The Power of Digital Marketing Analytics: When, How, and Why to Use

The Power of Digital Marketing Analytics: When, How, and Why to Use

The Power of Digital Marketing Analytics: When, How, and Why to Use

When companies start to see a plateau or stagnation in growth it’s usually due to one of two things: 1) the refusal to implement new ideas or 2) guessing at which new ideas to implement. We’ve helped dozens of businesses through both hurdles. The key to pushing through that growth plateau is to use the power of digital marketing analytics to guide your growth. Understanding how to leverage data analytics to drive marketing decisions and strategies can lead to considerable growth in companies of any size.

What is digital marketing analytics?

Digital marketing analytics refers to the practice of measuring, managing, and analyzing marketing performance data to maximize its effectiveness and optimize return on investment (ROI). In other words, it’s crucial to helping businesses understand the impact of their marketing efforts and make informed decisions to drive growth and customer engagement.

A few key components of digital marketing analytics include:

  • Data Collection: Gathering data from various digital marketing channels such as websites, social media, email campaigns, digital advertisements, and more.
  • Data Analysis: Analyzing the collected data to understand user behavior, campaign performance, and the effectiveness of different marketing strategies. This often involves the use of analytics tools like Google Analytics, Adobe Analytics, and others.
  • Performance Measurement: Tracking key performance indicators (KPIs) like click-through rates, conversion rates, cost per acquisition, engagement metrics, and others to evaluate the success of marketing campaigns.

How is analytics used in marketing? Choosing the right data.

Data analytics can be intimidating at first, especially if you don’t quite know what you’re looking for or where to start. The good news is that there are hundreds of ways to gather marketing data analytics for your business. (Unfortunately, that’s also the bad news.) It’s critical to know which analytics are valuable to consider for your business and target audience and which ones won’t move the needle for growth. Getting caught up in trying to collect all the data and then getting lost in mountains of numbers that you’re uncertain of how to even use is an easy trap to fall into.

Some common types of data analytics used in marketing are:

  • website analytics
  • social media platform metrics
  • CRM/Sales data
  • Email service platform metrics
  • geographic stats
  • audience demographics

Data such as how many website hits and bounces you’re getting, the number of email opens and clicks, and social media followers are pretty simple to follow. Where too many businesses go wrong is thinking that’s all they need to consider. Additionally, a common misstep is mistaking vanity numbers for strategic data.

In other words, the number of followers on your social media or the number of subscribers to your email newsletter doesn’t necessarily convert to actual revenue.

Our fractional CMOs leverage their expertise in marketing and data analytics to make sure the right metrics are being tracked so that all the data being gathered can be impactful in making decisions about where to focus your time, energy, and money to combat that stagnant growth you may be experiencing.

Connecting digital marketing analytics to strategic decisions

When the best data is gathered and analyzed, you can connect those marketing analytics to strategic decisions. Instead of attempting to collect all the data, or guessing at which data you should pay attention to, our fractional CMOs get to the heart of which metrics matter so you can do things like:

  • Enhance cross-functional marketing strategies so that your multiple touch points actually move your potential customers along a journey instead of simply bombarding them
  • Identify cost savings within digital campaigns to maximize each dollar spent on paid ads
  • Identify target audiences to ensure that you’re only reaching out to your actual potential customers and clients
  • Equip sales teams with warmer leads to shorten the sales timeline and increase revenue faster
  • Provide intel for potential expansion areas and insights needed to create a strategic roadmap for growth

Leveraging the power of data analytics for growth

When you identify the right data analytics to track and know what meaning to attach to that data, you can confidently create a strategy that will lead to overall growth. There are a multitude of options available to assist you in gathering the data you need. Several platforms you’re currently using may already give you marketing data analytics, but we also have some impactful software in our toolbox like:

  • Power BI: a unified platform for data visualization and sharing
  • Stata: an integrated software that provides data manipulation, visualization, statistics and automated reporting
  • Semrush: a SaaS platform specializing in keyword research, competitor analysis, and ad campaign optimization

Our fractional CMOs use these and other data-driven tools to give you the kind of power boost that takes companies from a plateau to exponential growth to become industry leaders.

Getting Started

When you know what your numbers are and what they mean, you can take actual confident action toward growth. No more guessing at the next steps or sifting through tons of information to try to figure out which data to focus on. Data analytics in marketing doesn’t have to be cumbersome or time-consuming. Contact us to find out how a fractional CMO can help guide your business growth using the right data in the right way at the right time.

