Welcome back to our 5-part blog series on how you can use real-time wealth data to generate more revenue. Throughout these posts, we are focused on using our real-time API connection to drive better marketing and more sales. In the first post, we discussed how to prioritize and understand your best leads from the moment they first interact with you. In the second post, we talked about how you can get to know your audience better.
This week, we move onto part 3. We’ll focus on how you can fail fast and succeed faster.
I know what you’re thinking. ”Fail fast, succeed faster. What does that even mean?”
None of us want to fail at all. In an ideal world, your strategies will be successful from day 1. But that’s not reality for many of us.
A 2014 study by Sales Benchmark Index found that as many as 71% of marketers were falling short of their revenue targets by adopting the wrong marketing strategies. And that doesn’t even measure how many of the other 29% failed a few times before landing on a successful strategy.
So that begs the question…how do we get the right strategies? The answer is testing.
Ask marketing departments in any successful company. They’ll tell you the same thing. Testing, learning, and testing some more is the key to a winning strategy. If you’re looking to grow your business, implementing well-executed tests is a necessity.
The next question is – What do you test? Well, I’ll suggest that you ultimately test everything. But testing your marketing campaigns is a start.
That’s where the WealthEngine API comes in. With our API integration, you can understand more about the individuals responding to your campaigns and engaging with you…in real time. Income, net worth, assets, and personal attributes are all pieces of information that can be readily available to you at the moment individuals are interacting with your website.
Think of the power of what you can do with that information.
- Test various calls to action, copy, or creative and adjust on the fly based on how individuals with different wealth profiles respond to your marketing efforts.
- Try different sales tactics when you see high-capacity individuals interacting with your website. Find a strategy that works and stick with it.
- Route people to different experiences on your website and test which flow works the best.
You can make all these campaign decisions immediately using information from your ideal audience (or not). And you can set up simple tests that give you answers quickly and lets you learn what works and, just as importantly, what doesn’t.
The next time someone tells you failing is bad, tell them they’re wrong. Failing is a good thing – as long as you do it fast and move onto another strategy. It cuts down on time waste and saves money, giving you more time to find the successful strategy. Utilizing real-time data and information can help you learn what works and what doesn’t, and optimize the effectiveness of your tests.
Keep an eye out for Part 4 of our series in the coming weeks about the personalized treatment of high value prospects.
Want to learn more about our wealth API? Check out our developer’s site. Interested in more use cases and how you can use our API to drive better sales and marketing strategies? Check out our new eBook – 5 Benefits of Real-Time Wealth Insights through an API.