Marketing Campaign Optimization:What Works?

Creating an effective marketing campaign that truly resonates with the target audience is the goal of every successful marketer. According to a study by Forrester Research, the global marketing spend is set to reach $103 billion by 2019. This makes it crucial for marketers to optimize their campaigns with the right model to improve their effectiveness and profitability. However, it is possible to do more with less and build a powerful campaign that is both impactful and cost-effective—by employing predictive analytics.

Apart from better performance, it provides actionable ways of looking at how the data can help segment customers, create targeted personas, improve marketing automation, and enhance customer retention. Most organizations utilize direct marketing in any form to acquire new customers and generate additional ROI from the existing ones. However, there are many challenges. After weeks of planning, strategizing, and launching million-dollar campaigns, not all of them generate the revenues expected or even cover the campaign expenses.

With mass marketing done via mail, social media, e-mail, and even personal devices, today’s customers have a multitude of options. Additionally, with brands competing against each other in terms of personalization and segmentation, customers have evolved to expect customized offerings. This, in turn, implies that the complexity of marketing campaigns and the difficulty of reaching out to customers will only continue to grow. There is an imminent need for effective optimization of campaign management systems and the answer is predictive analytics.

Customer Is King: A Win-Win Situation

The conventional approach to direct marketing and campaign management primarily focuses on internal company processes over the needs and choices of customers. There is an improved way to approach campaign strategies and it’s about building and executing strategies around customer needs over internal processes, leading to better revenues and customer satisfaction. Predictive analytics and machine learning help you sift through your data to provide you with accurate predictions on what to expect next. It can look at consumer data for specific campaigns and tell you what’s working, what isn’t, and what you can do to cross-sell, up-sell, and increase your revenue.

Predictive analytics offers accurate data on what a customer wishes to purchase, when they’ll buy it, and what items they are most likely to purchase.

Creating, Optimizing, and Executing Campaigns:The Best Approach

One of the main issues faced by marketers is the influx of data. They need tools to help them comprehend this data and adjust their existing campaigns to changing market conditions. Data is useful only when it’s quantifiable and decipherable. According to a study by Forrester, brands that use integrated marketing analytics platforms enjoy enhanced marketing performance, leading to increased message relevancy, and lower expenses and inefficiencies. The next big question is: what’s the best way to leverage data to your benefit and optimize your marketing campaign?

GET THE RIGHT TOOLS

The only way to gather and comprehend all the data captured is by using the right tools and ensuring they are worth the investment. You must select those that are convenient for marketers and non-marketers because multiple stakeholders would be accessing this data to make decisions. Using the right tools enhances your team’s performance by providing the right information required to make the right pitch, at the right time.

INTEGRATE THE TOOLS WITH YOUR EXISTING SYSTEMS

As an extension to the previous tip, before choosing a new predictive analytics tool for your campaign, ensure it is the right fit for your existing tools. Whether you are leveraging a CRM or a data management platform, the latest tool needs to be capable of accessing and processing the current data. Overlooking this aspect will lead to gaps in the data, thus affecting the dependability of the analysis generated.

MEASURE THE METRICS AGAINST BUSINESS OBJECTIVES

In the world of business, it’s all routed back to ROI, and with marketing, it isn’t any different. With every campaign, your marketing efforts need to have an immediate effect on the metrics and the overall progress. Be it revenue enhancement or tracking customer acquisition and retention, the right analytics tools and metrics should provide a quantifiable picture of the actual results that matter.

AVOID ANALYSIS PARALYSIS

Data and analysis are key to creating an omni-channel strategy. However, everything needs to be implemented in moderation. Data overload can lead to a destructive effort instead of a constructive one. It is difficult to make informed decisions, especially when you feel that all data provides insights. Once the reports are generated, everything boils down to the marketer making the decisions needed to create compelling, profitable campaigns. What you need to ensure is that these insights are quantifiable and productive for your marketing campaign.

Doing It Right, with DecisionMines^TM

Enhanced predictive capability and improved data optimization enable more informed decisions and, in turn, promise a better ROI. To become a growth engine, an organization needs to embrace smart analytics right away. While gathering enormous amount of data is tough enough, being able to use it effectively is critical.

Our digital decisioning platform, DecisionMines^TM, empowers business leaders to make informed decisions by synthesizing the Art of Judgment and the Science of Data. We go beyond investing in the basic blocks such as analytics, discovery, and automation. With DecisionMines^TM, we leverage data to determine which pieces of data to actually gather and turn that data into action.