Marketing analytics is the processes and tools used by marketers to determine the proficiency of their marketing methods.
These performance measuring tools measure variables such as return-on-investment (ROI), marketing effectiveness, and the effectiveness of communication channels.
Using analytical tools will provide you with valuable insight to help make strategic decisions that will drive your business forward.
Importance of Marketing Analytics
The diversification of marketing methods due to advancements in technology, has caused marketers to split their efforts resulting in a disjointed marketing environment.
Marketers consequently fell into the trap of measuring the success of individual methods to measure the overall effectiveness of their marketing.
This led to inaccurate approach, because the effectiveness of one method doesn't necessarily correlate to that of another.
What to Measure with Analytics:
Having access to quantifiable metrics of your marketing methods, is becoming more and more valuable.
It allows you to see what is working and just how well it's working. You're then make the proper adjustments to see success moving forward.
Here are three things you can measure using analytics:
1. Measure Website Effectiveness
In order to measure the impact of marketing on revenue, utilize an analytical tool, such as Mixpanel, to track web presence.
The tool keeps a record of user activity on the website. It also offers the company a detailed look at the specific areas that users are fond of frequenting on the web and the amount of time spent in each.
The analysis of this data allows marketers to optimize their marketing strategies according to usage patterns.
This way, they can be able to tell which marketing strategies are more effective at getting their users to take action and which ones aren't.
2. Measure Content Marketing Strength
Here, marketers go deeper and tie revenue to individual content pieces. Marketers employ tools such as content scoring.
This allows you to track down what every variable in your content marketing strategy does to contribute to the success of the marketing plan.
For example, it could tell you how much a particular Facebook post contributed to the revenue of the business as a whole.
It also tracks a client’s journey with the company by noticing which particular content got them in the first place and what kind of content they are more likely to respond to.
It then attributes a percentage to each piece of content based on how many people it attracted. This information is invaluable when it comes to creating effective content.
3. Predictive Modeling
Predictive modeling is the process of taking data from marketers and using analytics to observe patterns in user behavior.
These patterns are then manipulated to deduce trends and establish confident predictions. Predictive analytics allows marketers to model their marketing plans and content according to the predicted results.
How to Use Analytical Tools Efficiently
However, as with any invention, marketing analytics run the risk of not being used properly. Having access to the metrics isn't enough; you have to know how to use them effectively.
We get it; you may have heard of these analytical tools and have seen the benefits they can have for your business. It's only natural you feel inclined to start measuring data immediately.
However, be cautious. In order to get accurate data, it's important to measure metrics over the course of a period of time.
Start implementing analytics and use your best judgment when measuring how long it will take to begin seeing accurate results.
Don't Lose Sight of Your Purpose
Drawing deductions from the data can be an exhilarating experience because of the ‘fun’ facts you might obtain before everyone else.
It's easy to get caught up the statistics you find and get derailed from your true purpose; designing a strategy.
The point of analyzing the data and obtaining information is to obtain variables and facts that will help you optimize and align your strategies along these derived patterns.
You should have questions that you intend to answer with the results acquired from marketing analytics.
The statistics you gather are a bonus that you can use as part of a report or content offer in the future.
Obtain a Bird's Eye View of Your Clientele
Analytical tools will give you a bird’s eye view of consumer patterns and trends. You can store these results and compare how they change over time.
This will keep you up-to-date with how your customers respond to various marketing strategies and how you can resonate with your target audience.
Knowing your clientele is the single most important thing in business as this will ensure that you will always know which steps to take to close new business.
When used correctly, analytics can greatly enhance the effectiveness of your marketing efforts. It will provide you with the insight you need to continuously improve and optimize processes.
This continuous improvement will allow you to seek higher return-on-investment and ultimately grow your business.
I hope you found this information beneficial and feel free to comment down below any thoughts or questions you may have.