June 2016

Marketing Analytics Q&A: Social Media for B2B Communication

Most of the social media channels are a Business to Consumer (B2C), but can they be used for Business to Business (B2B) communications as well? And how efficiently? In our weekly Q&A session with Neil Walter, we talked through the areas of B2B social media communication. If you would like to participate in our next Q&A and ask your questions, please sign up and register here. As some of the issues contain business information, we only show the general ones here as we’re always respecting our clients’ and prospects’ privacy.

Social Media for B2B Communication

Where should I structure my social media team?

Your social media team should be your go-to point for all of your sales people and marketing team. They should be placed horizontally on your wider communication team to get the most out from social media in the benefit of a better marketing.

What’s the main difference between LinkedIn ads and AdWords?

Targeting. With LinkedIn, you can find people and not the people’s interests like in AdWords. You can communicate directly to the decision makers of related companies. This communication can be business/personal through LinkedIn messages or a sponsored story your organisation can share online. This sophisticated targeting though comes with a bigger price cap compared to traditional ads like AdWords.

How should I determine on the platforms?

Don’t determine on them, use as many social platforms as you can maintain with good content. If you are highly sales-led, and you focus on lead generation mainly, focus on LinkedIn first and build up a smooth process to funnel those leads. If you are more into branding, use any other social media channels you would like and those which you can fill up with relevant content.

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Digital Analytics Can Help You Raise Profits – Part 2

In a study in 2015 November, CMO Survey showed that companies spend 6.7% of their marketing budgets on analytics and expect to spend 11.1% over the next three years. With this massive increase and an already significant chunk of overall marketing spending, the question remains: what is the return on investment (ROI) on digital analytics? How can we quantify this amount of expenditure? At Walter Analytics we worked with numerous clients and helped them grow through implementing digital analytics. One our success stories was a cooperation with EmployEase.

employease-logo

Walter Analytics has worked with EmployEase for over two years enhancing Analytics and driving the digital growth of the business. This partnership has been a key driver of revenue growth for EmployEase and outlines our framework for working on Analytics with a client.

Align stakeholders, other experts, and agree on a measurement framework

It’s important to get decision makers on the same page in regards to the best way to measure results and track digital growth. To do this, you need to define the framework, agree on implementation, and then technically implement the changes. In the case of EmployEase, we decided we needed a Google Analytics configuration to track different goals on the website with a weekly review of results. Once the business agreed to the changes, we worked with the web developer to implement the required tracking.

Define the path to sustainable growth and achieve the stated goals of this path

This stage is where the real results happen. However, rather than jumping in, we define what needs to happen and get buy-in from the business. In this stage, we identified that two things needed to happen to achieve growth goals;

1) An increase of conversion

2) An increase of relevant traffic

We worked with the web developer to improve the landing pages and overall structure of the website, and we worked with the business to agree on traffic buying and changes that would lead to longer term organic traffic growth.

Maintenance and funnel optimisation

We achieved the third stage after working together for twelve months. After hitting the initial goals, the business decided they wanted to scale up. However, this required some internal changes, so we worked with new members of their team and new products. At this stage, the key importance is to maintain the minimum amount of revenue and then look to expand through new channels, new tactics, and better backend conversion. This is further than the website and includes calls, the customer service team, and customer feedback.

The profits in this stage come from the compounding optimisation of several stages all at once. EmployEase is still growing.

This week we will show you the ROI in digital analytics. Please join our weekly Q&A where we answer all of your questions.

 

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Digital Analytics Can Help You Raise Profits – Part 1

In a study in 2015 November, CMO Survey showed that companies spend 6.7% of their marketing budgets on analytics and expect to spend 11.1% over the next three years. With this huge increase and already great chunk in overall marketing spending, the question remains: what is the return on investment (ROI) on digital analytics? How can we quantify this amount of spending? In this week’s topic, we will show you the current trends in digital analytics ROI.

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The before – after scenarios

Applying an investment into your marketing plan is always a though tough decision. You would never know at the start how the investment worked out. When investing in digital analytics, after your investment determine the starting point. Analyse your current marketing efforts and performance. The key indicators in this picture will serve as a before scenario. With digital analytics, you won’t have a solid growth and rate of success in days. But in time, you will have to reevaluate your effort. Hold your key indicators and pull up the new figures. From there, you will see the after scenario, when analytics has been implemented and used it for your own growth. The growth pattern in the indicators will serve as the ROI measurement.

