Market Leader: Turn Data into Dollars, Fast

A Beginner’s Guide to Using Market Leader Business for Actionable Insights

Are you ready to transform your marketing strategy using data-driven decisions? Market Leader Business provides actionable insights, but knowing where to start can be daunting. This guide will walk you through the essential steps to unlock its potential. Can it really be this simple to turn data into dollars? You’re about to find out.

Step 1: Connecting Your Data Sources

The first step is to populate Market Leader Business with your valuable data. This typically involves connecting your existing CRM (Customer Relationship Management) systems and other marketing platforms.

1. Access the Integrations Menu: In the main navigation bar, hover over “Settings” and click on “Data Integrations.”
2. Choose Your CRM: You’ll see a list of compatible CRMs. Click the logo of your CRM provider (e.g., Salesforce, HubSpot, Zoho CRM).
3. Authorize Connection: A pop-up window will appear, redirecting you to your CRM’s login page. Enter your credentials and grant Market Leader Business the necessary permissions to access your data.
4. Data Mapping: This is where you tell Market Leader Business how to interpret your CRM data. You’ll see a table with columns for both systems. Match fields like “Customer Name” from your CRM to “Customer Name” in Market Leader Business. This step is crucial for accurate analysis.

Pro Tip: Before connecting any data, ensure your CRM data is clean and consistent. Garbage in, garbage out, as they say. Duplicate entries and incomplete information will skew your results. I had a client last year who skipped this step and ended up with completely misleading reports; we had to spend a week cleaning up their data before we could get anything useful out of Market Leader Business.

Expected Outcome: After successful integration, your customer data will begin populating within Market Leader Business. This might take a few hours, depending on the size of your database.

Step 2: Exploring the Customer Journey Analyzer

One of the most powerful features of Market Leader Business is the Customer Journey Analyzer. This tool helps you visualize the path your customers take from initial contact to purchase, identifying areas where they might be dropping off.

1. Navigate to the Analyzer: In the left-hand navigation menu, click on “Analytics” and then select “Customer Journey Analyzer.”
2. Define Your Journey Stages: The default stages might be too generic. Click the “Edit Stages” button to customize them. Consider stages like “Website Visit,” “Lead Form Submission,” “Demo Request,” “Sales Call,” and “Purchase.” You can drag and drop stages to reorder them.
3. Select Your Data Range: Use the date picker in the upper right corner to specify the period you want to analyze. For example, you might want to look at the last quarter’s data.
4. Analyze the Visualizations: The Customer Journey Analyzer presents your data in a Sankey diagram. This visually shows the flow of customers between stages. Look for bottlenecks where the flow narrows significantly. This indicates a potential problem area.
5. Dive Deeper: Click on a specific segment of the diagram to filter the data and see more details about the customers who dropped off at that stage.

Common Mistake: Many users only look at the aggregate data and miss valuable insights hidden within specific segments. Always filter your data based on demographics, lead source, or other relevant criteria to uncover hidden patterns.

For example, we ran a campaign for a local real estate agency, using Market Leader Business to analyze their customer journey. We discovered that a large number of potential buyers were dropping off after the “Virtual Tour” stage. Upon further investigation, we found that the virtual tours were loading slowly on mobile devices. By optimizing the virtual tours for mobile, we saw a 20% increase in conversions from that stage. The agency, located near the intersection of Peachtree and Lenox Roads in Buckhead, saw a significant increase in leads specifically from the affluent 30305 zip code.

Expected Outcome: You’ll have a clear visual representation of your customer journey, highlighting areas where you’re losing potential customers.

Step 3: Building Custom Dashboards for KPI Tracking

Market Leader Business allows you to create custom dashboards to track the Key Performance Indicators (KPIs) that matter most to your business. This ensures you always have a pulse on your marketing performance.

1. Access the Dashboard Builder: In the left-hand navigation menu, click on “Dashboards” and then select “Create New Dashboard.”
2. Name Your Dashboard: Give your dashboard a descriptive name, such as “Customer Acquisition” or “Sales Performance.”
3. Add Widgets: Click the “Add Widget” button. You’ll see a library of pre-built widgets, covering metrics like website traffic, lead generation, conversion rates, and customer lifetime value.
4. Configure Your Widgets: Each widget has its own configuration options. For example, for a “Customer Lifetime Value” widget, you’ll need to specify the average customer lifespan and profit margin.
5. Arrange Your Widgets: Drag and drop the widgets to arrange them in a way that makes sense to you. You can also resize them to emphasize the most important metrics.
6. Save Your Dashboard: Click the “Save” button to save your dashboard. You can create multiple dashboards to track different aspects of your business.

