Why Your Company Needs a Digital Analytics Framework

When you’ve got a boatload of data all over the place, but no freaking clue as to how or what to pull together, a framework’s value shines through. For many businesses, this is the equivalent of finding $5 in your pants or shirt pocket every morning. It doesn’t sound like much, but it adds up! Here are a few real examples:

Reduce Your cost per new customer, Lead or Sale by $5

With this goal, an analytics framework provides the structure to collect information on new customers, identify the source of each lead, and explore possible integrations to identify trends as well as opportunities to cut costs by $5 per new customer.

Increase lead generation, but with less marketing budget

If you don’t plan to collect the lead generation data, lead source, cost per lead, and have people to analyze the data, then it’s difficult to identify the tactics driving leads and at a lower cost than others.

So, how can you begin to incorporate a framework? Start by leveraging your existing assets. For example, I spoke with a Business to Business (B2B) company last week that has a purchase lead list, telemarketing services, and is tracking the leads in a Customer Relationship Management (CRM) system. The scary part is that after the telemarketing department schedules a meeting and the sales reps follow-up, the leads enter a “black hole”! By employing this approach, so does their profitability and growth.

Do you remember the saying, “If I knew what I know now, I would have……?”. The value of a set framework is in cutting costs, identifying opportunities, capitalizing on competitive advantages, and adjusting to shifts in industry-wide trends.