Are you facing challenges of your own in generating leads and meeting your business’s growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

About &Marketing:

&Marketing provides the robust outsourced marketing department growing companies need without the high overhead costs of big agencies or full-time employees. Our variable model empowers businesses to reach their growth goals through access to the guidance and expertise of senior level strategists and a flexible execution team.

5 Reasons Your Company Doesn’t Show Up on Google

5 Reasons Your Company Doesn’t Show Up on Google

5 Reasons Your Company Doesn’t Show Up on Google

&Marketing, and marketing, outsourced marketing strategy

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Having a strong online presence has become a crucial part of growing any business. However, if your business isn’t showing up in Google search results related to what you offer, it’s time to do some troubleshooting. There are five common reasons why your business might not be ranking well on Google. The good news? You can address nearly all of these issues by leveraging strong SEO or optimizing your Google My Business profile.

Reason #1: You Haven’t Claimed Your Business on Google

One common reason why your company doesn’t show up on Google search results is that you haven’t claimed your business on Google at all. By claiming your business, you can ensure it appears in search results and provides accurate information to potential customers. To add your business to Google, follow these simple steps:

  1. Go to the Google My Business website.
  2. Click on “Start Now” and sign in with your Google account.
  3. Enter your business name and address.
  4. Select the correct business listing or create a new one if it doesn’t exist.
  5. Verify your business through the provided verification methods, such as phone verification or mail verification.

That’s it, easy right?

Reason #2: Your Content Isn’t SEO-Optimized

Creating great content is important, but optimizing it for search engines is equally crucial. If your content lacks proper SEO optimization, it may not rank well in Google search results. To get found on Google with SEO, consider the following tips:

  • Perform keyword research: Identify relevant keywords and phrases that your target audience is searching for. Use these keywords strategically in your content, including in headings, titles, and meta descriptions.
  • Optimize on-page elements: Ensure your page titles, headings, URLs, and image alt tags include relevant keywords.
  • Improve page load speed: Optimize your website’s loading speed to provide a better user experience and increase your chances of ranking higher.
  • Create high-quality, engaging content: Google values content that is informative, engaging, and valuable to users. Focus on creating content that answers questions and provides solutions to your audience’s problems.

Reason #3: You Have Either Bad or No Google Reviews

Google reviews play a significant role in building trust and credibility for your business. If you have either bad or no Google reviews, it can negatively impact your search ranking. Here are some tips to handle Google reviews effectively:

  1. If you come across false, spammy, or inappropriate reviews, you can flag them for removal. Follow Google’s guidelines and report any reviews that violate their policies.
  2. Regularly monitor and respond to the reviews you receive. You can find and manage your Google reviews by logging into your Google My Business account.
  3. Encourage your happy customers to leave reviews! You can send follow-up emails or include a review request on your website or invoices.
  4. When you receive negative reviews, respond promptly and professionally. Address the customer’s concerns, offer solutions, and show that you value their feedback.

Reason #4: Your Website Lacks Citations (aka Backlinks)

Backlinks, which are links from other websites to yours, are like votes of confidence for your website. They can improve your website’s authority and boost its visibility in search results.Think of them as the link version of getting verified on social media. If your website lacks citations or backlinks, it might struggle to rank well on Google—especially for highly competitive search terms. Here are some strategies to build a strong backlink profile:

  • Reach out to other websites in your industry and offer to contribute guest articles or collaborate on content. This can help you earn backlinks to your website. Just don’t be spammy!
  • Focus on acquiring backlinks from reputable websites that are relevant to your industry. Quality backlinks from authoritative sources can have a more significant impact on your search ranking.
  • The quantity of backlinks is not as important as their quality.
    Aim for acquiring high-quality backlinks from diverse sources rather than focusing solely on the number.

Reason #5: Your Website Isn’t Indexed by Google

If your website isn’t indexed by Google, it won’t appear in search results. Ensuring your website is properly indexed is crucial for visibility. Here’s how to index your website on Google:

  1. Submit your website to Google for indexing using the Google Search Console. This tool allows you to add your website, submit sitemaps, and monitor your website’s performance in search results. It’s simple and free.
  2. After submitting your website for indexing, it may take a few days to a few weeks for Google to crawl and index your pages. The indexing process can vary depending on various factors, such as the size of your website and the frequency of updates. Just keep checking back.
  3. Use the site:yourdomain.com search operator in Google to check which pages of your website are currently indexed. This will give you an idea of how well Google has crawled and indexed your site.

