Using data to increase ROI must come with a properly thought out strategy.
Have a plan
Identify what you want to achieve and don’t be vague about it. Not having a plan results in a collation of data that becomes nonsensical, i.e. words and numbers with little meaning. Data needs to provide you with the right insights to make the right decisions that will help you boost ROI.
Establish a baseline
To measure ROI accurately, there needs to be a baseline to compare progress against and a metric you want to achieve. In this way, you’ll understand where your business is at, establish where you want it to be and identify the ways to reach your goals. Analysing and understanding data helps you achieve business objectives (and ROI) in several ways:
- Improves forecasting, efficiencies and revenue
- Mitigates costs
- Improves company practices and procedures
- Reveals opportunities
Act on the insights your data gives you
Analysing your data to increase ROI is just one step in the process. Turning the insights you derive from that data into something actionable is just as critical. Let’s look at A/B testing for example. According to Neil Patel, “A/B testing is the process of comparing two versions of a web page, email, or other marketing asset and measuring the difference in performance. You do this giving one version to one group and the other version to another group. Then you can see how each variation performs”. This data is incredibly valuable to marketers as it gives them the insights to optimise webpages or campaigns where needed.
Access data from your CRM
According to statistics gathered by Smallbizgenius:
- Companies that use CRM successfully have improved their sales by 29%
- Customers spend between 20% and 40% more if they’re engaged by a company using CRM
- 34.6% of sales professionals say that CRM tools have a significant impact on their company’s bottom line.
Your CRM holds a wealth of data relating to your customers, leads and opportunities. Use it to segment and then target specific groups of people with messaging that resonates with the needs and wants of each. Analyse where in the sales pipeline your leads and opportunities are at and re-engage each audience to help you increase conversion instead of churn. Use your CRM customer data to increase ROI for your business.
In this article, learn how investing in a Real Estate CRM can bring you a significant ROI.
An important point to note: “it is essential to use accurate, high-quality data. All contact data decays or goes bad over time as people move, change jobs, get promoted or move laterally — B2B data especially. Using stale, outdated data is a waste of time and money. Start with quality data and keep it clean through data cleansing, a process that removes, corrects and, when possible, replaces inaccurate data to increase deliverability and ensure the quality of the full record.” Forbes
Read this blog to find out more about the trillion dollar cost of poor quality data.