Marketing Analytics: What, Why, and How
By now, we are all aware of and familiar with digital marketing. In today’s age when the online world is taking over people’s lives, businesses have found a way to share and utilize those same online platforms for their company’s gain. Digital marketing is a powerful tool to market products and increase conversions. It is the reason companies pour in so much sweat, tears, and money to plan and implement a digital campaign. But how does one know if all those efforts are paying off? You have hired the best SEO experts, but is it working? You have people working your social media accounts daily, is it making any money? This is where marketing analytics comes in.
WHAT IS MARKETING ANALYTICS?
Marketing analytics allows you to measure the performance of the various marketing strategies implemented by companies. It analyses the marketing data to provide an insight for companies into their strategies. It can offer you key metrics about sales, leads, and conversions and also allows you to understand consumer trends. Simply put, marketing analytics is how you evaluate digital marketing.
WHY MARKETING ANALYTICS?
Marketing analytics lets you know whether your marketing strategies are yielding positive results or not. When you can quantify the results, it gives you a stark picture about what your efforts are producing and to re-strategize. So, if you are spending huge on digital marketing, it is essential to invest in marketing analysis as well. If you are unsure why you need marketing analytics, we give you three reasons below:
- Helps you understand customer needs
Customers are the priority for any business. Their needs define your products and services. Marketing analytics allows you to monitor industry trends as well as access customer information. It can be used to gain knowledge about the section of the audience that demands your products and therefore allowing you to target your marketing in the future to those audiences. You can offer personalized touch with marketing to your customers through analytics. You learn about their preferences and cater to their needs accordingly. It helps improve the customer experience.
- Helps you improve your strategies
When you have metrics giving you a picture of your strategies, you can make changes accordingly. You wouldn’t want to keep spending money on something you know isn’t generating revenue for your company, would you? With analytics you know. It measures the effectiveness of your marketing. If a particular part of a campaign isn’t yielding positive results, you can scrap it. The data lets you know where to make changes, which aspects failed and which aspects to introduce in the campaign. It is your guide to digital marketing. It helps you avoid unnecessary spending and improve your ROI. Your marketing campaign improves through analytics.
- Helps you increase web traffic and leads
When you know which activities lead to increase in the web traffic and which online platforms generate the most leads, you can help focus on those areas. The ultimate goal of digital marketing is to increase conversions. Increased web traffic and new leads are stepping stones towards conversions. By analyzing marketing analytics, you can spend more time and efforts on areas that are generating leads and traffic.
HOW TO USE MARKETING ANALYTICS?
There are various tools and apps that are used for marketing analytics. While some are free, a lot of them are paid software. A popular marketing analytics tool is google analytics. These tools can be used for social media, emails, website, and other areas of digital marketing.
But integrating these tools with your online platforms is not the problem. Companies mostly understand the importance of marketing analytics and are ready to use these tools to generate data. But not all of them know how to interpret the data that is generated. Marketing analytics can help you improve only when you focus on the right information. But unless you understand the workings of analytics and all the metrics it generates and how it impacts your marketing, it is a waste of money and time. If you understand marketing analytics, you can make best use out of your marketing team. If you don’t, you should hire an analytics expert to help you make sense of the marketing data.
An analytics expert breaks down the data generated from all the marketing campaigns and prepares reports accordingly on a weekly or monthly basis. Their job is to make sense of the metrics and help guide the marketing team with their recommendations. They are there to enhance the performance of your campaigns. They ensure your marketing budget and energy is being spent in the right place.
You can hire an analytics expert locally or globally. We understand not all businesses can afford to hire employees locally in the US. You can, however, outsource the task to an offshore employee at a reduced price using offshore staffing service providers. They provide the same services at high quality at a price that your company finds reasonable.
Digital marketing is a guesswork unless you know exactly how you are performing. Hire analytics expert for your company to make the best use of marketing analytics to improve your ROI.