Even though we understand that every company and each department within it have very different BI needs, we also believe in sharing inspiration from our clients about how they make relevant business decisions using data in their daily routines. You might find this helpful in shaping your own solution.
When planning a new product launch and deciding where to spend your marketing budget, you probably have questions regarding the impact of your campaign:
How long will it take to turn marketing leads into faithful customers?
Did I target the correct customer group?
Do my potential customers respond to the advertisement as expected?
What is the return of investment for my campaign based on different target groups and products?
Check out similar questions our clients have asked. Combine them with an analytical mindset, and create the reports your company needs to invest in better marketing decisions, and to generate a higher return on investment.
Roman Novacek from Gorilla Mobile says: “When looking at our marketing model, everything seemed to be going according to plan. But when we looked deeper into what we thought were well-performing campaigns, we found out that while some ads and channels were performing extraordinarily well, others were draining the overall average leading to mediocre results.”
Have you experienced the thrill of campaigns that land well with their targeted audience? Most likely yes. And the result were hundreds if not thousands of new users drawn into your sales funnel. While the initial success is great, how many of these end users will actually pay once they get to the final part of your sales process? That’s the reason why it is useful to track the entire performance of your campaigns by capturing data from each step of the sales funnel.
For example, one of our clients was tracking how many free SIM Cards sent out on-demand were activated after delivery. The image below shows that roughly 70% of all activations were made three weeks after the start of the campaign, creating a ratio of approximately 30% of all cards sent.
As you can see, using reporting to track the different stages of your sales process can have a huge impact on strategizing your marketing decisions. These insights can help you refine your business model, and set clear expectations for each campaign you deliver. This also creates an even starting point when you are comparing campaign performance across the board.
Regardless of which type of campaign you are running, one of the most fundamental questions every marketer is trying to answer is how their campaign affected the bottom line? This combined with monitoring campaign health over time can show you what campaigns are best serving their purpose and when it is time to adjust your marketing strategy.
The following graph shows how another client of ours tracked cohort behavior. Listed along the left hand side is the date campaigns were started. Their reported performance over time is shown on the right. Using the Jan 2013 campaign as an example, you can see that while initially it was bringing in over $13,721,099 in Q1 of 2013, by Q4 of 2014 it was bringing in just over $2,271,889. Comparing contribution to total revenue over time, it went from making up 69.5% of revenue to just 5.8%.
Keeping in mind that over time more campaigns were added, how does this affect your decision to keep running this campaign? How is it doing compared with other campaigns? These are the questions you can start to examine with the robust reporting Keboola provides.
Tracking revenue in this context along with other expenditures (such as support and overhead costs) may be very rewarding when looking for a sustainable business model.
So what happens when your marketing efforts aren’t as successful?
Your customers act differently than you thought they would. Well, while wins provide huge opportunities to learn, so do losses. By recording and analyzing past customer behavior, you can modify your future efforts to ensure you are making the right marketing decisions based on facts, not gut feelings.
One of our clients believed that the more channel options they had, the more customers would have access to their product, and the higher their revenue would be. Therefore they focused their resources on creating a vast partner network. However, the data proved them wrong. After looking at the payment distribution chart below, they realized that 95% of the payments they were receiving were coming from the channels that were only costing their company 60% to maintain. They, of course, cut the necessary partners and improved their overall profitability and service experience by focusing on the right areas.
Twitter, Facebook, Instagram, a company’s interaction with their clients is no longer limited to direct marketing. Building social relationships with the end user is a must, but with so many channels, how do you keep track?
Using KBC, our clients have been able to integrate all these sources into one place. In the data displayed below, you can see how your fans are feeling and how much social capital your branding strategy is attaining. Furthermore, segmenting by demographics helps you translate the sentiment of each group to ensure the right relationships are being developed by the right people.
How we can help you
With more than 15 years of online marketing and sales experience, our partners have helped many companies set-up, measure and implement marketing and sales campaigns driven by data. Regardless of your industry, unique target segment or data sources (CRM, online sales, ad spend etc.), we are all about connecting what you already have to improve your ROI.