What is Marketing Analytics?
Businesses have many ways of reaching out to their customers today, as we have seen that Omnichannel Ecosystems are the best way to reach your customer base. Instead of directing all your content at your customer base, you are opening channels for your customers to communicate with you. With the use of big data and analytics where businesses can get information about what their customers like, customers can also communicate with businesses on how best to interact with them.
Marketing analytics involves gathering, measuring and analysing marketing metrics to determine the effectiveness and optimise the return on investment for various marketing initiatives. These marketing initiatives are from all marketing channels such as your website, blog, emails and social media platforms. With this information in hand, marketing analytics can help your business track which and how your marketing campaigns have influenced various prospects into becoming your customers.
Using Marketing Analytics
Marketing analytics allow you to track campaigns, the campaign performance and customer journey. This allows your business to deep-dive into answering questions such as
- How your campaigns are performing in the short and long term
- What can be done to optimise them
- What your competition is doing
- What channels your competition are tapping onto.
Analysing how your marketing efforts are doing also enable better planning for future marketing initiatives such as how resources should be re-allocated, what channels should more money and effort be spent on and what the marketing plan should look like for the coming year.
Your business can then begin to view all the marketing metrics in a wider context and understand what these metrics actually mean for your business. If your conversion rate has spiked or plunged, examine what marketing initiatives led to the increase or decrease to identify what campaigns worked or not and why they produced that sort of result.
This enables businesses to evaluate how different marketing actions influence clickthroughs, conversions and other relevant key performance indicators (KPIs) to your business, and then make an informed decision on what they should continue doing, eliminate or further improve on.
For example, if your new video ad on Facebook led to an increase in the number of leads filling up a form on your website, you could use that video to gain insights on what your customers are interested in and provide them with more content and observe if the attraction, conversion and engagement rates increase. Your business could also use the same video ad and test it out on other platforms or change the copy or design to come up with an even better performing ad. Thus, taking these insights further provides businesses with ways to improve campaigns or craft a better one in the future.
Why Marketing Analytics is Important
Over the years, as businesses expanded into new marketing categories such as digital marketing, new technologies were adopted to support them. Because each new technology was typically deployed in isolation, the result was a hodgepodge of disconnected data environments.
Consequently, marketers often make decisions based on data from individual channels (for example, website metrics) without taking into account the entire marketing picture. Social media data alone is not enough. Web analytics data alone is not enough. And tools that look at just a snapshot in time for a single channel are woefully inadequate.
Marketing analytics, by contrast, considers all marketing efforts across all channels over a span of time – which is essential for sound decision making and effective, efficient program execution.
“Data is the tool that allows you to get a complete picture of a customer”. When you have a complete picture of who your customer is then will your marketing campaigns be targeted more effectively. Using Marketing Analytics is thus a powerful tool for you to increase your marketing effectiveness, your customer interaction and most importantly their loyalty and retention.
Getting started with Marketing Analytics
There is a plethora of companies who are offering Marketing Analytics software and assistance. With the huge growth in the digital economy and with it being the most cost effective way to reach your audience, to overlook the capabilities of analytics and digital marketing, either as an SME, Enterprise or MNC, you would be missing the elephant in the room.
One of the biggest marketers and holders of data in the world is Google. Considering they are the biggest search engine, they have the most power when it comes to marketing and promoting businesses. They have 3 capabilities that they use for Analytics in Marketing and these are AdWords, YouTube and Analytics. Through AdWords and YouTube, they publicise content. Through the analytics suit, they process this information and help improve targeting.
Tubular on the other hand takes just a small element of what Google does and focuses all its attentions on web published video content. It processes how effective your videos are and looks across a multitude of platforms from Facebook, through to Snapchat, and advises you on better applications and better content, whilst helping you publish on highly demandable sites, and monetizing your content.
Hubspot is the other not so “new kid” on the block, it is gaining market share for its ease of use, it amalgamates all your social media, aids you to create and publish content and offers you limited analytics such as click-through rate and EDM delivery. Hubspot essentially aids your marketing presentation and offers insights on how to market your products better.
Marketo (B2C focus) and Eloqua (B2B focus), are more analytics focused with integration of EDM, clicks and website design as well as providing a unique uniform window where you can monitor your campaigns and marketing effectiveness.
Thus, between all 5 we gather a lot of data on how your business can better know its customers and how you can target your customers better. As “the most successful companies use analytics to understand how well they generate demand and the quality of the customer experience they provide.” This is the best route to go with your business.
Value-adding to Marketing Analytics
Given these marketing platforms and analytics tools, what is missing is the application of them within your business and how they could be useful in improving your selling of products. These platforms help with improving your Omnichannel marketing systems, yet none provide you with a holistic view of how your business is doing. Only having marketing analytics is grossly insufficient to improve your business processes and optimise every step in the customer's journey.
A7 IoB® goes beyond these platforms by allowing you to connect not just your marketing analytics but other data analytics for different functions such as finance and operations as well. You can then view all your business data from various functions on one platform using customisable dashboards to visualise them, thus saving you the hassle and complication of gathering all your data.
By creating or selecting KPIs from different functions on A7 IoB® to monitor your business' progress, not only will your marketing be more focused on delivering customer centricity, but so will your business development, production and operations as well.
Explore A7 IoB® now to see how it can utilise data analytiics and empower your business to go further. Enjoy unlimited features at no cost now!