Marketing analytics gives you the power to measure and analyze your marketing efforts. It is a tool that allows marketers and companies to see what’s working and what isn’t. It is a way to measure the impact that marketing activities are having in a quantifiable way.
When you invest time and money into marketing activities you want to be able to measure the impact. You need to know if you are reaching your marketing and business goals. You don’t want to continue to spend time and money on channels, ads, social media and content that is not effective. You want to spend your time and money on marketing that is going to lead to success and growth for your company.
It’s not possible to be everywhere all the time. Using data from marketing analytics you will be able to have a better idea of where to focus your resources.Data will ensure that you are allocating time and money in the best possible way.
Marketing analytics is a valuable and essential tool for all businesses. Gather and analyze data for various marketing efforts, across various channels and times. See where and when you are getting the biggest return on your marketing investment. Measure and check performance and learn valuable information about your customers. This is the power of marketing analytics.
What can Marketing Analytics do For Your Business?
1). Spending time and money on marketing without measuring and analyzing the results is pointless. Good decisions are based on good data. Analytics is the way to gather the important data you need to make smart decisions.
2). You need to justify that the money you invest in campaigns and advertisements was well spent. Justify your spending (and perhaps get a bigger marketing budget) with data. Show how your efforts are creating a positive return for the business.
3). Analyze you campaigns both online and offline. Use tools to determine how your ads are performing on various channels both online and offline.
4). Determine who your idea customers are and how and where you can best reach them. Analytics will help you answer the following questions:
– Who should you be targeting?
– How and where does you target market search for information?
– Where and when should you be advertising?
– How can you optimize your ads and website using the right keywords?
– What products are different people buying, can you segment to increase conversion?
– What is the best channel for you to focus on?
– What data are you missing on that could really drive results?
– Is your content providing ROI?
– Can you quantify your social media efforts?
– Are people talking about your productive positively or negatively?
– What is your referral rate?
– What are the value of leads and costs of acquiring customer?
– How much should you spend to turn a prospect into a lead?
– What is the lifetime value of your customers? How much is each customer worth to you?
– What keywords are your target audience searching for?
– Is lack of data or normalized data decreasing sales productivity?
– Is your unsubscribed rate high compared to the industry?
– What and how are your competitors acquiring customers? Are they more successful?
5). Do ah-hoc analysis to solve for a specific problem.
6). What type of content should you be writing and posting on your website, blog, and social media? What information and keywords will attract the right people? What content will make people want to share?
7). Measure email performance to determine what is getting a high click through rate. Which headlines and words are catching people’s attention? What links are people clicking on? What is the best time and day to send emails?
8). Discover conversion rates. Answers questions such as why am I getting lots of impressions but only a small number of conversions?
Based on the results of your analytics data you can decide what areas need to be modified in order to better meet your goals. Using marketing analytics, you will be able to see what effects those changes had. This will give an idea of what works, what doesn’t work, and if you are going in the right direction.
If you think you and your company could benefit from the expertise and experience of a professional marketing analytics consultant please contact Strategic DB. We offer a large variety of marketing analytics services. If you have any questions about how we could help your company grow and succeed we would love to hear from you! Give us a call at 1-877-332-4923 or Contact Us Here.