What is marketing analytics?

• Marketing analytics is a set of technologies and methods used to transform raw data into marketing insights.
• The goal of marketing analytics is to maximize ROI from an enterprise’s marketing initiatives. 
• Marketing analytics encompasses tools for planning, managing, and evaluating these efforts across every channel.

 

Establishing the KPI’s for your business

• Marketers use established business metrics, and sometimes create new KPIs, to measure the success of their organizations’ marketing initiatives. They include:
• • CTR
  • ROI
  • ROAS
  • Profitability segmented by demographic
  • Churn rate
  • Customer lifetime value
  • Customer satisfaction
  • Public perception

Benefits of marketing analytics

• Analytics makes advertising more effective and automates many rote tasks
• Marketing analytics helps stakeholders achieve a comprehensive view across all marketing channels, such as pay-per-click (PPC) advertising, email marketing, and social media.
• Analytics can clarify the big picture, as well as dig down into more granular marketing trends.
• Marketing analytics tools improve lead generation by providing the insights needed to optimize advertising efforts and target the most profitable consumers. Better leads generate more sales and improved ROI.
• Marketing analytics provides insights into customer behavior and preferences. Businesses can then tailor their marketing initiatives to meet the needs of individual consumers.
• Marketing analytics enables real-time decision support as well as proactive management.
• Modern analytics tools make it easy for stakeholders to analyze data as it comes in, so marketing can be adjusted as required by changing trends, and they also allow businesses to use predictive analytics to anticipate those trends rather than react to them.

 

If it’s so important why doesn’t everyone take advantage of marketing analytics?

• It can be challenging at times.
• • Centralizing the information can be hard coming from multiple sources
  • Businesses lack of analytics experience and understanding
  • Analytics cannot answer revenue questions when revenue is separate from analytic data
  • Marketing analytics are different in different industries (KPI’s, Goals, etc.)
  • Data collection concerns

 

How to use marketing analytics

• Make it a point to understand the goals of the company and how analytics can help you reach those goals.
• Identify the KPI’s to watch for the designated goals
• Understand search marketing
• • Website
  • Google Ads, Bing Ads, etc.
  • SEO
  • Facebook Ads, etc.
• Social Media will have different goals and KPI’s
• • Use the platform’s analytics to drill down further
• Email will also have different goals and KPI’s
• • Most of these platforms also have analytics

 

Most of these can be brought together with Google Analytics so you can see them in one place. AND it’s free!