How confident are you in your current marketing analysis?
Are you receiving weekly reports with a “Mad Libs” style fill-in-the-blank summary? Are there regular meetings to review trends and agree on next actions?
Reporting and dashboards are important, but they lack the insight that reveals what is truly happening inside your business.
To understand whether you need to improve your marketing analysis, Directade compiled these 5 questions you should ask your marketing team.
Do we know which is the most profitable product in our portfolio?
Which is the least profitable?
Do we know who are our best customers?
a) Highest Customer LTV and Least Churn.
b) Where did they come from (media channel, offer)?
What is the separation between our current CPO and CPO Allowable?
a) Are we spending too little and missing out on potential growth?
b) Are we spending too much to acquire each order?
Are we aware of the factors that most negatively impact revenue? What are we doing about the following:
a) Out of Stock products.
b) Credit Card Billing Failures.
c) Shipping Delays.
If we received $100K in incremental budget tomorrow where would you best spend it to meet our objectives?
a) Media Channel investment.
b) Improve back end efficiency.
c) Buy more inventory.
How your team responds to these questions is just as important as the answers themselves. Your marketing team should be able to discuss these topics openly and confidently.
Don’t be afraid to ask for outside help. Directade works with existing teams to ensure business objectives are being met through strategy and analysis based recommendations.