Marketing analytics is a set of methods and tools that help companies assess the performance and value of their marketing efforts, spot patterns and trends across time, and make data-driven choices. In general, marketing analytics technologies may be used to accomplish four objectives:
1. Analyze the results of the campaign:
It’s important to evaluate common KPIs and develop more complicated market mix models so you can make the most of your company’s potential.
2. Recognize areas of improvement in the marketing performance:
Users may be divided into groups to determine who reacts to certain kinds of marketing efforts. Campaigns may perform better in some locations or on mobile devices, for example. You can observe who opens your emails, check how many people unsubscribe, and experiment with different subject lines in email marketing.
3. Get to know your clients:
Using data on consumer demographics and behavior, we may design target audiences and statistical models that can be used to estimate the performance of our marketing efforts.
4. It is important to know who your competitor is.
Make strategic adjustments after doing market and competition research.
Keep Track of the Marketing Journey
On the marketing funnel, there are different stages.
The awareness stage is at the “head of the funnel,” where you persuade and educate your target audience. Where your target audience spends the most time online is where your campaigns, adverts, and content are located. The primary purpose at this stage is to establish a brand or product’s name awareness. An influencer marketplace like Ainfluencer can be used to make an impact. There is less attention on the target. In order to grab individuals at the beginning of their decision-making process, messages should be inspiring or educational rather than transactional. People are more likely to remember your message even if they don’t use it straight away. If nothing else, you’ve set them up for lower-funnel marketing. An awareness campaign’s main purpose is to grow your organic audience and keep them engaged. Reach, frequency, and engagement are all important aspects of this campaign. Early efforts seldom have a measurable influence on the long term. However, the long-term worth of brand promotion is recognized by firms who invest in it.
Tapping on the opportunity
During this phase, consumers are more actively evaluating their product options in order to make a final decision and move forward. Getting them on board with your cause is the key here. A clear call to action and an easy mechanism to transact should be included in the communication. Organic or paid search, as well as recommendations, affiliates, and other influencer-driven channels, are all possible methods of bringing in new customers. Action objectives such as signing up for a newsletter are included in the marketing stats here. Turn to your marketing analytics dashboard once the transaction is complete to see how effective your marketing efforts have been. As part of the process of building a connection via personalization, here is where you collect contact information such as “email address.” Now we may go on to the next phase.
In order to keep their brands at the forefront of their consumers’ minds after conversion, marketers must cultivate a connection with them. At this point, having a large email list is quite helpful. Retention efforts may be personalized using email marketing metrics like click-through rates. As a result, all consumer marketing data sources are crucial in keeping a complete client profile. Search engine marketing, social media advertising, and retargeting will all benefit from this data.
Here are some benefits of marketing analytics.
- Integrated view of marketing data – An Integrated View of Your Marketing Data – Your teams’ various tools and platforms will be identified and the data they create for analysis will be centralized by a good marketing analytics package. A single location for all of your paid initiatives gives you a clearer picture of what’s working, where to allocate additional money, and how to communicate your findings with other teams and channels.
- Bold approach – Raw data is of no utility by itself. As a marketer, you can only get value from your data if you analyze it, discover areas for development, and then apply these findings to better your future campaigns. A/B testing comes into play here. Behavioral analytics platforms like WatchThemLive can be used to make an impact.
- Data Points useful for analysis – The importance of promoting one’s brand cannot be overstated. How can you expect people to purchase from you if they have never heard of your brand? How will people find you on Instagram, Google, and other social media platforms?
Brand recognition has long been difficult to gauge. It’s possible to increase your brand’s visibility with large-scale advertising efforts, but this doesn’t necessarily lead to an increase in sales. Analyzing brand awareness is easier with marketing analytics than it is with traditional metrics like sales or Facebook likes. Using social listening/tracking, search statistics, content reach, site traffic (particularly direct traffic), and share of voice analysis are all good places to begin.
- Attribution Modeling reveals touchpoints – However, customer journey research does not show which of these actions were the most crucial for your customers before they made a purchase (i.e., resulted in the highest ROI). Attribution modeling can help here. Each touchpoint has a degree of credit assigned to it based on how important it was in terms of the customer’s journey.
- Inquiry into Acquisition Costs – Visitor Tracking software can help determine the effectiveness of all cross-channel efforts. Increasing your marketing return on investment (ROI) means putting more money into these areas in the future.
Using marketing analytics, you may boost your return on investment (ROI). You should have all the information you need to assist your marketing team in performing more effectively and having a greater impact now that you have an understanding of the objectives, measurements and best practices for marketing analytics. All the best!