Supercharging Your Business with Marketing Analytics

What are Marketing Analytics? 

With the abundance of data available in this digital age, brands are able to understand the factors that impact business performance, and form marketing strategies to achieve marketing goals. Marketing analytics are the techniques used to evaluate and further enhance the use of digital marketing to a business. 

Some examples include traffic volume, leads, sales, target audiences and reach data. These techniques allow brands to measure the performances of their active campaigns and glean insights into the factors that assist in attainment of set targets.

Marketing Analytics are crucial in answering strategic marketing questions, such as:

• How is the performance of our current campaigns?
• Which market segments do we target?
• What marketing channels are proven to be effective?
• Are we spending company resources efficiently?

Advantages

#1: Learning From Past Campaigns

Marketing analytics allows businesses to observe the performances of previously completed campaigns and identify both the successful and ineffective aspects. This allows marketing managers and their teams to learn from their mistakes and avoid repeating them. It also facilitates the formulation of new ideas and adaptive strategies to better aid the business in achieving its goals through future campaigns.

#2: Understanding Customers

Reviewing marketing analytics breaks down into detail the segments of potential consumers; their demographics as well as their consumer behavior. Businesses will be able to identify the wants and needs of their potential consumers, leading to an increased ability in creating value for these consumers which could result in an increase in sales along with higher customer retention.

Risks

Marketing Analytics does come with its own fair share of risks, so it is important to always keep them in mind! One common risk is the misinterpretation of data. This could come in many forms, such as relying solely on numerical analysis, including too much data and poor data collection methods. Depending too highly on an inaccurate data-borne insight could result in incorrect campaign decisions that could be highly detrimental to the business!

Final Thoughts

Marketing Analytics is a powerful tool that allows businesses to make calculated decisions and efficacious campaign executions. Yet, the use of analytics in marketing was merely at 52.7% in the industry. If you have not used marketing analytics, now is your chance to give it a try!

What are some of the ways that you think marketing analytics are useful? Do share them in the comments below!