Marketing analytics provide you with a competitive advantage. For marketing agencies or consultants who provide marketing services to clients, data is critical for decision making and reporting on performance to stakeholders.
However, in small to medium-sized businesses (SMEs), there isn’t always the available resource, budget, or skills to do the analytical work in-house. Outsourcing to vendors who provide marketing analysis support for marketing agencies is an excellent way to be data-driven while still having time to focus on campaigns and strategies. For example, StrategicDB offers several services to help agencies keep on top of marketing analysis.
Why outsource analytics?
There are various reasons why it is beneficial to outsource marketing analytics.
Better competitiveness and productivity
When thinking about marketing data, businesses can look at Amazon as a leading example. The global e-commerce enterprise has a massive amount of resources in terms of analysts, data scientists, engineers, and developers. The teams create algorithms to analyze the needs of their customers in granular detail. All of the data feeds Amazon customers with relevant products and recommendations to improve conversion.
Smaller businesses don’t have Amazon’s resources and need to outsource if they want to implement an effective marketing analytics strategy.
Marketing analytics firms are specialists
As a small business, you probably want to try and keep everything in-house. However, analytics is not a core skill of most marketing agencies. Third-party vendors can offer a specialized service and let you work on the things you are best at doing.
Cost
Hiring full-time analysts or data scientists are expensive. Also, one analyst is probably not enough to carry out a full marketing analytics suite’s tasks. A third party like StrategicDB will ensure a highly skilled team can work on your projects. Although there is a cost attached, it will be nothing compared to hiring people in-house when you consider salaries, taxes, and other overheads.
Marketing analytics services
Hiring a third-party to complete marketing analytics support for marketing agencies gives you access to a broad range of services.
Dashboards and reports
Marketing analytics specialists will help to automate your reporting and build custom dashboards for your clients. The service will include gathering and integrating data sources into a single view for more straightforward visualizations. Vendors can integrate with popular market tools like Tableau and Google Data Studio.
Analyzing content
Content marketers will produce content across different channels every day. However, that content is only valuable if you know it is working. Marketing analysis support will help to establish if you are getting an ROI from your content and which channels work best for conversion and revenue.
Segmentation
Segmentation and clustering are key to the Amazon recommendation model. If customers can be fed the products they are most interested in, it is far more likely that they will purchase. Marketing analytics can provide lead scoring, group segmentation, and granular targeting. You will always be aiming your campaigns at the most profitable markets.
Competitor research
A marketing analytics firm will benchmark your data against the competition. Some attributes might include pricing, analysis of social media activity, or organic search traffic statistics.
Optimizing campaigns
Digital marketing campaigns need to go through continuous optimization to ensure they keep working for your target audiences. Marketing analytics can show where you are spending money, the return you get and make suggestions as to how campaigns can be more profitable. Some techniques are Google keyword optimization for the pay-per-click activity or analyzing Facebook lead generation.
Summary
Bringing in a partner with analytics as a core function will enable your business to scale up quickly, become data-driven, and achieve better results. StrategicDB can fill your skills gap and remove the strain on internal resources who don’t have time to carry out analytics functions.