Improving your business’s Google search ranking has many components, but staying on top of all of them is essential for attracting more customers and increasing your online visibility. By claiming your business on Google, optimizing your content, managing Google reviews, building a strong backlink profile, and ensuring your website is properly indexed, you can make massive strides toward helping your company show up on Google so more of the right people can find you!

Not sure where to start? Our SEO audit can identify your biggest opportunities so you can prioritize.

 

About the Author

Marketing Manager Dexter Burgess takes the lead on implementing new tactics and promoting change through data-driven strategies. Dex works hard at client relations through consistent communication and positive feedback, never settling until the customer is understood and happy.

Are you facing challenges of your own in generating leads and meeting your business’ growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

Discover the Enormous Value of Repetition in Advertising and Marketing

Discover the Enormous Value of Repetition in Advertising and Marketing

Discover the Enormous Value of Repetition in Advertising and Marketing

&Marketing, and marketing, outsourced marketing strategy

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One of the most powerful tools in advertising and marketing can also be one of the most simple: repetition. It’s not uncommon for clients to push back against repetition. They want to avoid appearing lazy or redundant by recycling messaging, which makes sense at first glance.

However, when you examine the value of repetition in advertising and marketing more closely, you discover some interesting facts about how this tool can be used effectively and how it influences your audience.

Keep reading to discover why repetition is important in marketing and how it impacts your audience.

What Is Repetition in Advertising and Marketing?

Repetition in advertising and marketing involves repeating a message multiple times to your audience across various channels and even in the different areas within those channels. For example, a website should revisit consistent and similar messaging across pages. Social media posts should follow consistent thematic elements so users can more easily spot your posts in their busy feeds. Email subscribers should know what to expect from your content when it arrives in their inbox. Repetition is part of presenting a consistent brand image, ideal for driving brand awareness and loyalty.

What Is Repetition Important in Marketing?

Especially for products that involve a substantial investment, the purchasing process involves a lot of investigation and discovery for consumers to feel confident they are making an informed choice. If you think back to your school days, you’ll recall that repetition is essential to the educational process. For example, when you memorized multiplication tables or studied flashcards for an exam. Each time you saw the information, it became easier to recall.

The “rule of seven” is a classic marketing concept that asserts people need to see a message at least seven times before they take notice and will remember it. While the number seven may not be a literal “magic number,” there’s no doubt that repetition is critical for making sales. As buyers’ journeys become more complex, every customer who clicks through your website should encounter a consistent message echoing across the different sections.

In the next section, we’ll explore the many ways this consistent, repeated message influences the audience.

How Does Repetition Influence the Audience?

There are five primary ways repetition in advertising and marketing impacts your audience.

Builds Trust and Familiarity

People appreciate knowing what to expect, so repetition and consistency can boost your reputation with your audience. With the constant stream of marketing messages put in front of today’s shoppers, it’s increasingly essential for them to develop a feeling of trust and familiarity with a brand before (and after) making a purchase. Trust with consumers is built by offering a consistent message because consistency conveys reliability and dependability. With consistency and repetition, your audience will feel they know who you are and what you care about.

Reinforces Emotional Responses

Repeated exposure to a message that invokes an emotional response can strengthen its impact, embedding that emotion in consumers’ memories so they associate it with your brand. If you can elicit positive feelings with your messaging and echo those emotions throughout channels and materials, your audience will begin automatically thinking of it. For example, when people think of Nike, many think of inspiration, determination, and strength.

Encourages Better Understanding

Advertising and marketing often have to encapsulate complex ideas. The more your audience sees your messaging, the easier it will become to understand the content and its implications. You could compare this to a student preparing a history paper: the more familiar they become with the facts and events of the time period, the easier it becomes to make connections and formulate original thoughts and theories.

Offers Greater Control Over First Impressions

Buyers’ journeys get more complex every year, with new advertising and marketing channels appearing as technology evolves. You never know where your audience will first encounter your message, so repetition and consistency allow you greater control over that critical first impression.

