All businesses want to grow their reach and revenue. Yet, many marketing agencies struggle to understand the data they collect and how to use it. Thanks to advances in analytical technology and big data, marketers now have access to a lot of consumer data. However, about 56% of marketing executives say that they feel overwhelmed by their data stacks.
Today, data availability, variety, and volume are ever-increasing, which makes it a challenge for businesses to know which data is valuable to their marketing efforts. Some types of data are more critical than others during different stages of designing and building marketing solutions. Thus, it helps to know which specific types of data can help turbocharge your marketing agency and offer value to your clients.
With so much information available within a business’ sales and customer data, marketing teams can easily become overwhelmed. Yes, nearly every dataset has its purpose and place, but some metrics are particularly critical to your conversion growth, retention rates, and sales.
1. Sales Trends
The data that sales statement reports hold is far more critical than many marketing teams realize. For instance, a sales boost for a particular set of products could signal what to push in your advertising campaigns. It also helps your marketing teams identify less popular products that need more attention.
Point-of-sale (POS) devices are efficient at collecting accurate sales trend data and can store customer information. They can provide valuable market trend insights that may not otherwise be obvious. Thus, your clients can design all-around better marketing strategies and cut down on waste.
2. Repeat Sales
Consumers tend to stick to their comfort zone. This explains why many customers buy the same products, from laundry detergent to car brands. Hence, repeat sales reports give marketing agencies the information they need to improve their customer personalization data. 64% of shoppers prefer receiving personalized offers based on their preferences and actions. Such information allows brands to upsell or cross-sell items related to frequent purchases.
3. Content Metrics
Content marketing is a challenging entity to understand and track. Marketers primarily use it to build brand recognition and establish industry leadership. Some key content marketing metrics to track include consumption, lead generation, sales, and sharing.
4. Social Media Conversion Rates
Marketing teams need to understand and appreciate the full impact of a strong social media presence on conversion rates. 60% of the total social media users interact with a brand through these sites. Social media advertising is now highly influential in fueling buying decisions, with nearly one-third of consumers purchasing an item after seeing something on social media.
Marketers must understand that each social site has a different reach when it comes to audience demographics, especially if a brand is trying to market to a specific age group. Understanding social media conversion rates (such as content clicks or email signups) allows a company to plan its marketing strategy and determine which sites are worth the effort.
Maximize Your Marketing Agency Data
The ability to capture the right type of data and understand how it affects your clients’ business processes will give your marketing agency a significant competitive advantage. There were over 13.74 thousand advertising and marketing agencies in the United States in 2017, and the market is more competitive and reactive than ever before. With the right types of data, you are equipped to pinpoint your clients’ needs and build a reputation for success.
At Helios, we know how to collect, read, track, and understand data, and we teach our clients how to do the same. We will show you the essence of managing and monitoring the correct data for your marketing agency so that you can grow your business and offer value to your clients. Contact us today to learn more about our wide range of data services.