In the digital world there are many channels of communication to utilize. Being sure that you are getting the best out of all your channels and ensuring they are working in a coherent way to deliver sales and customer satisfaction is not so easy.
Companies are becoming increasingly aware of the need to measure and analyze more of their customer behavior in order to understand what is working and work is not. Measurement and optimization is not new, but the diversity of today’s customer touch points makes the management of and gaining insights from, a more complex undertaking.
Make decisions on fact not fiction
Should you spend more on this marketing channel or another channel? In a world where your consumer touches your brand at multiple points, which channel is driving incremental sales? Which channel supports the buying decision most? At what point in the buying process are there any weaknesses in your communication that could have the greatest impact on bottom line? Measure and analyze and then take properly informed decisions so that you maximize your results and don’t face the need to reverse strategy in the spotlight of failing sales numbers.
Identify every customer touch point
Do you really know all the places that your customers interact with you? Are your teams focused on the main channels and allowing opportunities to go unnoticed at the margin? How significant are each of the customer touch points and are the marginal ones more important that your business thinks? Implementing thorough measurement and optimization gives you confidence in knowing all of your customer touch-points and the relative importance of each. In this way you have complete knowledge and can allocate resources better, gaining advantages on your competitors in places they don’t even know are important yet!
Drive more customer conversions
Measuring the behavior of customers and prospects gives you the data to analyze elements within buying processes. The more granular your measurement and analysis the more granular your response can be and the more you can change. Increasing your customer conversions not only is more profitable but makes your marketing budgets go further. This can have a cumulative effect on sales growth as better conversion can make previously uneconomic methods or channels now profitable giving greater opportunities for growth in your markets. Small conversion gains can multiply up to very large profit gains.