Intilery's CEO ...
According to Customer Thing, only 21% of marketers can measure revenue contribution. This low figure is attributed to a number of things, including the inconsistent use of marketing technology, poor quality data housing and misaligned marketing and business objectives.
Even trickier is determining where the monetary value lies within customer engagement efforts. As a soft metric that clearly fosters loyalty through mutually beneficial relationship building, how can you be sure that the engagement technology you’re investing in is a key to driving profit within your marketing arsenal?
Here are some key considerations for you to assess the commercial value and a visible return on your technology investment.
As mentioned earlier, the reason it’s often difficult for marketers to measure revenue contribution is due to the lack of integration and consistency across all of the technology utilised by an organisation. In integrating all of your data sources such as social, on-site, customer service and review platforms in one place you can ensure a comprehensive understanding of customer behaviour across all channels. This is invaluable for creating campaigns that are customer-centric impactful and revenue-driven.
The next step is to use that quality data you’re gathering in the right manner. You could create comprehensive behavioural segments - but can easily fail to deliver relevant nor personal content. Delve down to the data at a granular level to leverage indications of intent with each individual customer. This level of understanding is true personalisation and is more likely to result in rapid commercial gain by extending the customer lifetime value.
Once you understand each customer on a personal level you can optimise their journey and converse with them in real-time. Make life easier for the customer by delivering omnichannel content that aligns with their values. Whether that be through personalised emails, landing pages, discount codes or app push notifications. Create a seamless customer journey and be rewarded with more customer loyalty, higher value purchases and brand advocates.
Use your technology to its full potential by conducting A/B and multivariate testing. A solid testing process will help you understand and test variations that result in higher conversion rate. Use these quantitative testing measures to guarantee you are initiating truly behaviourally based and personalised additions to your engagement strategy. When the results can verify that the conversations you’re having with your customers are impactful, the easier it is to attribute revenue. However, don’t over-test– trust that your Single Customer View will guide your engagement efforts.
Improve engagement across all business silos and watch your customers reward you with higher basket value and frequency. If you’d like a free engagement audit to ensure you’re getting the most out of your marketing technology, contact us!