What is marketing analytics?
Marketing analytics involves various processes and technologies that are used to evaluate the success and value of the marketing efforts as well as the act of identifying opportunities for improvement. Marketing analytics tools contain various metrics to measure the performance of marketing initiatives. In short, it helps evaluate which initiatives are actually bearing fruit and which are not. It gathers data from across all marketing channels and consolidates it into a common marketing view. From this analytical results can be extracted, which provide invaluable assistance in driving the marketing efforts forward.
Why is marketing analytics important?
Diverse technologies are often implemented across several platforms for companies to advertise, market, and create brand awareness. The data generated from them was siloed. It is illogical for marketers to rely on intuition alone to get their initiatives and campaigns right, especially given the role of marketing in retaining customers and driving revenue. The top management would want to see the value of the marketing initiatives, and analytics is the best way to show them. Also, it is important to have a way to measure and monitor your campaigns and then demonstrate their value clearly to executives and stakeholders. Furthermore, marketing analytics tools help establish your value and how your work relates to revenue.
Things to know when applying marketing analytics
Devise a smart marketing strategy
One of the primary steps for any organization to undertake before delving into marketing analytics tools is to devise an effective marketing strategy. There are many tools available in the digital marketplace that allows companies to construct tailor-made campaigns which revolve around their product and help brands speak highly about themselves. These tools are primarily based on the search engine audience sentiment about popular keywords, popular hashtags, and trends among many others. Marketing analytics tools will allow marketers to evaluate various aspects that encapsulate the digital marketing spectrum like incoming leads, conversions, and website traffic. If marketers incorporate this workflow, key insights can be easily derived at the end of the campaign. These valuable insights can be applied to the next campaign or can be used adaptively if the campaign is long-term or recurring.
Data collection and segregation
Large amount of data gets generated during the campaigning. This data can later be converted into meaningful insights. Marketers must ensure that they have covered and collated data elements getting generated from all the sources which were involved in a marketing campaign. Data from social media, emails, POS machines, call centers, beacons, and Wi-Fi needs to be collated and safeguarded. These data would often prove to be unstructured. This data can later be structured to get a clear understanding of how customers are shopping today.
Choosing the right analytics visualization
The data generated must prove useful for the marketing teams and stakeholders if you are to gain meaningful insights from it. The key to getting this right is to choose the most appropriate data visualizations, which can help identify patterns and interpret the data. Thus, it is important to choose marketing analytics tools that allow you to choose or customize your visualizations instead of using default charts for displaying data.
Marketing analytics tools featuring machine learning and AI
In order to be effective, marketing must be real-time and predictive today. You must be able to analyze the data, make accurate predictions, and take data-driven decisions to enhance each step of the customer journey. Using marketing analytics tools with machine learning and AI capabilities make these tasks easier to do and with minimal errors.
Global enterprises pay extensive attention to providing superior client experiences. Due to the advent of several modern enterprises that have absorbed phenomenal technical capability and a fresh approach to client servicing in entirety, client experience has become a highly important factor today. Marketing analytics tools can help companies know about product expectations from a segregated customer list. This enables an organization to just sell an already desired product via targeted marketing rather than hard-selling a product offering.