Most modern companies are investing a lot in digital analytics. They are either equipped with the best revenue analytics tools or have professional analysts on their teams. It is because B2B marketers find it challenging to connect their activities with revenue. With revenue analytics, marketing managers can improve their digital marketing initiatives and accurately make connections between the many touchpoints and people involved in the buying journey.
Revenue analytics, if done right, will let you optimize your digital assets and develop tactics to get the most out of your investments.
But, will it help your business grow and increase revenues? Absolutely! Read along to find out how you can use revenue analytics to boost revenues.
What Does Revenue Analytics Do?
1. Align Analytics to Your Revenue Goals.
It is not enough to determine what your goals are. You also have to understand what metrics to measure and set a clear path toward accomplishing the goals. With analytics, you can have the data that you need to get an insight into the ROI. Predictive analytics, for example, can help you identify methods as to how you can improve the ROI. It may also be used to analyze the lifetime value of each customer. You will understand the KPIs better when you align analytics to your financial goals and you will have better chances of increasing the efficacy of your marketing initiatives.
2. Implement Testing and Experimentation.
It is vital to test multiple options for achieving your goals. It is unwise to simply pick a method and then utilize it for your business. Every business and set of customers are unique so it is essential to keep trying to find what best practices suit your company. Using data analytics, you can initiate testing and experimentation on how you can increase conversions, and have better ROIs, among other goals. You can choose a revenue analytic tool to simplify the process and focus on giving a better customer experience and, eventually, more sales.
3. Prioritize Conversion Rate Optimization Strategies.
There are plenty of factors that can influence your online sales and website’s effectiveness. It is, however, difficult to determine if your website is intuitive enough or if the functionality satisfies the customers. With analytics, you can identify the factors that will let you modify your website so that you can deliver a more engaging and memorable experience to visitors. It gives you a way to expedite the conversion process by studying customer behavior and journey on a deeper level. Other areas that you can improve on to optimize conversion rate strategies using revenue analytics include site architecture, design, content, navigation, and marketing strategy.
4. Gain Coherent Insights From Multiple Channels.
Customers use a variety of channels in accessing your brand. It becomes a lot more challenging to determine which content they like best because you need to factor in the channels that they frequent. With revenue analytics, you can easily map visitor journeys across channels. You can check how the engagements are whether they are using mobile devices, social media, mobile apps, websites, etc. You can even measure how offline channels impact your marketing initiatives through relevant data. With the data that you gather, you can implement better methods to engage each customer at every touchpoint.
5. Analyze Customer Behavior Patterns.
It is common in any business to have different types of customers. While this fact makes it difficult to meet and exceed customer expectations, there is a way to understand customer behaviors better. That is through effective data collection and analysis strategy. By collecting and studying customer data, you can find purchase patterns. This will allow you to tweak your marketing, like when it is best to run promotions and which products customers favor the most during specific months. Running analytics will serve as your guide to better adjust your strategies according to customer behavior. In the end, you will observe how your campaigns become more effective at engaging the customers.
Now that you are aware of how revenue analysis is truly a gem in your business, it is time to hop into the next part which is to identify the best revenue analytics tool to help you out.
Best Revenue Analytics Tools to Try
There are plenty of revenue analytics tools in the market today so it is a bit overwhelming to choose one that will help you achieve your goals. Here are a few tools to get you started in doing deep-dive marketing analytics:
Dreamdata.io – This tool is designed as a B2B attribution software for small and mid-sized companies to build and scale success. It gathers all relevant data coming from CRMs, Ads, and other customer success tools. The no-code platform uses an on-site behavioral tracking script and automatically transforms the data into actionable insights.
What Dreamdata does is give you unprecedented insight into the whole customer journey. It covers every touchpoint and gathers data from both anonymous and paying customers. With its attribution features, the revenue-generating performance of all activities in the pipeline, campaigns, and channels is revealed so you can find each value. The accurate and interactive marketing, sales, and customer success reporting will allow you to benchmark growth and make precise revenue predictions.
You can start with a free account and try basic features like account-based and influenced deals analytics, conversion tracking, B2B customer journey tracking, and user identification and company enrichment. Available support for a free account is a self-service setup and slack community support.
Small B2B teams that need advanced analytics and attribution can do with the $999 per month team plan. Its features include end-to-end customer journey mapping, account-based attribution, content analytics, and many more. Aside from the self-service setup and slack community, it also includes dedicated customer support.
A custom plan may also be tailored to fit your team’s needs.
Boostup.ai – As one of the fastest-growing data analytics tools, Boostup.ai unlocks all hidden data throughout the sales stages. It allows the organization to review every activity level, assess the risks in the pipeline, and maximize sales enablement. It ensures that goals are hit by identifying early possible roadblocks and making actionable forecasts.
With its features, Boostup.ai can provide a 360-degree view of customer engagement. You can then focus on opportunity management. And identifying risks that can be managed. Focusing on forecast risk management is the new standard in forecasting to give a full analysis of the sales and revenue pipeline.
Revenue Grid – This platform uses artificial intelligence for its wide range of features intended to give you full access to revenue data and insights. The revenue generation process is complex. You need tools for a comprehensive solution that will guide your organization to turn data into actionable insights. It gives you a bird’s eye view of the full sales cycle. It will help you analyze every step in the customer journey from the first touchpoint and everything leading up to the closing touchpoint. Revenue Grid can be integrated into your tech stack. It can then be used to generate reports for revenue signals, sales forecasting, engagement statistics, and other relevant analytics data.
InsightSquared – The entire revenue team is always faced with the challenge of hitting sales targets and increasing revenues. InsightSquared is one of the best revenue analytics tools that can help you get towards those goals. With its predictive analytics and forecasting features, you get unprecedented visibility of the whole pipeline. It works great in tracing campaign effectiveness from initial contact until closing a deal. The advantage of using an effective revenue analytics software like this is that it helps you identify hidden opportunities, boost the accuracy of your forecasts, and improve conversion rates.
Clari – Sales and marketing activity data are useless if you are unable to use them to drive revenue. Clari is a useful tool to better understand relevant data so your team will know where to focus their efforts. Generally, the approach of Clari is to help your organization understand the nature of your customer relationships. It guides the team in the different levels of customer and prospect engagement. Ultimately, Clari will help you define a solid market strategy. It can do all of these by integrating all activities into one platform. It can be used to gather CRM data and all other activity signals. After capturing data, all activities are associated to identify actionable opportunities. It not only gives a holistic view of customer engagement activities but also gives a smarter way to execute insights.
Your Turn
Revenue analytics provide a wealth of data that you can utilize to accelerate your business growth and increase revenues. A lot of software works as revenue analytics tools to help you gather and analyze data. It is all that you need to take the guesswork out of the equation and an effortless method that will give you an edge when doing deep-dive marketing analytics. By providing full access to relevant data and actionable insights, your team can succeed in all of your revenue generation activities and drive revenue growth.
Author’s Bio:
Jenn Pereira is always up for a growth marketing challenge. She’s gone from 0 to 400K monthly visits on their SaaS Website, and she’s passionate about helping others do the same. She loves seeing results and is constantly building more SaaS growth hack case studies.
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