According to research from Marketing Profs, customer loyalty is now the top priority for marketers. 55% of chief marketing officers in the U.S. plan to implement new solutions this year to grow customer loyalty. For most companies, marketing investments for customer retention have positive results – both topline and bottom line. But to generate the greatest ROI on this business objective, companies are becoming increasingly data driven to understand how to best leverage their resources.
46% of marketers in Hubspot’s2016 Inbound Marketing Report shared that one of their biggest challenges is proving the ROI of marketing activities. The need for a deeper understanding of data has prompted many companies to invest in marketing automation software. 55% of B2B companies now use marketing automation software. Ultimately, the most important metrics are conversions and revenue. But marketing analytics are also important for customer retention, social media, promotion strategy, branding, and pricing.
Whether or not companies use a marketing automation system, marketing analytics support the acquisition and retention of customers – the essence of every business.
Marketing builds awareness and generates leads so that sales can convert the leads to revenue.
Tracking Essential Marketing Analytics
Website: All companies should have a robust, optimized website where prospects search for information whether the interest has been triggered by browsers, emails, or social campaigns. Tracking visitor behavior is essential to determining ROI. At one end of the spectrum is the free version of Google Analytics. At the other is marketing automation software that will track website visits alongside response to marketing campaigns for a complete picture of a prospect’s interaction with your company.
Email campaigns: Most marketers are familiar with the basic email analytics that are still important for lead generation: open and click-through rates, number and length of visits, as well as engagement and conversion metrics. Most email programs provide these basic analytics.
CRM: A tool that can maximize customer loyalty marketing efforts is a Customer Relationship Management (CRM) system that connects marketing and sales efforts across multiple sales channels. CRMs are essential for effective inbound marketing and creating authentic relationships with prospects and customers that lead to long-term profitability.
Content: The creation and distribution of high-quality informational assets that help prospects and customers solve problems are at the heart of an effective content marketing program. Forester research found that 85% of technology buyers expect to consume at least three pieces of content before they contact a sales team. Clearly, a robust library of information assets are needed to meet prospects at any point in their discovery process as the customer journey is no longer a linear one.
Each of the above areas can generate massive amounts of data. It is easy to understand why so many companies are adopting a marketing automation solution to manage these various components from an integrated dashboard. However, 45% of companies are not using marketing automation software and using a hybrid of data tracking solutions instead. No matter the method, tracking data in these areas will help you understand how to most effectively increase customer loyalty for long-term profitability.