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Taking the guesswork out of marketing ROI

Measuring ROI on marketing activities has always been one of the perennial challenges for marketers, not least because it goes hand-in-hand with making a case to the board for budget.

Taking the guesswork out of marketing ROI

"The reality is that successful marketing today is data-driven, and smart intelligence tools like dashboards take the guesswork out of campaign analytics, demonstrating true brand ROI"
Robert Dagge, Managing Director, Dynistics

With many companies tightening their belts, the ability to align marketing activity to the rest of the business and demonstrate ROI has never been more critical. Here Robert Dagge, Managing Director of Dynistics makes the case for dashboards as a tool for marketers to make sense of their campaign data.

The challenge is that the growth of digital marketing has significantly increased the level of fragmented data and the difficulty in extracting these insights and turning them into actionable impact has never been greater. Today’s marketers have access to more data than ever before, managing multiple marketing campaigns, website traffic, social media channels, new customer enquiries, media planning and event programmes. Every channel, customer touchpoint, and marketing system has its own data which makes for a whole lot of intelligence. As soon as data becomes available teams should be able to interpret it and benchmark campaigns against each other. However, ensuring that every single activity is tracked, managed and a corresponding ROI is provided takes a significant amount of time.

Marketers are therefore under increasing pressure to find ways to speed up the management and interpretation of their data. Without digital marketing analytics, all of your social media and email marketing are guesswork. How will you know which of your tactics are driving the best results? No-one wants to waste their time on marketing without results. Measure your data to maximize your efforts.

5 ways dashboards help identify the metrics that really matter

Data visualisation is quickly becoming the standard for marketers everywhere. However, this is only possible if the complexity of your data doesn’t overwhelm you.  Working with complex analytics therefore hinges on having access to the right tools.

By providing a simple interface through which you can view your key performance indicators (KPIs) at a glance, you can collate data from multiple sources and juxtapose them with each other. With your data silos gone, you can start bringing more transparency to the data you really need, delivering the knowledge to inform marketing spend and enabling you to react to situations more quickly, driving success. Dashboards are a visual tool to help you quickly interpret your latest data to help ensure your marketing is on track.  Here are 5 ways dashboard can impact your campaigns: -

1. Complex data analytics provide actionable insights

While it’s easy to check the number of visits that a certain influencer campaign referred to your site, how engaged is that traffic? How many of those visitors placed orders? For how much money? Did they return? How do these results compare with other campaigns? How does their ROI compare with your other marketing activities? These types of insights are extremely powerful because they’re actionable. Only complex data analytics that draw on your broader access to data can identify the metrics that matter, giving you a clearer, holistic perspective on your campaign’s effectiveness and enabling you to maximise marketing impact and efficiency.

2.  Ensure you’re communicating the right message to the right audience at the right time Data-driven marketing strategies demand that practitioners develop comprehensive, end-to-end knowledge when it comes to their companies’ operations and audience engagement. The ability to see information clearly and quickly can transform how marketing departments work. By plugging in external and internal data sources, dashboards can quickly transform insights and intelligence into automated, digestible reports that provide an overview of the entire business. And with real-time information at every touchpoint, marketers can be assured that they are communicating the right message to the right audience at the right time.

3.  Unearth content engagement data - a far more reliable predictor of a campaign’s success

KPIs such as site traffic may look impressive, but content engagement data - average session duration, pages per session, and lead conversions - are a far more reliable predictor of a campaign’s success. However, this type of analysis is only possible when you understand the trends and patterns at play in each phase of your business, which requires complex analytics.

4.  Integrate marketing activities with the rest of the business

Dashboards help marketers integrate marketing activities with the rest of the business and better understand where to dedicate spend. Using a dashboard system allows comparisons across all platforms rather than relying on individual representations that may result in skewed results. It can also help change the company mindset from seeing marketing as a company initiative with collective goals rather than a stand-alone department.

5.  Use historical data to identify key trends and inform campaign decisions

Predictive analytics use historical data to forecast and model future campaigns, helping marketing teams to identify key trends and hot spots, to inform campaign decisions. Analysing performance month on month, or year on year, means marketers can learn vital lessons about a campaign’s effectiveness and work with more agility, making changes more quickly based on metrics rather than instinct. Future campaigns are therefore created and targeted to achieve the best possible results.

The reality is that successful marketing today is data-driven, and smart intelligence tools like dashboards take the guesswork out of campaign analytics, demonstrating true ROI in the growth and effectiveness of a brand. In our latest White Paper, we look more closely at how analytics have become an integral part of all marketing decision making, from media buying to messaging emphasis to overall strategies. And why developments in big data, machine learning, AI and immersive technologies mean its involvement is only set to increase.