Reminds Busy People To Take Action

We’re all incredibly busy these days, so even when a consumer wants to take action, it’s easy for them to be distracted away from doing so. Repetition of calls to action (CTAs) can be a great way to remind them to take action, especially as they explore your content and learn more about your brand and product.

Learn How to Use Repetition in Advertising and Marketing

From learning how to use repetition in advertising and marketing to Search Engine Optimization to building a content marketing calendar and measuring its ROI — and more — we can help! Contact &Marketing today. If you want to DIY your brand’s messaging, download our narrative marketing outline as a guide.

About the Author

Content Specialist Kim Steinmetz helps brands and thought leaders discover and develop their unique voice and tone while establishing authority on a topic through compelling messaging and copywriting. An accomplished writer and marketer with over a decade of experience, Kim is well-versed in both B2C and B2B content.

Are you facing challenges of your own in generating leads and meeting your business’ growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

How to Calculate ROAS to Support Your Business Analytics Strategy

How to Calculate ROAS to Support Your Business Analytics Strategy

How to Calculate ROAS to Support Your Business Analytics Strategy

&Marketing, and marketing, outsourced marketing strategy

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Advertising campaigns cost money, and many companies need help understanding their Return On Investment (ROI) or Return On Ad Spend (ROAS). Most often, this is from a need for proper tracking and struggling to assign monetary values to your ads’ results (unless you are eCommerce.) Without ROAS, companies are left without insights into deciding whether or not to continue ad campaigns or optimize based on the results. Calculating ROAS is a foundational part of any organization’s business analytics strategy.

To make the best business decisions, you must understand and calculate ROAS. This blog discusses what ROAS is, how to calculate it, and what a good ROAS might look like.

What is ROAS, or Return on Ad Spend?

Return On Ad Spend measures the cost-effectiveness of your advertising campaigns. It helps businesses determine whether they are making a positive return on advertising costs or losing money due to not making enough from advertising.

A high ROAS is a positive indicator of performance, whereas a lower ROAS indicates that your campaign has an opportunity to be optimized. It’s also important to consider different marketing campaigns (such as Social Ads vs. Search Ads) and compare returns as different channels will result in different performances.

How Do You Calculate ROAS?

Revenue / Cost: The simple way to calculate ROAS to support your business analytics strategy is by dividing Revenue by Advertising Cost. The advertising cost includes:

  • The campaign budget
  • The campaign manager’s time
  • Any other outside costs that you may have for that particular campaign.

For example, if a specialty foods brand spends $10,000 on a Google ad campaign and generates $30,000 in revenue, the formula is as follows:

$30,000/$10,000 : $3 or 3:1

In this example, a 3:1 return on ad spend means that for every $1 the brand spent, it generated $3 in revenue.

What is a Good ROAS?

Every brand and industry will have its own “good” ROAS. For some companies, a 3:1 ROAS is excellent, while others would consider that to be underperforming. If your ROAS is low, then you might increase ad spend to get a better return. On the other hand, if your ROAS is high, you may consider how to keep the campaign performing well and look into ways to mimic that effort in lower ROAS campaigns.

Sources indicate that the benchmark ROAS for Google Ads campaigns is 2:1, an average return of $2 for every $1 spent. Further, focusing specifically on Google Search Network, that amount increases to $8 for every $1 spent.

The 3 Benefits of Calculating ROAS

Calculating ROAS will help you:

1) Identify Scaling Opportunities

ROAS allows companies to determine the effectiveness of individual ad campaigns. By examining each campaign, businesses can determine which type of ads are performing well and scale those ads to drive the best results. Tip: Remember that a solid business analytics strategy involves constant monitoring. ROAS may decrease when you scale your budget, so be sure to consistently track your ROAS while scaling.

2) Determine Budget Re-Allocations

Spending a lot of money on ads does not always mean you will get high sales. On the other hand, spending wisely on your best ads can drive more sales. ROAS calculation results help you identify the ad sets on which you are overspending. In these cases, you should reduce your budget to protect your business from losses.

3) Guide Better Business Decisions.

Successful marketing strategies are rooted in data, and ROAS is one of your top performance indicator metrics for digital advertising. With multiple channels such as Social, Referral, and Paid Search, ROAS will help you determine which acquisition source will help you achieve your business goals.

Take Control of Your Business Analytics Strategy Today

Optimizing your marketing campaigns and properly planning your budget becomes easier when you have a solid business analytics strategy in place, and calculating ROAS is essential to supporting that strategy. You can gain a deeper understanding of performance metrics and scaling opportunities by using our ROAS calculator.

