There are so many exciting advancements in Business Intelligence (BI), it’s easy for solution providers to forget the basics…
Any self-respecting BI solution provider wants to develop cutting edge insights that can slice and dice data from many sources, and using many more variables to come up with some truly interesting stats, but most businesses just need the basics – the broad brushstrokes of ‘what’s working, and what is wasting money’. Of course we want to know the intricate details of the ‘why’ but it’s all too easy to get overly wrapped up in this exploration, spending far too much time understanding something that most likely won’t make a difference to the ultimate action you will take.
So what are the basics?
Easy question and usually a long and strenuous answer, so let’s keep focussed.
Ultimately when looking at any paid activity, you want to know that whatever you invest into a campaign, returns you greater financial or commercial value than what it costs. In short, ROI – Return on investment. It may be as simple as ‘I paid $10 and got $50 of sales’ ah wouldn’t life be swell if it was just that easy. But there are ‘softer’ metrics that are not so binary that also denote huge value to any business, such as Branding, this is super important, this is ‘getting your name out there, and sharing the value, solutions or products you provide’. And then we have Engagement, so not just that people know who you are, but they read your content, like it, share it, give references or testimonials (BTW: please share this blog 🙂 ).
Top level ROI, Branding and Engagement metrics alone cover a huge percentage of what you need to know to make good business decisions on your marketing spend and activities. And the good news is they are all connected!
Running Branding campaigns will build awareness and understanding (and reach new audiences), that in turn will Engage more with you as they learn more about your solutions, and share with their friends. All of whom will either share with a wider audience or buy from you, giving you a Return on Investment.
That didn’t sound too bad now did it? Of course there is more to cover, looking at multi-touch attribution, cross channel performance the list goes on, but let’s start with the basics.
Simple exercise for you to try today
Take a look at your paid activities you run in your company, and see how easy it is to view these 3 metrics against each campaign- Branding, Engagement and ROI. Can you easily see where you have good performers and bad performers? Could you make a good business decision on what to spend less on and what to spend more on?
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