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Where can you use digital analytics to generate more profit?

Digital analytics has some passive and some active values that can bring profit to the table. Passive values are the on-going valuation of your performance and suggestions based on data to tailor your efforts. It is very hard to measure the ROI in decision making support though. But there are some active values where analytics will surely bring profit to the table. You can benefit from analytics when you tailor your ads, when personalize your newsletters, when you segment the target groups, applying programmatic and attribution marketing efforts or just simply enhancing your sales funnels. Analytics will bring you measurable figures on how to perform better. The performance before and after the implementation of analytics into your marketing efforts will show you the correct values of the ROI of digital analytics.

This week we will show you the return on investment for digital analytics. Please join our weekly Q&A where we answer all of your questions.

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The ROI in Digital Analytics

In a study in 2015 November, CMO Survey showed that companies spend 6.7% of their marketing budgets on analytics and expect to spend 11.1% over the next three years. With this massive increase and an already considerable chunk of overall marketing spending, the question remains: what is the return on investment (ROI) on digital analytics? How can we quantify this amount of the expenses? In this week’s topic, we will show you the current trends in digital analytics ROI.

Digital analytics needs an ROI formula

With the increasing amount of marketing budgets in digital analytics, there is a general need to justify that amount of investment. Analytics had its attention and the fight for resources is over now. Companies have realized the importance of digital analytics but this also implied the ROI: what would be the return on investment on digital analytics, a descriptive, analyzing approach in marketing? Great needs come with significant responsibilities. Such is the journey of digital analytics from expense-incurring to income-generating.

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Defining the profit: defining the impact

To determine the return on investment for digital analytics, we need to identify the impact of digital analytics in marketing. To illustrate the effect, we must consider the needs for digital analytics. The areas, where digital analytics plays a high valued part and also where conversions happen. These are and not limited to micro-targeting, conversion funnel optimization, marketing automation for segmented target groups, attribution marketing, programmatic marketing, re-targeting and so on. These areas have analytics for their essential needs, without analytics, you can’t do anything in these areas.

Defining the investment: defining the costs

To properly evaluate the return on investment for digital analytics we must face the costs as well. There are hard costs, sleeping costs and consultation costs. Hard costs are the prices of services that your analytics team uses: subscriptions, based on the amount of data gathered from the number of channels you own. Sleeping costs are those analytics offerings that are done every day and have their added value but not the truly actionable insights that can be turned into profit. Consultation costs are the ones that you need to get for experts who will turn your data into actionable insights that can generate more profit from key areas in your marketing. Time is also involved in this as digital analytics is a long-term investment; one-off success with the use of analytics doesn’t happen every day.

This week we will show you the return on investment for digital analytics. Please join our weekly Q&A where we answer all of your questions.

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Marketing Analytics Q&A: Using Data Analytics to Get More Out of Customer Service

Digital customer service is on the rise but how can you turn it into a powerhouse with digital analytics. In our weekly Q&A session with Neil Walter, we talked through the efficient digital customer service practices. If you would like to participate in our next Q&A and ask your questions, please sign up and register here. As some of the questions contained business information, we only show the general ones here as we’re always respecting our clients’ and prospects’ privacy.

We have just launched our digital product. Do we need to step into customer service or we can wait until we have a serious demand from our clients?

The simple answer is yes; you need to step in. You need to have at least your customer service policies and the measurement in place. However, you can wait for the higher demand from customers to make things serious, but make sure, your approach to digital customer service is scalable.

We get a lot of negative reviews and comments on our digital platforms. How can we handle them?

Hate speech and irrelevant comments has to be deleted immediately, there are amazing tools for their management like Conversocial. Negative reviews however cannot be combated, but the damage can be managed by acting promptly and fast with a cutting edge customer service. Digital analytics can help you to understand the negative reviewers and the reason behind the reviews.

We use live chat functions on our site for customer service purposes. How can digital analytics help to perform better on live chat?

Simply by connecting your live chat customer service with your digital analytics team or tool. When a logged in user engages on a live chat support, the customer service will know whom they are dealing with. If they have live data on the customer’s actions, they will have a pretty clear idea on what would be the issue, even before talking to the customer. All customer service personnel has to know how customer insights work, they can use it to prevent and proactively solve customer service issues.

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Read the posts leading up to this Q&A Session!

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