With the advent of Big Data and Analytics, marketers are emerging out as more powerful than ever. They are equipped with such a tool that can potentially answer most of the unanswered queries and provide them with accurate market and customer forecasts, which can skyrocket the marketing campaigns and assist in building robust strategies that are almost fail-proof.
Here are discussed 8 major Analytics use cases that can be implemented in the marketing campaigns to obtain phenomenal results and unprecedented growth of the company.
Funneling with Lead Scoring Methodology
Lead Scoring allows marking the leads based on market readiness. With every lead being different, the filtering out process allows better marketing collaborations. This marking scheme assists in knowing the fate of the lead in the market and allows sketching a blueprint about the further marketing strategies based on the predictive data collected by analyzing the future purchase habits.
Lead Nurturing
During planning and strategizing the marketing campaign, Analytics can be used to analyze data and behavioral statistics to categorize the leads accordingly. Lead Nurturing further enhances the entire procedure, and assists in deciding specific steps and strategies according to a particular lead. Lead nurturing weaves the future steps for the leads to move further down the funnel.
Best Contents According to the Leads
Finding out the right content that suits the target audiences and channels is important to increase the market-response for the lead, but at the same time, it is challenging too.
Analytics can be utilized to solve the problem of distributing apt content as per the leads. The success of a leader is enhanced if it is portrayed with top quality and apt content.
Customer Lifetime Value (CLV)
Using Analytics, the relationship of a company with its customers can be scaled accurately. The customer data and statistics are utilized as the basic parameters in determining the fate and lifespan of the customer-organization relationship. This can also be used to find out an estimated revenue that a customer can bring to the company in the entire lifespan of the relationship.
Predicting Churn Rate
The rate of terminating the company-provided services by the customers is known as the churn rate. The companies can make use of Analytics to stay aware of the customer behaviors and point out those behaviors which imply that the customer is likely to terminate the services, within safety time.
The companies should thrive hard to increase their growth rate and reduce the churn rate, and, at all costs, should avoid the hiking of churn rate over growth rate.
Selling Preparedness
Analytics can be used to determine customer behaviors regarding purchases, which can be utilized by the companies in extending their market reach. The companies can either up-sell, or cross-sell, or can do both to capture larger audiences and enhance their sales and get the marketing strategies reframed accordingly.
Determine if the Product is Fit
There might be some products existing, which aren’t able to capture the expected market. The companies can use Analytics to determine the faults in those products which are leading them to perform poorly in the market.
Also, Analytics can help determine the customers’ future expectations, needs, and demands regarding the company products. Thereafter, the companies can make initiatives in improving their existing products, manufacture newer ones, embed the demanded features in their products, and reframe their strategies.
Optimal Marketing Campaign Strategies
The marketing strategies can be optimized using Analytics. The companies can modify and reframe their strategies and planning, for the future betterment and enhancement of campaign performances in the market.
The Analytics can also greatly reduce the campaign’s risky moves, as the analysis is purely based on data and statistics, and not merely on assumptions and theories. Hence, the strategies are strong-footed, firm, and not to be easily waved out.