About Sydney Thomas

Marketing Director Sydney Thomas helps clients create, implement, and optimize campaigns in their Google Ads and Microsoft Advertising accounts. While ensuring that clients are getting the most out of their pay-per-click accounts, she also supports creating websites to improve SEO and supports paid social network advertising on Facebook and LinkedIn.

About &Marketing

&Marketing provides the robust outsourced marketing department growing companies need without the high overhead costs of big agencies or full-time employees. Our variable model empowers businesses to reach their growth goals through access to the guidance and expertise of senior level strategists and a flexible execution team.

Are you facing challenges of your own in generating leads and meeting your business’ growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

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Should You Turn Off Digital Advertising During Economic Uncertainty?

Should You Turn Off Digital Advertising During Economic Uncertainty?

Should You Turn Off Digital Advertising During Economic Uncertainty?

&Marketing, and marketing, outsourced marketing strategy

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When the economy takes a turn for the worse, it seems like everything is tanking. Less money is coming into your business, and everyone is rightfully concerned. Companies go into survival mode and immediately start thinking about how to cut costs and hold on to revenue. Immediately, advertising costs are on the chopping block. It seems logical to turn off your Google Ads during a recession because it’s an easy lever to pull that will immediately cut down costs.

Maybe your revenue won’t take a big hit! Maybe it’s the right move. But more than likely, turning off your digital advertising will only negatively impact your business, despite your instinct to pull the plug.

Your Competitors Will Probably Turn Off Digital Ads During a Recession

Let’s face it—most businesses, especially smaller ones, will probably turn off digital advertising during a recession. After all, they’re having the same thoughts and anxieties we mentioned at the beginning of this article. Guess what that leaves?

  1. a less competitive landscape for you to maintain your online presence
  2. lower costs to advertise because there are fewer people in the space
  3. opportunities to increase your brand awareness

Even if people aren’t ready to convert on the spot, guess whose name they’ll remember when they are?

We recommend taking advantage of the cheaper ad costs. With fewer advertisers in the mix, the cost-per-click (CPC) will be far lower than usual. It’s a great opportunity to actually reduce your cost-per-acquisition and further your overall brand awareness.

Digital Ads Will Still Make Money During a Recession

In 2008 and 2009 during the last recession this country experienced, Google Ads still made money. While their profits didn’t grow exponentially, they left the recession in a good place. Why? Because people will always use Google and therefore Google Ads, and people will always need to advertise online. Google also dominated during the pandemic as users flooded the internet during the stay-at-home orders. You can see a similar pattern in Facebook Advertising.

Sheryl Sandberg, Facebook’s longest serving chief operating officer, stated in July 2022, “Despite the current challenges, I’m very confident for the long term,” Sandberg said. “We’re facing a cyclical downturn, but over the long run the digital ad market will continue to grow. Advertisers will go where they get the highest return on investment and ability to drive their business.”

Digital ads, whether on Google, Facebook, Bing, or elsewhere, is a consistently growing business and isn’t going anywhere any time soon. As far as anyone can tell, people will always use Google to find the products and services they need.

Recessions Aren’t Forever

The average length of a recession is 17.5 months. While it may be a miserable 17 months, it will come to an end. Following a recession, the economy and markets return to normal at minimum, and often turn into a period of huge growth and opportunity. If you keep running your Google Ads during a recession, you’re bound to collect qualified leads to follow up on when the economy improves. You want to be there when that happens— with an already established, well-oiled digital advertising campaign that keeps you at the forefront of your audience’s mind when they’re ready to buy.

Acquisition Channels Are Directly Connected to Your Conversion Channels

It seems so simple to turn off the channels that aren’t directly connected to your revenue. Why keep spending money on the channel that doesn’t immediately convert? But if you turn off your acquisition channels, your conversion channels will suffer later. In most circumstances, your path to conversion isn’t as simple as 1-click to purchase. Your marketing funnel more than likely involves multiple touchpoints, and your acquisition channels shouldn’t be undervalued just because you can’t see the immediate purchase.

Advanced digital marketing experts are always watching what is referred to as assisted conversions. These are ways marketing channels contribute to a sale on other channels. A simple example is when someone clicks on an ad, browses and leaves, then later goes directly to the website and converts. “Direct” (traffic that goes straight to the website’s URL) may get the credit in your analytics platform, but it may not have happened without those ads. Turning off your ads may hurt your other channels because of assisted conversions.

