Measuring, managing and analyzing- the new practice of marketing, of marketing analytics. You really can’t hear marketing without thinking ROI. As marketers, your new mission is to maximize effectiveness.
If we spend X will the returns be two times X?
But there are uses for marketing analytics beyond sales and lead generation; marketing analytics offers insight across marketing channels and into the buyer’s journey that you can’t get if you are only looking at social, web or offline data alone.
Why, yes it might make you focus a little more on the quantitative data rather than qualitative, marketing analytics offers a comprehensive view of your marketing strategy that ultimately will put the consumer ahead of any metrics.
Integrating Data Channels
Analytics allows you to look at how people travel through funnel via your marketing efforts. It takes away the mystery of what happens once you send an email or create an online ad, you can follow them from click to click and even offline to the checkout counter.
Analytics allows marketers to understand the effectiveness of their marketing efforts altogether and not just on their website, or their ad platform or email performance because all marketing data can be integrated.
For example, you send an email to a segmented audience based on a web page they visited but the inaction of making an actual purchase. You can view who opened that email, clicked the link back to your website and then most importantly converted into a sale because you sent that email. Even this is even better if you can compare the actions of those who received the segmented email to those you saw a retargeted Facebook ad about the item they had looked at.
- Did the email generate more leads?
- Did the ad click lead to more website views but no conversions?
Using marketing analytics allows marketers to compare campaigns against one another easily. You can have one place that stacks your social media accounts, against your blog, against your PPC campaigns. Although you might measure the actions someone takes on each platform differently, you can still determine the ROI of those activities and understand how that impacts business goals. And from the other end of the spectrum, you can compare and identify any deficiencies in each channel. You might not realize the adjustments you need to make until you compare each channel side-by-side and see how a person flows in and out of each marketing channel as they make their way down your sales funnel or become stuck when they enter a certain campaign.
People-Centric, Not Data-Centric
We mentioned above that marketing analytics allows you to nearly watch, in real-time, how a person reacts to each part of the funnel through your marketing campaigns. When you’re looking at all your digital marketing data you focus on the places your audience is (or is not) going and not so much on the numbers of emails opened, links clicked and how much engagement a social post had. You can see how each one of those marketing platforms affects the next action your audience takes and how the data you gather and analyze isn’t just a bunch of numbers but represents actions people are taking that leads to a sale. You become more business focused instead of marketing focused. Marketing analytics integrates campaigns on each marketing platform, so you’re able to see how each part affects the next.
How did X person get to your website the first time?
- Social ad
- Direct traffic
- Google ad
Why did X come back the second time?
- Retargeted ad through social
- Email campaign trigged
- Blog post tweeted out on Twitter
Marketing Analytics can provide extremely valuable data that you can then use to make audience segments and customer personas. This marketing data then helps you decide the direction of future campaigns because your audience actions become more predictable. You know which free tools generate a lead, which coupons generate a sale and how many times they read the blog before they sign up for the newsletter.
When you get stuck on the numbers, let’s say something like website traffic you think small, you think about one thing- how come more people aren’t visiting the website. However, when you get stuck on the actions your audience is or is not taking you become focused on what you need to change within your marketing campaigns to make a sale– which is better for the business.
Wrap It Up
The fact that marketing is so wrapped up in the numbers can be frustrating; we doubt you became a marketer so you can analyze endless amounts of data.
However, if you stop thinking that these numbers are the only way to prove value to your boss and use the data gathered to improve and optimize your campaigns you will see that marketing is still about the people and not just the data. Marketing analytics allows you to focus on the person while using data to make better decisions.
Marketers are able to identify, target, and convert an audience better than ever before which ultimately does prove your value!
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