Wednesday, October 24, 2018

What Key Metrics Should Inform Your Cross-Channel Marketing?



Knowing what to track in your marketing can help shape your future tactics. Today's marketing success comes from the ability to make the right improvements at the right time. This sounds fairly straightforward. However, with the increased number of metrics available, it can be difficult to know which to incorporate in your cross-channel marketing strategy. Plus, not every metric is meaningful to what you’re trying to achieve for your business or audience.Not every metric is meaningful to what you’re trying to achieve for your business. How do you choose what to focus on?

Therefore, consider key metrics that include channel approaches and an integrated framework. Here is one way to approach analytics for each channel in your marketing strategy:

Website Channel Metrics

Your website has the power to inform, engage, and, most importantly, influence purchase decisions. With your other channels, you’re trying to direct prospects to your website. Hence, it's important that they stay after all the effort you put in on the other channels to get them there.

Site speed significantly impacts the user experience. It determines if customers decide to stay or turn to your competition. Also, review each visitor's session duration. This indicates their level of engagement. Heat maps assess where each visitor spends the most time, what pages they like best, and what page they were on before they bought something or left your website. When and where they leave can indicate where you need to improve content or website navigation.

Social Media Channel Metrics

Whether you’re participating in social media ads or just generating your own social media content, this channel needs to be assessed for engagement and influence. Your posts influence if followers take the next step to buy from you. To get more companies to advertise and spend their marketing dollars on social media, the major social platforms offer all type of analytics.

These tools track these metrics without having to learn or pay for additional tools. This adds to the value of investing in the promotional features on these social media sites.

Email Marketing Channel Metrics

Since email continues to be a results-driven marketing channel, it's important to measure certain metrics for email campaigns. Look at how many subscribers are added as a result of each campaign. This tells you if the content was compelling enough to peak their interest on future content you may share.

Additionally, you can find out how many recipients opened the email and followed through based on the call to action. Of course, knowing how many unsubscribe is also good. It's a sign you’re not connecting with certain people. Understanding why can direct how you alter future email campaigns.

Integrated Channel Metrics

While these metrics are all a key part of your overall cross-channel marketing effort, the reality is that today's audiences are influenced by numerous channels and don’t necessarily have a pattern or habit for which channel they prefer or feel influences them the most. After all, this is why you’re crossing channels in your marketing efforts to reach more people. Therefore, your analytics have to do the same in terms of following an integrated customer journey that determines how different channels work together to convince their target audience.

Examining metrics in an integrated way identifies cross-channel synergies that increase influence and, in return, ROI. Therefore, integrated analytics can reveal how much each tactic and channel contribute to conversions. This also points to what combination wields the greatest influence over purchases. There are powerful analytics platforms available that incorporate forecasting algorithms for digital and traditional channels.

Also, machine learning capabilities can identify changing customer behavior that separate metric analysis cannot deliver. Incorporating artificial intelligence will then provide a way to predict traffic and pinpoint the exact time to post content on a particular channel and in what sequence across channels.

Therefore, cross-channel marketing will need to go beyond looking at key metrics and evolve into a model that takes an integrative approach through applying statistics, modeling, machine learning, a range of algorithms, and predictive analytics. Cross-channel marketing becomes more of a whole-business approach when it comes to analysis, bringing together online and offline data from across the organization and the external environment. By doing so, your company can more effectively track and respond to customer behaviors with real-time changes to campaigns across all channels.

Want to read more? Check out our Cross-Channel Fundamentals Guide and Streamline CX Guide here.


from Oracle Blogs | Oracle Marketing Cloud