Marketing professionals are being challenged in big ways this year...
- Oversubscribed and at the risk of tuning out, audiences have higher expectations. This drives marketers to constantly improve their interactions.
- Rising expenses and more scrutinized budgets are causing marketers to navigate through economic uncertainty
- There is more pressure on marketers than ever to prove the value of their marketing efforts and drive revenue. There's a lot of pressure on marketers to produce the same or better results than ever while having fewer resources, and that's making it harder to fund projects, especially new technology projects.
Marketing must be prudent in 2023, and directly demonstrate ROI for businesses.
This leaves businesses with 3 options:
- Invest less in marketing
- Stress out and initiate a paid point solution for the short-term
- Focus on long-term growth by investing in new marketing efforts that are strategic and thoughtful.
Which one would you go for?
- If you choose option one, you might lose market share to your competitors.
- option two exacerbates your problem by adding more disconnected data and additional costs to your tech stack.
The third option, however, can be a sustainable growth path if handled correctly. For businesses to do this right, they need to understand:
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What role marketing plays in their revenue generation
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Lead value quantification and shortening the sales cycle
With HubSpot’s official release of Customer Journey Analytics, along with HubSpot’s existing multi-touch revenue attribution reporting, customers can leverage advanced marketing reporting to make a tangible impact on the business -- especially at a time when it is critical.
HubSpot's customer journey analytics tool helps businesses track and analyze the different stages of their customers' journey, from initial contact to conversion. Even with a tight budget, businesses can use this information to better understand how customers interact with their brand and identify areas of improvement to improve their marketing efforts.
Businesses can use information like this to identify the cause of a problem and make changes to their marketing strategy, even with a limited budget, if they discover that a significant number of customers drop off at a particular stage of the journey.
In a similar way, HubSpot's multi-touch revenue attribution reporting tool allows businesses to track and analyze the different touch points that lead to a sale, including email, social media, website visits, and more. Identifying the most effective touch points for driving revenue is crucial to understanding the ROI of different marketing efforts.
Even with a tight budget, businesses can optimize their marketing strategy and allocate resources to the touch points that drive the most revenue.
Businesses can make data-driven decisions to optimize their marketing strategy by combining customer journey analytics with multi-touch revenue attribution reporting tools.
Using multi-touch revenue attribution, you can:
- Ensure that marketing and sales activities are aligned
- Keep track of how your leads respond to email campaigns, social media, and landing pages
- Direct your time and budget towards initiatives that have the greatest business impact based on that data.
Analyzing customer journeys will allow you to:
- Get a visual representation of your marketing efforts
- Track conversion rates and touchpoints
- You can refine your approach by understanding what works and what doesn't
Using HubSpot's flexible, customizable dashboards, you can combine customer journey analytics and multi-touch revenue attribution data to see what matters most.
So what will you do as a marketer this year to make an impact? What is your revenue-generating strategy? What are you doing to optimize (or... justify) your campaigns?
Here are additional resources to help you drive revenue and optimize your efforts while proving value to your executives.
- Visit our product page: Advanced marketing reporting
- Register for our upcoming April 11th webinar “Developing a Data-Driven Strategy” to learn more about these powerful tools.
- Watch a demo on 'branching' with customer journey analytics
- Learn how to setup custom journey analytics
Let's do this. Let's make 2023 work despite the odds