What is Marketing Analytics: 7 Things You Should Know
Discussing the value quotient of marketing analytics
Marketing techniques are multi-dimensional. Marketing campaigns can be run on several mediums like websites, Social media, channel communications etc. Today’s marketers ensure that enterprises market their products on a combination of these platforms.
But, how do marketers judge campaign success?
In order to successfully determine if a marketing campaign was successful, it is essential to get revert statistics from the belvederes upon which the campaigns were rolled out on. The essence of marketing analytics is tools and protocols that marketers can use in order to successfully gauge a marketing campaign’s performance.
Why is Marketing Analytics critical?
Diverse technologies were implemented across several platforms in order for companies to advertise, market and create brand awareness. The data generated from them was siloed.
Companies need to analyze data from a combination of channels where marketing activity was carried out. This permits them to be sure about campaign performance. But initially, marketers were only checking for data and deciding about campaign success in silos.
Marketing Analytics eliminated this roadblock by facilitating data scrutiny across all channels. Stakeholders now had enhanced clarity about product performance. Marketing Analytics was revolutionary in changing the Marketing dynamic.
7 things to know when applying Marketing Analytics
1. Devising a marketing strategy
Before delving into Marketing Analytics, initially, every organization should devise a smart marketing strategy. Several tools are available in the digital marketplace that allows companies to construct tailor-made campaigns which revolve around their product and help brands speak highly about themselves.
These tools center around search engine audience sentiment about popular keywords, trends, popular hashtags among many others. By building a campaign that includes these words marketers can place their bets for a campaign victory.
The strategy is the key and depending on brand perception, platforms that resonate the product should be engaged in the campaign. Once the campaign is launched, back-end analytic tools come into the picture. These tools will allow marketers to check for various aspects that encapsulate the digital marketing spectrum like conversions, incoming leads, website traffic etc.
Key insights can be derived at the end of the campaign if marketers incorporate this workflow. Such insights can be applied to the next campaign or can be used adaptively if the campaign is long-term or recurring.
2. Data collation
Vast amounts of data get generated during the campaigning process which can be converted into meaningful insights. Marketers need to ensure that they have covered and collated data elements getting generated from all the sources which were involved in a marketing campaign.
So other than the data coming out of Search Engines. Social Media, Emails etc. data from any other sources like POS machines, Call centers, Beacons, Wi-Fi needs to be collated and safeguarded. This shall be the entire data set of a single client’s engagement with an organization. The data generated would be unstructured.
This data can later be structured by the use of several tools to get transparency about how customers are shopping today. With an increasing number of people buying products on their mobile phones, entrepreneurs are trying to make shopping as rapid as possible for this group of buyers. Omnichannel e-commerce platforms are also the rage.
Hence, the generated information will provide stakeholders with reliable information about product placement and target audience.
Marketing analytics tools are available for all marketing spheres and getting data insights is one critical aspect of it.
3. The scope of Marketing Analytics
Just like data analysis can give specific insights, the overall scope of Marketing Analytics can be put in a nutshell by these functions –
Assessing marketing campaigns: Marketing Analytics tools provide precise information about campaign performance along with determining areas of improvement if any and predicting how they would perform in the future.
Competitor assessment: Tools help to understand if the competitor campaign is doing better and why it is doing better. It helps to understand what competitors are doing right and if they are using certain channels that might garner more campaign success.
Assessing the company that has initiated the marketing campaign: Finally, it allows you, the campaign originator to reflect as an organization if the marketing resource allocation is appropriate or not. It also helps in understanding next steps that need to be taken allowing to reshuffle priorities. Lastly, it helps to understand if money and time are being immersed in the right marketing mediums.
4. Reporting
Reports with in-depth information about various components of an organization can be generated at the click of a button via Marketing Analytics tools.
Reporting for historic data: A past report is very useful to figure out which of the several marketing campaigns floated by the company made the most revenue in any given fiscal quarter. It is also very useful to compare individual campaign results and sort these results according to the channel. Reporting even assists in comparing lead generation.
Present-day reporting: Client engagement numbers with the campaign happens almost real-time when using Marketing Analytics tools. Present-day reporting should be mostly centered around client engagement in order to find out about client channel preferences or if clients are channel agnostic. Social Media conversations about the brand can also be analyzed by reporting tools.
Reporting for the future: Reporting can predict a company’s marketing future by assessing how today’s minor customer service wins will propel customer loyalty in the future. It can also handle doubts in regards to future staff hiring and geographic locations that can be targeted for marketing.
5. Bridging operational gaps
Organizations have a massive number of analytic weapons in their arsenal. However, they should be capable to choose the ones that clearly point out ongoing operational gaps. This ensures that organizations do not have any internal sinkholes.
Once the gaps are discovered by comparing company sensitive data with benchmarked and competitor data, provisions can be made to fill up these gaps so that efficiency does not get affected. If stakeholders do not know where to start, they should blindly apply Analytics methodologies to fill that one gap that needs it the most.
By leveraging Marketing Analytics tools, bridging gaps becomes a no-brainer. This get-up-and-go mentality is essential because not having a homogenous functioning structure can drain time and energy of an organization, ultimately hampering sales and marketing productivity.
6. Applying learned insights
Marketing analytics insights are intended to make stakeholders seasoned players in the arena of the Online Marketing stream. The vital information derived from this capability should be applied to enhance your strategies, operations and lastly to close any glitches in your marketing channels.
Analytics permit you to work on your marketing strategies on a trial and error method so that you as an organization can truly evaluate and cherish success. The core competency of Marketing Analytics is targeted towards closing process loops, getting more revenues and winning more customers and brand loyalty.
However, this also allows you to manage a holistic business that is based on deep and actionable insights.
7. Personalizing campaigns
Global Enterprises are paying great attention to client experience as a concept. This has become all the more important in today’s day due to the advent of modern enterprises who have absorbed phenomenal technical capability and a fresh approach to client servicing in entirety.
The winner — Consumer! Consumers have now developed extremely high standards for product specifications and more so for customer service. Competition is tight but Analytics can certainly help in developing a tailor-made and niche campaign.
The delivery of a target audience data set enables enterprises to build customized campaigns for their client base that is intended to create excitement and high brand awareness from the client’s end.
Analytics can also be used to know beforehand, about product expectations from a segregated customer list. This enables an organization to not hard-sell a product offering but to just sell an already desired product via targeted marketing. Conversions will result in a windfall.
