Return on investment, better known as ROI, a key performance indicator (KPI) that’s often used by businesses to determine profitability of an expenditure.
It’s exceptionally useful for measuring success over time and taking the guesswork out of making future business decisions. Now company can improve their ROI if they are efficient with analytics.
While nearly all companies invest in analytics, few organizations are getting it right and generating meaningful business impact.
Following are the ways to increase ROI with the help of analytics:
. Send time optimization:
The send time optimization feature delivers the messages at the exact time of day and week that your customers are more likely to view their inboxes. This analysis is done based on the prior behavior. It uses machine learning to analyze your contacts’ behavior and identify the times when they are most responsive. This is independent of time zone, language or region.
We at Helo determine when the next send time optimization-enabled message should be delivered to your contact, based on the most frequent responses which we get from the customers. This will help to collect the accurate data over time. This helps to maximize the chances of your SMS campaigns in engaging your customers.
· Content optimization:
Content optimization is a process by which the content provider can improve the quality of the content. While running a SMS campaign one needs to keep a track what kind of content customer is responding too.
According to the customer responses the further content should be made up. For instance, if the customer is more into images and videos then try including smart links with your messages. This will increase your chances to engage your customers and generate leads.
· Smart segmentation:
Smart segmentation means to divide your customers based on their response to your messages. There are different types of users such as users who respond to your message and then there are some users who don’t. There are also DND users to whom we cannot send the messages as per rules and regulations. So with the help of smart segmentation we can divide the huge customer base into different groups.
It not only helps in targeting the right audience but it also reduces the cost per message and increases your returns. For instance, if the message is to be sent to 500000 target audience then in this case segmentation will remove the DND users and the uninterested users. This will ultimately increase the efficiency and effectiveness of campaign which will ultimately increase the ROI.
Chatbots have been on the rise since a couple of years and have already faced a wide adoption. A chatbot is a program, powered by rules and AI, which simulates a real interaction with users via a chat interface. In other words, a chatbot is a service that can have a conversation with you just like a real person. Chatbots are the talking point of the business world right now.
The arrival of chatbots has opened up new realms of the customer engagement and new ways of doing business in the form of conversational commerce. It is one of the useful technologies created under AI. They are bringing a new way for businesses to communicate with the world and most importantly with their customers by the help of exploding popularity of messaging apps.
Chatbots help in improving customer’s service as the always available customer support feature helps to connect with large number of audience at any time and that too individually. It also helps in monitoring consumer data and gaining insights. All this helps in lead generation, qualification and nurturing.
· Campaign Retargeting:
Messages are opened on an average within 90 seconds, compared to 90 minutes for email. SMS has an open rate of 98% with 90% of messages opened within three minutes. This makes SMS a powerful and highly responsive channel, and we’ve seen it outperform email in terms of click through rates (CTR). Retargeting is a powerful digital marketing technique when campaigns are run correctly.
Campaign retargeting mainly focuses on the uninterested users. While doing smart segmentation we come across DND users and the uninterested users. So if one campaign is not working then we could retarget these set of audiences through different campaigns. Not only the uninterested ones but campaign retargeting is also done for targeting the customers who earlier responded to your messages. Retargeting helps the brand in lifting up. People are happy to use mobile phones to respond to remarketing messages and as such this will in increasing ROI.
· Smart Journey:
Smart journey basically means understanding the customer behavior. What kind of messages they are responding too, what websites they prefer to visit, what products they search for, their likes and dislikes etc. is something which marketers consider under smart journey. All this database is collected for the analysis. Customer behavior plays an important role in SMS marketing campaign.
The content related to the message that a particular individual likes should be identified by the campaign manager and such group of individuals should be targeted with similar kind of messages. Because their interest in such kind of messages shows that there are chances that they may get converted into qualified lead.
Personalizing your SMS can help in improving conversations, improve click through rate and decrease unsubscribes. Personalized messages can lift the transaction rates and revenues six times higher than non-personalized messages. Some of the facts states that 52% of consumers are somewhat likely to switch brands if they don’t receive personalized experiences. Also, 62% of consumers welcome personalized offers and discounts based on their purchase history.
Thus, personalization adds up the feel that helps you to engage with your customers in much better way and such generates higher returns.
Helo Marketing run by VivaConnect ,provides above mentioned analytics tools with their SMS automation campaigns .
Join hands with Helo to improve your ROI by 1.5x and reduce marketing budget by 25% !!