Consumer Data Analytics and Improving Conversion Rates
Let’s focus on three main things a company can do today to improve their marketing team’s capabilities and also improve their prospect-to-customer conversion rates.
(Measure/Analyze image by Muhammad Rafizeldi (Google+, Blog ) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons http://commons.wikimedia.org/wiki/File:Web_Analytics_and_Measurement-analysis.png )
First, companies must focus on investing capital into technology solutions that offer enhanced, real time tracking. This enables marketers to create better, timelier content for consumers and ultimately build loyalty.
Secondly, companies must focus on targeting consumers based on their behaviors, such as opening email or visiting their web page, which can boost the conversion rate by up to 350 percent.
And lastly, companies must choose technology solutions and training toools into one comprehensive analytical tool that provides actionable data as well for their marketing team will save a company the precious resources.
A company serious about converting leads into customers must invest time researching the best technical solutions for their business. For example, if a company is looking to save time and money, instead of having their marketing department sitting around waiting for their reports from the IT department or data analysts, they should be able to run their own reports. Teradata, a data analytics and marketing application provider, has created a potential solution with their latest version of Customer Interaction Manager (CIM). With this new technology, marketers are able to run a predictive analytics model against previous campaigns to better target future outreach. The tool allows marketers to make better connections because the model learns over time, based upon data from previous campaigns, thus delivering increasingly accurate predictions. The analytics portion also allows for more actionable data for the marketing team.
Companies that can target the right consumers with more meaningful messages at the right time via the right channel will significantly improve their conversion rates from prospects to customers.
In addition to in-depth predictive analysis, the Teradata CIM includes the option to pull data from multiple databases such as Oracle and SQL Server, the web, social media activity, excel lists and call center data. These benefits can not only save a company time and money, it will significantly improve their chances of converting a prospect into a customer because the information they have will foster a relationship with the prospect.
Every company should insist their marketing team is aware of the inbound marketing certification program by Hubspot. It is a well-recognized program to turn any marketer into a better marketer. The core theme is to “attract strangers, convert visitors and delight customers.” As the digital world is an ever-changing realm, Hubspot can help the company’s team stay up to date with latest trends, strategies and resources. This program can educate a company’s team to a point where management will start to see your conversions rates headed north. Wayne State University School of Business MBA students can earn academic credit by taking ISM 7505: Inbound Technologies.
Download at downloads.teradata.com/download
Register for Inbound Certification at academy.hubspot.com
(All accolades and credit for this tremendous blog post are for Jennifer Exel who is the author and content creator.)