Marketing Analytics encompasses the processes and technologies that allow specialists to assess the success of their marketing initiatives. Marketing analytics uses important business metrics such as ROI (return on investment), marketing attribution, and overall marketing effectiveness. In other words, it tells you how your marketing programs are performing. Achieve by measuring performance (for example, use of blogs versus social media versus communication across channels).
Marketing analytics collects data from all marketing channels and consolidates it into a joint marketing view. From this standard view, you can extract analytical results that can provide invaluable help in driving your marketing efforts.
Over the years, as companies expanded into new marketing categories, new technologies were adopted to support them. Because each new technology is typically implemented in isolation, the result was a jumble of disconnected data environments.
As a result, marketers often make decisions based on data from individual channels (website metrics, for example) without considering the entire marketing landscape. Social media data is not enough. Nor is web analytics data alone enough. And tools that focus on a single channel snapshot in time are woefully inadequate. In contrast, marketing analytics considers all marketing efforts across all channels over a given period – which is essential for making good decisions and executing effective and efficient programs.
With marketing analytics, you can answer questions like these:
To reap the most significant rewards from marketing analytics, follow these three steps:
To get the most benefit from marketing analytics, you need a balanced analytics variety – that is, one that combines techniques for:
Marketing organizations have access to many different analytical resources to support various marketing goals, but you probably don’t have all your bases covered if you’re like most. Assessing your current analytics resources is an excellent next step. After all, it’s essential to know where you are along the analytical spectrum to identify the gaps and start developing a strategy to fill them.
For example, a marketing organization may collect online transaction and POS (point of sale) data, but what about all the unstructured information from social media sources or call centre records? ? These sources are a gold mine of information. Today the technology exists to turn unstructured data into real insights that marketers can use. As such, a marketing organization may choose to plan and budget for the addition of analytics resources that can fill that particular gap. Of course, if you’re not quite sure where to start, well, that’s easy. Start where you have the greatest needs and fill in the gaps over time as new needs arise.
Unless you act on it, there is absolutely no real value in all the information it can give you. In a constant process of testing and learning. It allows you to improve the overall performance of your marketing program, for example:
Without the ability to test and evaluate the success of your marketing programs, you would have no idea what works and what doesn’t, when or if things need to change, or how. Similarly, what’s the point if you use marketing analytics to measure success but do nothing with that insight?
Marketing analytics optimizes a it process, making it better and more successful after closing the loop related to your it efforts and investments. For example, marketing analytics can lead to better lead nurturing and management, leading to increased revenue and profitability. By managing leads more effectively and linking those leads to sales – known as closed-loop marketing analytics – you can see which specific it initiatives are helping to solidify your operating bases.
Also Read: CRM- What Is CRM, And What Is It For? Understand How It Works
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