In today’s dynamic business landscape, people often think that spending more on ads or even being on multiple platforms will provide their business with the most success. Well... they’re not wrong. But what do you do when your company hits a plateau in profit and business growth? What do you do when your marketing strategies aren’t providing you the results you’re looking for? In our recent collaboration with a Law Firm, we intended to, and solved, these issues by leveraging data to evaluate marketing channels effectively. So, let’s delve deeper into how this was done and why this topic is crucial in the digital marketing world.
Why is this topic so important?
In an era where every marketing dollar counts, businesses must invest wisely. Understanding which marketing channels provide the best result can impact the bottom line significantly. Our audience, comprising entrepreneurs, marketers, and business leaders, stands to gain valuable insights from our exploration of conversation rate dashboards like this one. At Bear Cognition, we believe in harnessing the power of data to drive decision-making. By looking into the subtle differences of conversion rate analysis, we aim to empower businesses to optimize their marketing effort efficiently.
Unveiling Key Principles and Tips
This concise yet powerful dashboard provides a comprehensive view of the conversion rates from initial marketing calls to leads, categorized by marketing sources. Upon analysis, it was revealed that a significant portion of funds, over $1.6 million, was directed towards Google Ads, yielding one of the lowest conversion rates of around 9%. In contrast, the most successful marketing avenue proved to be billboards with a conversation rate of 10%, delivering quality leads at a considerably lower cost of $12,000.
Dashboard Dynamics
Beyond displaying conversion rates, the dashboard traces the success of each marketing source throughout the entire customer pipeline. Starting from the initial phone call to the total number of sign-ups, it pinpoints the primary sources of leads. As seen in the figures above we can see that Google My Business has a little over 9,000 calls and over 1,500 customer sign ups. With additional data, this insight can extend to the deal closure, incorporating revenue figures to identify the marketing sources contributing to the most successful deals. This not only generates quality business but also optimizes time by filtering out less promising deals.
Granular Analysis
Furthermore, the dashboard facilitates a granular analysis of individual campaigns. For instance, identifying Google My Business as a successful source prompts a deeper exploration into specific campaigns or ads generating the highest viewership by looking through the Attribution Summary. For example, in the figure above, the customer could hover GMB Denver to see that this campaign has 12,806 leads whereas, GMB Dallas has 1,708. Metrics on the success of these campaigns provide invaluable insights into the factors driving their effectiveness. Helping and leading to the business to answering questions such as:
Are leads from certain locations more likely to convert into customers?
What is the quality of leads generated by each ad in different locations?
Are there any trends or patterns in the performance of ads in specific locations?
How do demographic and geographic facts influence lead generation in different locations?
Are there any opportunities to capitalize on competitor weakness or market gaps in specific locations?
In essence, this dashboard serves as a crucial component in the broader business strategy, ensuring revenue growth by redirecting resources from less successful marketing channels to those generating positive leads.
Practical Application: Implementing Insights
How to apply:
To harness the capabilities of this technology, a business must possess data tracking mechanisms seamlessly integrated into Customer Relationship Management (CRM) systems. These mechanisms use unique identifiers associated with deals or individuals. In the case of the Law Firm, the primary CRMs utilized were Call Rail and Lead Docket.
Other Platforms
The data tracking extends beyond CRMs, incorporating insights from various platforms such as Google Analytics 4, Google Ads, and Google My Business Account. These integrations enable a holistic view of the customer journey, from the initial interaction to deal closure. The unique identifiers ensure that data is accurately attributed, allowing for precise analysis of the success of marketing channels and campaigns.
And With That Being Said…
In summary, this robust tracking infrastructure is foundational to the Customer Journey Dashboard, providing real-time, data-driven insights. By understanding the importance of data-driven insights and adopting strategic approaches to analysis, businesses can unlock untapped potential and drive sustainable growth.
So, are you ready to revolutionize your marketing strategy? Contact us today to explore how Bear Cognition can help you harness the power of conversation rate dashboards. Dive deeper into the realm of conversation rate optimization and begin your company journey through success fueled by data-driven insights.