3 Ways That Digital Experience Analytics Maximizes Your Marketing ROI
The uncertain economic outlook that we are facing: the energy crisis, high-interest rates, and macroeconomic factors that affect global markets and the supply chain, means that the budgets allocated to marketing continue without recovering, leaving the pre-pandemic figure far behind, which was by 11%. (Source: Gartner)
However, the pandemic has shown that brands remain willing to invest, albeit in areas that present greater value at scale. In fact, a Harvard Business Review study cited that
CMOs plan to increase their proportion of digital marketing spend to 73% by 2023, a significant 16-point jump from 2022.
Harvard Business Review
Thus, they plan to strengthen this approach, as Agility and digital investments have proven to be positive in the last two years and indicate incredible potential in the future.
Digital marketing represents the future of many companies because it allows CMOs to reduce costs during economic uncertainty and maximize opportunities. Data, of course, plays a very important role. Digital experience analytics, in particular, has the power to inform marketing spending decisions by taking a close look at the effort-return relationship.
Fernando de Águeda, Country Manager of Contentsquare
What is Digital Experience Analytics?
When face-to-face with someone, it’s easier to understand how they are reacting to the experience you are providing them, whether it be through what you are saying or products, offers, or other content you are showing. However, in the online world, it’s much harder. Digital experience analytics allows you to understand your customer’s unique behaviors, feelings, and intent in the digital world, just like you would in the face-to-face world.
Read More About Digital Experience Analytics
Why Digital Experience Analytics Maximizes ROI in Marketing
- Focus on value. With the rebalancing of marketing budgets, spending on customer acquisition is reduced, shifting the budgetary focus toward higher-value strategies. Some of them: improving personalized experiences at scale or fostering relationships to ensure long-term customer engagement with the brand. With 50% of users never getting past the first page of a website, according to Contentsquare’s Digital Experience Benchmark, focusing on customer satisfaction and retention is vital to maximizing return on experience.
- Experiential differentiation. Customer experience (CX) analytics allow you to refine the implementation, configuration, and use of many digital technologies. While A/B testing programs are not a new concept, trial and error aim to discover those components that drive a successful customer journey and replicate them in other campaigns. A good example of this is Pizza Hut Digital Ventures, which ran a four-week test around a sales page and quickly discovered that while Pizza Hut thought the placement of its promotions was obvious, it really wasn’t. After making major changes, they achieved an increase in their income of 7.8 million dollars annually.
- Operational efficiency. Through digital experience analytics, marketing teams are able to effectively identify and prioritize tactical execution, and opportunities to drive digital marketing performance become clearer. Beyond the marketing team, data-driven decisions pave the way for better cross-departmental collaboration, especially when data is accessible and easy to interpret. This better visualization allows organizations to break down the barriers between departments, quickly aligning them with their objectives and strategies.
Despite the crisis, brands must continue generating strategies that retain their regular customers and manage to surprise and attract new ones. To achieve this, it is essential to invest in the user experience, going beyond the acquisition and conversion funnel. For this 2023 it will be key that this experience is fast and fluid, satisfactory and cohesive, reliable and accessible. In addition, personalization must go one step further, reaching it through insights or knowledge that do not jeopardize the user’s privacy. At the same time, brands must be able to create a sense of ownership among their visitors, understanding their concerns and priorities.
Contentsquare Digital Experience Analytics
Marketing managers are under enormous pressure to balance their customers’ expectations with the budget decisions they are already making for this year. Contentsquare, a specialist in digital experience analytics, offers its analysis tools that provide data that generates knowledge or valuable insights for companies, so that they can maximize their return on investment (ROI).
