Marketing analytics represents the summary of online and offline marketing initiatives. It shows the effectiveness of marketing efforts through the measurements coming from numerous sources. Through the set of established metrics it helps reveal precious insights that refine business strategies, boost CRM and marketing performance, improve existing products and services, launch new products and services, acquire new customers and increase revenues.
There are benefits of utilizing a marketing analytics professional services as oppose to doing marketing analytics in-house. Here are some of the benefits that a marketing analytics agency can bring to your marketing agency or company.
- Ability of immediate action
Often marketing dashboards provide you with day to day numbers, that do not necessarily translates into action. For example, you notice your unsubscribe rate is 5%, is that a good thing or a bad? Well depends on historical information and how you rank against your industry/competition. This is where a marketing analytics agency can really help, bring actionable tasks that can help push your business forward.
- Advantage of historical insights
Bringing an outside marketing analytics consultant can help you see the full picture not just how your latest marketing campaign has performed. Accumulated and thoroughly analyzed customer and previous campaigns data is a key to future success. This data provides you with valuable info about: your customer profile and customer preferences, what worked and what did not work in your previous marketing efforts and why, product/service performance ups and downs and what additional data to collect. This data serves to refine your marketing strategy, not to repeat and avoid mistakes, to improve your product/services and launch new product/service, to rely on valid takeaways and not to guess in important decision making.
- Forecast intelligence
Marketing analytics services today apply different statistical means such as predictive models, propensity models, machine learning. It is vital, for example, in customer retention when you can save the customer having the forecast that the customer is about to leave. Applying the correct marketing strategy in the right time can help keep the customer. Propensity modelling prediction helps redirect marketing campaign, thus, improve the response rate and again drive sales. Machine learning algorithms is a powerful forecasting tool that allows accurately foresee the customer behaviour and improve ROI. Since these skills are often lacking in a modern marketing team, bringing outside help can be the key to success.
- Refined segmentation
Marketing campaign delivered to the wrong audience is prone to failure that involves not only money loss but ruined company reputation. Marketing analytics based on through customer analysis provides refined customer segmentation analysis. It helps target the proper groups of customers (segments) improving response rate and driving sales. It also allows to strengthen customer loyalty through targeted customer approach. Typically marketing agencies and teams define a segment using ‘gut’ feeling, but basing it on data can help lift your sales. This is where a third party marketing analytics firm can help.
- Improved market research
Market research is an integral part of any marketing. Customer feedback is the trigger to product/service progress and enhancement. Marketing analytics services help make every market research alive through customer feedback analysis insights. Machine learning, being a part of marketing analytics, allows to digest tons of reviews and, thus, ameliorate market research process by valuable findings that might not be seen without thorough analysis.
- Diversified delivery channels
In our digital age it is important to remain modern and interact with customers on multiple communication platforms. We are buying online, on mobile phones and we are engaged in social media. Marketing analytics company can help here a lot by understanding and selecting the right form of communication based on customer profiles and customer behavior patterns. It is not always last touch to conversion that counts or the first touch but a combination of tactics that move a prospect to a customer.
Overall marketing analytics services work to improve marketing performance that in return drives sales, saves time and money, improve customer loyalty, helps acquire new leads and convert them into customers, refine marketing strategies, find new research opportunities, increase revenues and add to the overall company successful performance. If you are looking to outsource your marketing analytics, look no further. StrategicDB offers a full range of marketing analytics services so you can focus on what you do best, market!