Maximise Return on Investment of Your Market Research

We are swimming in a vast sea of data. From the millions of users on social media following their favourite brands to entrepreneurs podcasting to the masses, we are surrounded at every moment by swarms of data. Learning to swim in this new age can be quite the challenge.

Fortunately, there are some fundamentals that we can use to help us get a handle on things. Setting clear, short goals is the best place to start revving up the return on investment of our marketing research. Here are some of the best practices for getting the best return on investment from our marketing research. Are you ready to learn to swim?

Create a Plan

Every business venture starts with a plan. Here, we’re going to quantify the expected outcome of marketing investments. While the exact details will vary from business to business, the fundamentals are the same.

It all starts by creating an initial outline. Look at historical data within your niche and find any past trends. Then use that information to outline a new plan. It doesn’t have to be perfect right now. Just write down what comes to mind.

Each item you list must be measurable. If not, then remove it from the list. For the items that remain, list the possible analytics you could use to track it. Everything you do must be measurable so that you can see what works and what does not.

Ask the following question: How can we reach our estimated ROI?

Become an investigator instead of a dreamer. Actively search for ways to measure the effectiveness of your campaign.

• Align Marketing Analytics with Specific Financial Goals
• Use Predictive Modelling When Analysing Marketing Data
• Gather Engagement Data from Social Media Feeds

Avoid Vanity Metrics

Vanity metrics are extremely dangerous because they can distract you from what’s important. Things like Facebook likes, Twitter followers, and press release shares might all look cool on paper, but they have no real impact on marketing. The problem is that vanity metrics make us feel good about our efforts, so some people tend to fall under the false impression that their marketing is doing well. Rather than putting your focus on vanity metrics, you should be tracking metrics that relate to ROI. Ask the question: What impact is this specific metric having on the growth of my company?

When you start measuring the right data, you will be able to save time and make much better predictions. Start leveraging your tools.

• Create reports from the data that your business needs.
• Create consistent ways to track your customer’s behaviour.
• Analyse available data before and after taking a marketing action.

Experiment Consistently

Experimentation provides your business with the opportunity for faster growth. All successful businesses test new strategies before rolling out a full version of them. Contrary to popular belief, experimenting is not a difficult process. All you need to do is take one action on a targeted group and then take another action with a control group. Then compare the results to see which one had the best results.

You should consistently try out new marketing tactics. How is your business exploring new possibilities? Here are some tips to boost the ROI through experimentation.

• Budget experimentation of different marketing tactics.
• Choose one area of focus and then test until you can no longer improve it.
• If an experiment fails, move on. There is no gain from sulking after a defeat.

Setting goals, focusing on the right metrics, and experimentation are three simple steps that all successful businesses use to measure and maximise the ROI of your marketing campaign. Stop letting the chips fall where they will. Follow these steps to create and implement a successful marketing strategy.