Incorporating Next Best Action Insights Into Your Marketing Strategy
A marketer’s life is a never-ending cycle of making decisions: what to produce when to produce it, how to promote it, and who to target. And while some of those choices may seem straightforward, the reality is that they are often laden with uncertainty. The next best action architecture is here to change that.
By incorporating the next best action architecture into your marketing strategy, you can make data-driven decisions based on what is and isn’t working. This will help you move buyers through the sales funnel faster and justify your marketing spend.
What is Next Best Action Architecture in Marketing
Next best action (NBA) in marketing is the most effective thing you can do to turn a prospect into a paying customer. Not every potential customer converts into a buyer after the first interaction. In fact, most prospects require multiple interactions with a brand before they make a purchase.
The next best action architecture is mapping out what is working, what isn’t working, and what to do next to move a customer closer to becoming a paying customer. This is based on historic customer data and takes into account the historic, current, and future stages of the buyer’s journey.
Software makes this even more accessible by automating answers so marketers can spend more time on promising leads. It could be sending a follow-up email, calling the lead, or sending out fresh content.
For example, if you’re targeting someone who has shown an interest in your product but hasn’t made a purchase yet, your next best action might be to offer a discount or send them an FAQ about the product.
Trying to guess what a customer wants is time-consuming and often leads to dead ends. Turn your marketing into easy mode using predictive analytics instead of sifting through all the information in your business intelligence tools. If the software can do it for you, you get to save time and still look like a marketing genius to your boss.
Why Use Next Best Action Insights?
Imagine someone knocking on your door and handing you the answers to everything you wanted to know about a lead. That’s essentially what the next best action insights can give you – the right answer.
Marketers spend a lot of time analyzing data for trends and making decisions based on gut instinct. But next best action takes the guesswork out of decision-making by providing a recipe for what to do next, when to do it, and who to target.
Comprehensive next best action architecture takes a deeper look at what’s impacting revenue. It also considers what’s working well and where there are opportunities for improvement. As a marketer, you can use next best action insights to make smarter decisions about your marketing strategy and budget.
Related: How Does Revenue Analytics Help Marketing Managers Make Better Decisions
Incorporating next best action insights into your marketing strategy has several advantages:
● It helps you make better decisions by taking the guesswork out of what to do next. NBAs are driven by data and can be fine-tuned as you go to ensure that you’re always taking the next best action.
● It saves you time by automating decision-making. This frees up your time so that you can focus on other aspects of your job.
● It justifies marketing spending by providing a clear ROI for each marketing action. This is helpful when you’re trying to get buy-in from upper management.
● It helps you move buyers through the sales funnel faster. You can shorten the sales cycle and close more deals by taking the next best action.
● It allows you to justify your marketing spend by showing how effective your actions are.
Why Should Marketers Use Software for Next Best Action?
Software can make life much easier for those working in marketing. The right tools can give you the next best action insights to make smarter decisions about your marketing strategy.
Such software can use predictive and prescriptive analytics to suggest the next best action for each lead, automatically. All you have to do is connect with your MAP and CRM, and the software will take care of the rest.
Connecting your marketing and sales tools together to provide rich analytics will save your marketing team hours in data analytics. Next best action architecture software will send a new report to your desk each week, saving your marketing team time working through different attribution spreadsheets and BI tools.
You’ll know exactly what’s having an impact on revenue, what’s holding things back, and the next best actions to start getting more paying customers on board. Here are the things you should look for in software to take your marketing to the next level:
Automated Analytics
The analytics marketing teams are working from at the moment aren’t doing enough. Pivot tables, BI tools, and a dozen spreadsheets can only show how marketing campaigns perform. It’s up to the marketers to determine the next steps from there.
Automated analytics gives you the full details of the buyer’s journey. It analyzes the data from your MAP and CRM apps to give your team a deeper look at what’s working. You’ll gain a full-funnel view of your brand’s marketing performance and a granular perspective detailing everything from product type to lead score.
Predictive and Prescriptive Analytics
Most marketing teams are using some form of predictive analytics. But what they’re missing is the next best action – what should you do next? This is where prescriptive analytics comes in.
Marketers can use predictive and prescriptive analytics to suggest the next best actions for each lead automatically. The software looks at all of the data from your marketing and sales apps to determine the best next move.
This could be anything from sending a specific email to scheduling a demo meeting. The software can take into account all of the factors that go into making a decision so that you can focus on executing the next best action.
Data Diagnostics
Data diagnostics is the process of identifying and fixing issues in your marketing data. This is important because bad data can lead to inaccurate insights and decisions.
The data diagnostics must tell you where there is missing lead source data and gives you insights into how to fix the problems. Without reliable data, your marketing team is working blind and may make bad calls that lead to lost revenue growth.
If your diagnostic reports can tell you what’s wrong and how to fix it, your employees can focus on the solution instead of trying to figure out what went wrong in the first place.
Related: Are There Any Tools that Provide Full Funnel Analytics?
How to Use Next Best Action Insights in Your Marketing Strategy
Following a next best action architecture map makes customers happy because you personalize their journey. It also helps make your employees happier as they can spend more of their time working on hot prospects.
Use the weekly report so your marketing team can work on the most promising leads with a high chance of conversion instead of winging it. You’ll know exactly what to do next, which takes a lot of the guesswork out of marketing. This leads to more wins for your sales team and more revenue coming into the business at a faster rate.
If you’re incorporating the next best action insights into your marketing strategy, there are a few things to keep in mind:
● Focus on quality over quantity. It’s more important to have a small number of high-quality leads than a large number of low-quality ones. Next best action insights help you prioritize opportunities, so there are fewer wasted resources.
● Think about the buyer’s journey and what stage each lead is. This will help you determine what kind of content or offer would be most helpful for them. Next best action helps to speed up the buyer’s journey to impact your business’s revenue.
● Target the right people with the right message at the right time. This is the essence of next best action and what it can do for your marketing strategy.
● Make sure you’re tracking your results so you can see what’s working and what isn’t. This will help you fine-tune your strategy over time.
Take the Guesswork Out of Your Marketing Strategy
A next best action architecture map helps marketing teams focus their resources in the right place. No more worrying about wastage or trying to guess the next move based solely on gut instinct.
Level up your marketing by using next best action software that will help you with the following:
● Next best actions based on data that take into account the buyer’s journey.
● Focus on quality over quantity
● Connect your MAP and CRM tools, so the next best actions are analyzed and compiled weekly.
● Help marketers target the right people with the right message at the right time.
RevOptics is the leading tool for predictive and prescriptive analytics. It helps marketing teams be more effective and efficient by automatically suggesting the next best actions. If you’re looking to improve your marketing strategy, request a demo with RevOptics today.
