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Key Marketing Insights You Need to Keep an Eye On

Key Marketing Insights You Need to Keep an Eye On

  • 11 November 2020
  • By OCBC Business Banking
  • 10 mins read

Running a business without a marketing plan is like smiling in the dark — the only one who knows you are doing it is you. In a similar vein, marketing without data is like driving in the dark with your car headlights turned off. It’s an unproductive strategy that will quickly result in an expensive lesson. And in this uncertain economy, it’s probably not a lesson you can afford.

Most business owners know the importance of marketing, and they have the tools too. But a smaller percentage of business owners understand how to effectively use these tools and leverage on data to arrive at the key marketing insights that will move the needle on their business.

Are You Using Your Apps Effectively to Gain Business Insights?

Email Marketing

When it comes to email marketing, Mailchimp is a simple but powerful email marketing automation tool that you can use to reach your audience on a regular basis. From promoting new products and services, to offering updates on the latest promotions, Mailchimp can automate these important campaign announcements so you’ll no longer have to manually carry out this repetitive task.

More importantly, with the option to track your results, Mailchimp allows you to tweak your future email campaigns to best encourage conversions from your audience. After all, email marketing has a 3,200% to 4,200% return per dollar spent.

But Returns on Investment (ROI) can only be achieved if you properly track and leverage the data you obtain from your email marketing campaigns so your consumers will keep coming back for more.

E-Commerce

In the current digital era, it’s likely that you would take your brick-and-mortar business online. In order for you to offer services such as payment and shipping, setting up an online store through an e-commerce platform such as Shopify is much easier than it seems.

Apart from relying on just an overall sales figure to evaluate how your business is doing, why not dig deeper so you’ll get a more comprehensive overview?

With a built-in inventory tracker, you’ll be able to see which products are selling the best, so you can stock up on more of them. Alternatively, Shopify also offers an indication as to which stocks are moving slowly, so you’ll know what to focus your marketing efforts on to drive sales.

Website Analytics

Are you curious about who visits your website? That’s what Google Analytics is for. Google Analytics is a one-stop platform that enables you to track sales, conversions and the profiles of your site visitors, so you can obtain valuable insights to help shape your business strategy.

You can see which landing pages are performing best, and where the bulk of your visitors come from. You’ll even be able to find out whether they clicked through email marketing campaigns or if they found you through organic search. All this data can then be utilised to formulate a strategy on how to keep your consumers coming back.

Start Right. Start Digital

Keen on growing your online presence? Consider OCBC’s Start Digital bundles that provide your business with up to 12 months free subscription for selected apps.

Disclaimer

You may be directed to third party websites. OCBC Bank shall not be liable for any loss suffered or incurred by any party for accessing such third party websites or in relation to any product and/or service provided by any provider under such third party websites.

The information provided herein is intended for general circulation and/or discussion purposes only. Before making any decision, please seek independent advice from professional advisors. No representation or warranty whatsoever in respect of any information provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake any obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein. Any reference to any specific company, financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same.


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