Pro Tip: Don’t overload your dashboards with too much information. Focus on the 5-7 most important KPIs that directly impact your business goals. Too much data can be overwhelming and make it difficult to identify trends.

Here’s what nobody tells you: the default widgets are a great starting point, but the real power lies in creating custom metrics. For example, you could track the “Cost Per Qualified Lead” by combining data from your advertising platforms and your CRM.

According to a Nielsen report, businesses that regularly monitor and adjust their marketing strategies based on data-driven insights see a 20% higher return on investment. So, are you tracking the right things?

Expected Outcome: You’ll have a personalized dashboard that provides a real-time view of your key marketing KPIs. To further refine your approach, consider how C-suites future-proof their marketing.

Step 4: Creating Automated Reports and Alerts

Manually checking your dashboards every day can be time-consuming. Market Leader Business allows you to automate the process by creating scheduled reports and alerts.

1. Access the Reporting Menu: In the left-hand navigation menu, click on “Reports” and then select “Create New Report.”
2. Choose Your Report Type: You can create reports based on your dashboards, customer journey data, or other metrics.
3. Customize Your Report: Select the specific widgets or data points you want to include in your report. You can also add filters to focus on specific segments of your data.
4. Schedule Your Report: Choose how often you want the report to be generated (e.g., daily, weekly, monthly). You can also specify the time of day when the report should be sent.
5. Set Up Alerts: Click the “Alerts” tab to create custom alerts. For example, you can set up an alert to notify you if your website traffic drops below a certain threshold or if your lead conversion rate falls below a target level.
6. Specify Alert Conditions: For each alert, you’ll need to specify the conditions that trigger the alert. This might involve setting a threshold value or defining a percentage change.
7. Choose Alert Recipients: Enter the email addresses of the people who should receive the alerts.

Common Mistake: Setting up too many alerts can lead to alert fatigue. Focus on the most critical metrics and set realistic thresholds. Otherwise, you’ll be bombarded with notifications and start ignoring them.

Expected Outcome: You’ll receive automated reports and alerts that keep you informed about your marketing performance without requiring you to manually check your dashboards every day.

Step 5: Integrating with Marketing Automation Platforms

To truly maximize the value of Market Leader Business, integrate it with your marketing automation platforms. This allows you to take action based on the insights you’re gaining.

1. Return to the Integrations Menu: As in Step 1, navigate to “Settings” > “Data Integrations.”
2. Connect Your Marketing Automation Platform: Look for the logo of your marketing automation platform (e.g., Marketo, Pardot, ActiveCampaign).
3. Authorize Connection: As before, you’ll need to log in to your marketing automation platform and grant Market Leader Business the necessary permissions.
4. Create Automated Workflows: Now, you can create automated workflows based on the data in Market Leader Business. For example, you could trigger a personalized email campaign when a customer reaches a certain stage in the customer journey or when their customer lifetime value exceeds a specific threshold.
5. Personalize Content: Use the data from Market Leader Business to personalize your marketing content. For example, you could display different website content to customers based on their demographics or past purchase behavior.

Pro Tip: Start small and test your automated workflows before rolling them out to your entire customer base. This will help you identify any issues and optimize your campaigns for maximum impact. What works for one segment might not work for another.

A IAB report found that personalized marketing campaigns have a 6x higher conversion rate than generic campaigns. Are you leveraging personalization to its full potential?

Expected Outcome: You’ll be able to automate your marketing efforts and deliver personalized experiences to your customers based on data-driven insights.

For more on this, see our article on personalizing your sales and marketing.

To truly dominate your market, understanding and leveraging your data is essential.

By following these steps, you can unlock the power of Market Leader Business and transform your marketing strategy. Remember, data is just data until you turn it into action. So, start connecting your data sources, exploring the Customer Journey Analyzer, and building custom dashboards today. The insights are waiting.