Opportunity Tracking
Your marketing is getting better, and the customers keep coming in, but what if you want to take your business to the next level?
Opportunity tracking is a systematic process of identifying, monitoring and managing business opportunities to achieve the growth and profitability you want for your business.
For small businesses it’s a critical strategy for staying competitive, especially if you operate in a crowded marketplace.
The Role of Opportunity Tracking
When applied to your marketing, opportunity tracking can help you identify potential leads, partnerships and market niches. At the same time, it can help make sure you don’t drop the ball with existing prospects.
Opportunity tracking is about spotting new ways that your business can grow and innovate. At its core, opportunity tracking is an iterative, three-step process:
- Identify opportunities – spot potential customers, markets or partnerships when they come up
- Categorise opportunities – have a way of organising prospects based on potential, strategic importance etc.
- Monitor progress – track how well each opportunity is going and where it stands in your pipeline
Done well, opportunity tracking integrates into most of the marketing that you will already be doing.
At Synthesis Marketing, we specialise in crafting personalised customer acquisition strategies tailored to the unique needs of the small to medium-sized Wellington businesses we work with. Our team of experts uses a data and insight driven approach to identify and target the right prospects, ensuring your pipeline generation efforts yield the highest possible return on investment.
Lead Generation and Conversion
You probably have lots of this data at your fingertips, even if you don’t use it regularly. On the digital side, data from Google Analytics, Search Console and Ads can show you:
- Where your leads come from.
- Which campaigns and funnels convert leads into paying customers.
- Where there are bottlenecks in the customer journey and inform strategies to improve conversion rates.
On the non-digital side it is worth implementing ways of tracking similar metrics, usually some form of customer survey or post-purchase feedback form. This sort of information can be invaluable to a business.
Market Trend Analysis
Most people in business keep an eye on industry trends and customer behaviour, and this is a great way to identify untapped opportunities. Tracking here can involve:
- Monitoring competitor activities to identify gaps in the market.
- Keeping track of what customers want and say so you can adapt marketing strategies.
- Making the most of seasonal or emerging trends for targeted campaigns.
Customer Retention and Upselling
For many smaller businesses in New Zealand, customer retention is just assumed to happen as part of their wider marketing, and upselling often gets overlooked. Opportunity tracking can support efforts to retain customers by:
- Using past purchases and preferences to identify cross-sell and upsell opportunities.
- Keeping track of engagement through loyalty programmes and repeat customers.
- Letting you spot early signs of customer churn and plan re-engagement efforts.
If you have groups of customers who buy a particular product or service, then once you know who they are, you can target them with personalised discounts or promotions to encourage repeat purchases.
Digital Marketing Campaign Performance
You can use the comprehensive data available from digital marketing platforms to monitor performance and identify areas for improvement. This aspect of opportunity tracking includes:
- Analyse click-through, conversion and engagement rates on adverts.
- Test different messages, media and offers to refine what works best for your audience.
- Push campaigns that work best and drop those that aren’t giving good results.
One example would be the use of common keywords in the SEO on your website and as a starting point for Google Ads.
