Article for Cloud-iQ the conversion optimization experts. Marketing analytics and big data are becoming even more valuable than once thought.
The value of the data itself is the same as ever, but the market is finally appreciating how useful marketing analytics can be, and therefore they are paying the most for it. Twitter is also getting in on the action and offers marketing analytics and data without the need to go through third parties.
How to increase revenue with Marketing Analytics
1]Trial and error tests are more efficient with marketing analytics
It’s up to you to use each campaign and all your business interactions to get to know and grow your business. If you are not learning, then you are failing. What’s the point in creating a great marketing campaign if you don’t have the data you need to recreate success over and over again.
It’s up to you to learn as much as possible from every business interaction, and as you know, trial and error testing can’t work properly without accurate measurement. Marketing analytics offers fairly accurate measurements, so businesses can truly learn from every trial and error and ergo can learn from every business interaction.
2]Variable prices are a possibility
Marketing analytics will help you predict when your product / service will be sold and when there will be any remaining inventory or slowdown periods. If your business model fits, you can adjust your prices to suit your consumer’s mood or current demand.
Such a move is risky in some industries because dynamically changing prices can encourage people to put off buying from you until the right price arrives.
On the other hand, there are some industries that will find that dynamic price changes (based on marketing analysis) are of great value. For example, if you sell football tickets, dynamic pricing based on good marketing analytics could earn you a small fortune. optimizing your conversions and profit efficiency.
3]Dynamic Web Content
As you already know, marketing analytics will help you a lot in tailoring your website for your target audience. Using marketing analytics, along with other user data, you can build dynamic and responsive websites that modify their content based on user needs. A good marketing analysis can help you slightly increase conversions as well excellent marketing analytics could help you produce extraordinary results. Plus, if you keep pulling data from your campaigns, platforms, websites and users, you can further improve and optimize your conversion process to produce truly stunning results.