What to Do With Your Google Ads During a Recession

While we don’t recommend immediately pausing your ad campaigns as the quick fix to save money, it is a good time to evaluate your spending and campaign types. Keep your pay-per-click (PPC) running, but be more efficient and mindful about what you’re spending.

You also need to be thinking long-term. In a recession, it may be tempting to start running ads for the first time in hopes that it becomes a quick revenue fix. This rushed approach often leads to dashed hopes and inflated expectations. Many campaigns take months to get into an optimized groove, so most of the time those won’t turn a profit quickly.

If you aren’t sure whether to stop, start, or adjust your Google Ads during a recession, we have good news! To help businesses during this time, we are offering a complimentary digital ads audit to help you make the most of your marketing money right now. Spaces are limited, so grab your spot today.

About Sydney Thomas

Marketing Director Sydney Thomas helps clients create, implement, and optimize campaigns in their Google Ads and Microsoft Advertising accounts. While ensuring that clients are getting the most out of their pay-per-click accounts, she also supports creating websites to improve SEO and supports paid social network advertising on Facebook and LinkedIn.

About &Marketing

&Marketing provides the robust outsourced marketing department growing companies need without the high overhead costs of big agencies or full-time employees. Our variable model empowers businesses to reach their growth goals through access to the guidance and expertise of senior level strategists and a flexible execution team.

Are you facing challenges of your own in generating leads and meeting your business’ growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

Privacy Policy

Privacy Policy

Insights

Why Your Business Should Consider CMO as a Service

You know the numbers—roughly 50% of businesses don’t make it past five years and only 20% make it to 20 years. In today’s competitive business landscape, a strong brand and a clear message are crucial for success. In a business landscape where strategic marketing is a...

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Innovative Marketing Strategies Benefit Startups & SMEs

Today’s competitive landscape requires startups and small to medium enterprises (SMEs) to think beyond traditional marketing tactics. Innovative marketing strategies are the key to breaking through the noise and reaching audiences in fresh, impactful ways. Let’s...
3 Ways Business Intelligence Strategy Influences Business Success

3 Ways Business Intelligence Strategy Influences Business Success

3 Ways Business Intelligence Strategy Influences Business Success

&Marketing, and marketing, outsourced marketing strategy

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Big data is hard to collect, organize, and view at scale, but you know you need it to compete in today’s growing digital landscape.The way you’re analyzing data now is likely a time-eating process that hardly ever results in quality business insights. It’s difficult to move beyond massive Excel spreadsheets, but it’s also daunting to invest in sophisticated tools that aggregate data but don’t integrate with one another. Telling a story through data pulled this way that can actually inform your business decisions is nearly impossible.

In order to remain digitally relevant, you must implement a solid business intelligence strategy that simplifies the ability to make business decisions from loads of data. In this blog, we discuss three ways business intelligence (BI) can form your business strategy for immediate success.

What is a Business Intelligence Strategy?

A business intelligence strategy is the process of developing and executing a BI system that will help identify opportunities and weaknesses that give your business a roadmap for achieving business level goals.

The 3 Benefits of Implementing a BI Strategy

A BI strategy will help you make informed strategic decisions, save time and money, and gain a competitive edge. Implementing a BI strategy is not an easy task: it requires significant preparation and, potentially, expenses. In the end, though, the rewards (and ROI) will outway the costs. And soon, businesses that don’t BI will experience higher costs long term than those that do. Once the automations and aggregators are set up behind the scenes, you can cut the time it takes to manually pull, align, and analyze data manually by up to 90%.

1) Understand ROI Across the Business

A solidified BI strategy uncovers where your business is maximizing ROI while also identifying the business actions not giving you a return on your investment. It’s difficult to analyze ROI across business campaigns, most often due to unstructured data coming from multiple data sources that do not talk to each other. The information in these disparate systems may be easy to report on in a siloed view; however, a siloed view limits the ability to compare the real impact (or lack thereof) of a specific campaign. By implementing a BI strategy, CEOs and business owners can review data combined from multiple sources and see insights at the business level to fully understand what’s performing and what’s not.

