Score Growth with Business Messaging Analytics

4 key metrics to learn from messaging analytics for business growth

What’s the score? Just like results are important in sports, so are they in business. Analytics helps you keep track of what’s happening, what’s working and what’s not. Business messaging analytics helps you take stock; decide if you need to change something and then repeat the cycle of measuring the results you get. You can’t manage what you can’t measure.

How can analyzing your business messaging grow your business?

Make more informed choices– 49% of respondents said that analytics helps them make better decisions, according to a recent Deloitte study[1].

Increase customer satisfaction– 65% of companies use data and analytics to target marketing campaigns, says a 2016 KPMG survey[2]. Recently, Salesforce emphasized analytics at Dreamforce ’16, with the launch of Einstein.

Whether you’re in marketing, sales or support, analytics can help you engage, win, and retain your customers.

What can you learn with business messaging analytics?

Reggie, the marketing executive in Multiplier Bank (names fictional), ran a text based promotional campaign to encourage customers to make financial plans. How did he do? Let’s take a closer look at how business messaging analytics helped Reggie improve his results.

1. Response rate

Messaging  dramatically improves your response rates. In fact, messages receive more than triple the response rates of emails. So how do you use analytics to get that response rate you want?  Here are some questions to ask.

Is your data clean? If your message doesn’t get delivered, how can your target audience read it? Aim for a delivery rate of more than 96%. Otherwise, check your data.

Is your CTA easy to perform? A keyword based CTA makes it easy for your recipients to reply. You can even direct them to a URL related to their keyword. Click through ratios of mobile URLs are 4x that of email URLs. Here’s an example Reggie used:

Hi Clara, Financial planning can help you achieve your monetary goals. Reply LEARN to download a Multiplier guide or SPEAK to get a call back. Thanks, Reggie

Is your message sent at the optimal time? Varying your strategy helps you decide. You can see the response rate of messages sent on different days and times and plan your next campaign accordingly.

2. Conversational effectiveness

How do you know which types of content are relevant and compelling to your prospects? Analytics gives you the insights to make your conversations more effective.

What’s working? You can analyze which conversation flows were most effective, based on your criteria for effectiveness. For example, you can understand which workflow had the most responses. Reggie saw that customers responded more to the LEARN keyword, so he planned further messages in that drip.
How long is it taking for customers to respond? Reggie discovered that his customers were taking time to respond to his emails, so he decided to try messaging. A time bound offer can increase urgency and ensure faster response time.

Hi Clara, Multiplier has reduced loan rates by 1%! Offer valid till 11/30. Reply SCHEDULE to make an appointment with our loan officer. Thanks, Reggie

Are you over-messaging your customers? If you have too many opt outs in a short span of time, you may need to look at your messaging frequency. Opt outs can also indicate the conversations that customers perceive to be low-value. Your opt out rate should be less than 5%, so tweak your future campaigns if you get a higher percent of opt outs.

3. Buyer Relevance

We all know that relevance is the key to compelling conversations. Yet how do you know that what you think is relevant is also what your customers think is relevant?

What most interests your customers? It’s easy to ask buyers what their specific areas of interest are in a conversation. For his next campaign, Reggie wanted to know his customers top financial needs and whether his customers had any requirements he hadn’t addressed. Instead of a keyword based conversation flow, he decided to run one which invited open ended responses.

Hi Clara, Reggie from Multiplier here. What’s your biggest financial concern? Reply to this number and we’ll be in touch. Thanks.

How can you use what you learn? You can analyze responses to find patterns and determine which areas are most interesting, find new areas you haven’t addressed yet, learn which areas really aren’t that important and more.

4. When to transition a prospect to sales

Are you considering multiple parameters? Based on factors like response rate and response time, Reggie can identify hot leads and pass them to his colleagues in sales. Otherwise, he can nurture warm leads further to increase their engagement.

Summary

Analytics helps your messaging grow your business. By monitoring your conversational flows, you can learn more about customer behaviour and better anticipate their needs. SMS-Magic’s analytics gives you key metrics in an easy to understand dashboard format as well as in a detailed graphical view.

References

[1] The Analytics Advantage
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Deloitte-Analytics/dttl-analytics-analytics-advantage-report-061913.pdf

[2] Building trust in analytics
https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2016/10/building-trust-in-analytics.pdf

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