to test.
- What is happening now?
Before moving forward, it is important to check if the issue is persisting, which you can find out by looking at real-time data. The data will also tell you if your conclusions as to the cause of the problem were correct.
- What could happen in the future?
Predictive lists not only show you what could potentially go wrong in the future, they also allow you to plan for these eventualities.
- What is likely to happen?
By running your predictions through model scenarios, you can find out the probability of each occurring. You can then draw up strategies to prevent or deal with the most likely.
Math in an Inbound Marketing Strategy
Obviously, math alone is not enough to run a successful inbound marketing strategy. Often, people behave in ways you would never have expected, making it important to test your own ideas in addition to what the data suggests. Plus, no amount of tools and software can ever connect with your audience on an emotional level. Combining math with inbound marketing tactics brings a human touch to the numbers.
Creativity is essential in marketing — data cannot provide innovative ideas for campaigns. Turning to the data in the earliest stages will tell you what is working and will allow you to tweak your marketing efforts for the greatest impact. By using all the available tools, you can learn more about your audience than you would ever have believed possible.
By using Math with an online marketing strategy throughout your campaigns, you improve your strategy and avoid wasted resources. Analytics allow you to create content that will resonate with your target audience and then follow through only with qualified leads. Data helps you nurture leads toward a sale and maintain a relationship with your contacts for repeat business.
You can also use Math to solve problems and even fix issues before they occur through predictions, simulations, and planning. Relying on data allows you to optimize every aspect of your campaigns, and when you use automation, you save your staff from tedious tasks.
Perhaps most importantly, combining Mathematics with inbound tactics makes you competitive. By predicting your prospects’ next move, you can be ready with the right content at the right time to increase your chances of making conversions.You don’t think you can do it? Get in touch with a math marketing agency.