How Analytics Will Help You Acknowledge the True Value of Marketing with Mark Stouse
The difference between good and bad marketing can be seen in sales results, right?
Yes and no.
Though marketing is important to all companies, most business leaders see marketing as a support for sales and don’t appreciate the value it drives.
So how can data analytics help marketing teams drive revenue optimization and growth?
Mark joins us to answer that question and discuss marketing innovation, revenue optimization, and how marketing can lead the way to deliver measurable business results.
How Can Marketing Teams Optimize Revenue Growth?
Typically, marketing teams focus their spending on the most advanced and innovative campaign features rather than thinking about optimizing revenue growth. By taking a proactive data analysis approach as opposed to a reactive one, marketing professionals can understand how to optimize and drive revenue.
“Data is valuable, but it is always 100% about the past. It is never about the future, and it will never tell you why something happened.”
The difference between data and analytics
Analytics is all about the relationships that either exist or don’t exist between different things you’re measuring. Data, a set of facts and statistics, have no use without the analytics that connect the dots and make sense out of it.
To use an analogy, data is like West Texas crude oil that your car’s engine cannot burn. For it to burn, you need a refinery that distills that crude oil into usable fuel. That distillation process represents the crux of data analytics.
Automating data analytics
Being able to forecast accurately and react to changes in the marketplace immediately sets companies apart. Automating data analytics makes those forecasts and adjusts them instantly, thus, helping you optimize your budget and revenue more efficiently.
Linear versus nonlinear business functions
A company has various teams that create value on linear and nonlinear functions, the nonlinear designs being a force multiplier on those functions that are linear. Sales represent a classic example of linear value creation. At first, marketing was seen as a nonlinear multiplier of sales productivity, however, this has changed over time.
“Marketing’s mission is to help sales sell more products to customers faster and more profitably than sales could do by itself.”
Now that you have learned about the importance of data analytics in driving revenue optimization, learn how to apply other tactics and tools to create a disruptive B2B marketing strategy. Check out the full list of episodes at The B2B Revenue Executive Experience. If you enjoy the show, instructions to rate and review it are found here.