Tuesday, July 3, 2018
Numbers define us in our everyday life. Our age determines if we are young or old, our weight if we are overweight or not, our height if we are tall. It is not easy to realize it but all the factors that determine our everyday status are numbers. So why not in business too, in which we must deal with profit and return on investments (ROI)? Keep in mind that you are not alone in the market; it is a constant must, to be able to prove your value and show why you outmatch your competitors.
Let us take you on a journey back to your childhood. When you were playing Super Mario and Pac-Man. The aim was to beat the levels, right? The one who had the best score was the champion. In that early stage of your life you needed metrics to prove that you are the best player.
Business is not a sprint; it is a long marathon. You need pacing in order to always prove your value through actions and numbers, to gain trust and obtain the budget for digital campaigns. And this is one of the biggest challenges in the marketing industry. All the marketing campaigns in the world mean nothing to the client side if you are unable to provide them with data and analytics that show progress. Marketers should focus in practices that provide their partners with credibility & trust and lead to revenue.
The question goes to this; what is really the key success factor that a company or an institution expects when assigning its digital strategy to an agency? What is the true value of Digital Analytics?
At INTRASOFT, we believe that brands and European Institutions rely on us, not only for providing them with analytics and digital insights reports; they see our collaborations as an investment. From a business perspective, institutions and brands can gain value for business by getting a deeper understanding of what users really want. Through analyzing Digital Insights, we manage to convert customers’ online behavior into conversions. The greatest marketing strategy of all time is CARE. Through the use of VARID, our own in-house tailor-made analytics platform, we are in a unique position not to shout and force people to follow the partner’s strategy and objectives, but have an interactive dialog which finally benefits both the advertiser and the customers.
Back to the real questions. “How do I optimize the allocation of future marketing investments?” Or in a much simpler language: “How can I best spend my marketing budget to make the most money?”
The answer is reading between the lines analytics-wise while, at the same time, having a deep understanding of customer needs. Thanks to VARID’s technological advancement, we can sort the different categories of metrics, according to the type of company and its business online objectives. Each category is calculated and measured differently, but all must include output, process and people. That’s why metrics can be both intangible and tangible like profits, quantity of product, quality of product, brand awareness, social engagement etc. Deep understanding of analytics and customers’ needs leads to retention and retention is much more profitable than a new customer acquisition, where profit can either be money, awareness or engagement.
5% Increase in Retention = 25% - 95% in profit/awareness/engagement
Our goal is to build long-term meaningful relationships and collaboration with our clients and partners. We want to lead the customers’ digital multi-channel journey and offer them what they really need, so that our partners & clients maximize their ROI.
After all, what gets measured, gets improved!
Author: Manos Stefanopoulos.