Marketing is the lifeblood of every business. Without it, you have no means to keep your business visible to customers, ahead of the competition and attracting a steady stream of leads.
Clearly, investment in marketing is crucial for the health and continued success of your business.
As we navigate the current economic downturn, revenue growth will be a priority for almost every business. In fact, a Mediahawk survey of more than 60 marketers found that 84% are focused on revenue growth as their primary objective in 2022.
Despite marketing being a crucial driver of revenue growth, many businesses will look to cut marketing budgets to streamline costs while times are tough.
We all know how counterproductive that can be. Studies by academic and ex-Harvard Business School leader Nitin Nohria have shown that up to 10% of companies emerge from a recession in better shape by investing additional marketing spend in the strategies that are proven to increase growth.
In difficult times, your martech tools can be a crucial resource to help you retain your budget, get insights to drive revenue growth, and much more.
Your martech tools can be a crucial resource to help you retain your budget, get insights to drive revenue growth, and much more.
Here are four ways martech tools will support you through an economic downturn:
1. It puts your business on the front foot with competitors
In a bidding war, the only winner is Google Ads! It’s an easy trap to fall into. With the right data though, you can look at alternative ways to gain a significant competitive advantage without blowing your budget on keywords.
For many organisations, this could be the ability to spot common points in the customer lifecycle where brand loyalty starts to falter. To stop customers jumping ship to other brands, your analytics tools can pick up each interaction and help you identify when it’s time to focus marketing attention on those customers and give them a reason to stay.
2. Analytics helps you identify new trends and opportunities
Gaps in your keyword strategy can make or break your paid search campaigns. By tracking conversions that come from PPC or display, you can spot any new keywords that you can use to create and optimise future campaigns.
The vast majority of marketing teams deal with multichannel, multi-touchpoint campaigns, so gathering insights to understand how to most effectively engage with customers is crucial. If you aren’t currently tracking and reporting on offline conversions – through your phone calls, for example – it may be as simple as bringing in call tracking software.
See how Dormy Care Communities uses marketing analytics tools to make sure they never miss a sales opportunity again. Read the case study
3. Marketing analytics proves ROI
Wasted spend is the scourge of every marketing campaign. It’s the one thing your bosses look at when it comes time to review the effectiveness of your efforts. And if there’s a hint of a hint that the campaign didn’t generate a good enough return, you’ll find your budget stripped.
Luckily, with marketing analytics tools, you can pinpoint the exact campaign characteristics that work best for you, as well as the ones that don’t work so well. You can see the channels, keywords and audience targeting that are most effective. And with advanced marketing attribution tools, you can prove the return on investment to your bosses too.
Discover the ways Receptional uses marketing analytics tools to understand which marketing methods are generating calls for clients. Read the case study
4. Marketing analytics helps you better understand customers
With marketing analytics, you’re no longer limited to guesswork and ‘finger in the air’ tactics when it comes to knowing what will resonate with customers. Because with features such as speech analytics, you have the means to directly access and analyse the thoughts, feelings and concerns of real-world customers. In fact, speech analytics helps you better understand customer behaviour, needs and preferences. And ultimately, you’ll build more profitable marketing campaigns informed by the insights you capture from real life customer conversations.
Clearly, martech tools bring huge benefits for businesses – whether you’re an automotive business, care home, marketing agency, or anything in between.
What’s more, the benefit really is for the entire business, not just the marketing team. Insights from marketing analytics tools can be applied across all departments – including customer service, product development,
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