2) Optimize Business Costs

BI can simplify the data collection process, which can reduce your long term costs for gathering data on an ongoing basis. Budgeting and forecasting can also be accomplished through a solid BI strategy. CEOs and business owners can estimate how much they need to spend on certain campaigns in order to achieve their business revenue goals with campaign-specific performance data. Additionally, they can quickly identify where campaigns are blowing through budget without producing results and take immediate action to either stop or reroute budget elsewhere.

Outgoing campaigns are not the only area where you can use BI to optimize your costs. At &Marketing, we use it internally to understand how we are spending our time for each of our clients and identify where we can improve our own execution processes to optimize time and reduce costs.

3) Gain a Competitive Edge

By implementing a business intelligence strategy, you can get visibility into your entire competitive landscape across multiple business lines and channels. Competitor intelligence is often difficult to work into existing analytics, as competitor data does not always match up apples to apples with your own data. If you’re struggling with limited competitor information, BI tools are available that can analyze competitor campaigns by identifying where they are doing better and what areas you can improve and overtake them.

How to Create a Business Intelligence Strategy

Creating and executing a business intelligence strategy is not an easy task. It requires extensive planning and is not as easy as simply choosing a platform. Here’s what to know:

1) Identify Your Business Goals

The most important part of creating a business intelligence strategy is to define KPIs for your business. Without KPIs, you will develop a strategy that does not effectively answer the questions you need to answer.

2) Define Success

After defining your KPIs, understand the people, processes and technologies you need in order to achieve success. This step is important in getting everyone on the same page before getting too far down the road.

3) Aggregate and Align Your Data Sources

This is the most time-consuming step of creating a business intelligence strategy. You must gather all of the data and determine common connectors so it all communicates. Once you have aligned data sources, be sure to visualize the data in a way that CEOs and business leaders are able to easily understand.

4) Develop Data Visualization Dashboards to Easily Mine and Find Your Business Insights

This is the most exciting part of creating a business intelligence strategy and a critical step in taking data all the way from insights to action. Our team recommends reviewing data for multiple time frames in order to best understand your business. For example, compare months, quarters, and years to uncover trends. September might show higher numbers than October, but you might be up for the quarter or the previous year’s September.

5) Develop a Roadmap

Using the business insights from above, create a roadmap for success that details your campaigns. Use the roadmap to guide your tactics and serve as a baseline. After starting the campaigns, be sure to monitor results as soon as you have them.

6) Review, Optimize, Rinse, and Repeat

Business intelligence strategies are always evolving, just as new digital tools arrive to market every day and online trends ebb and flow. Be sure to constantly review the market for ways to innovate.

Implementing a BI strategy requires upfront work and expense that your business will need to prepare for ahead of time. Yet, a solidified BI strategy uncovers where your business is maximizing ROI while also identifying the business actions not giving you a return on your investment.

Having trouble with building your BI strategy? Download Our BI eBook to help you pave a roadmap for your own business.

About Paul Ferguson

Marketing Director Paul Ferguson helps clients develop fully integrated marketing solutions that make impressions and drive results. Whether it be design-oriented campaigns or digital market execution, Paul skillfully creates strategies to effectively reach client’s desired audiences.

About &Marketing

&Marketing provides the robust outsourced marketing department growing companies need without the high overhead costs of big agencies or full-time employees. Our variable model empowers businesses to reach their growth goals through access to the guidance and expertise of senior level strategists and a flexible execution team.

Are you facing challenges of your own in generating leads and meeting your business’ growth goals?

We’d love to learn more about your challenges and how a coordinated marketing approach might help take your organization to the next level.

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Insights

Why Your Business Should Consider CMO as a Service

You know the numbers—roughly 50% of businesses don’t make it past five years and only 20% make it to 20 years. In today’s competitive business landscape, a strong brand and a clear message are crucial for success. In a business landscape where strategic marketing is a...

Insights from the EOS Conference – Elevating Leadership and Company Culture

In April, I had the fortunate opportunity to attend the EOS (Entrepreneurial Operating System) Conference—an experience I'm deeply grateful for. Attending such an event is a rarity for me, and I was eager to absorb as much knowledge as possible to bring back to my...

Innovative Marketing Strategies Benefit Startups & SMEs

Today’s competitive landscape requires startups and small to medium enterprises (SMEs) to think beyond traditional marketing tactics. Innovative marketing strategies are the key to breaking through the noise and reaching audiences in fresh, impactful ways. Let’s...