What is Marketing Analytics? Tips and Tools – How to Start Using it?
What is Marketing Analytics? Tips and Tools – How to Start Using it?
Marketing analytics is the technique that enables you to use business data to improve your brand communications with the online audience. It is all about looking into how efficient your marketing performance is and what needs to be changed to cater to the audience’s requirements.
With marketing analysis, you will be aware of what is working and what isn’t! And that would help you curate your business decisions for benefitting the sales and revenue generation. So, let’s take this article further to decode the scope of marketing analytics, tips on how to use it effectively, and the right tool that would help you in pursuit of achieving the set goals.
What is Marketing Analytics?
Marketing analytics is the process of running data analysis to gain insight into the marketing efforts of the business. It will help the marketers determine specific trends with respect to user behaviour and their preferences over your brand platform. By using the right tools and practices, you can understand the customers better, which will lead you to implement smart strategies to achieve your business goals.
Just by diving deeper into the data collected with respect to your prior marketing campaigns, you will be able to refine your next strategy of promoting and scaling your brand offerings. Thus, your ROI on marketing expenses will be significantly boosted!
For you to better understand the use of marketing analysis tools for your business, you must count on it as a discipline that you must stick to. It lets the digital marketers of your business evaluate the proficiency of your marketing measures by determining the trends and optimizing the current strategies.
The tools out there help you with running statistical analysis and using ML and predictive modelling techniques for assessing the data to collect actionable insights. Marketing analysis data can be collected from diverse sources, such as social media, web platforms, marketplaces, etc. And analytics can also be executed in the form of SEO, email marketing, attribution modelling, lead generation, etc.
Upon running a successful analytics approach, you will be able to collect metrics on click-through rates for the paid or organic URLs, conversion rates, ROI, and much more. It means you can decide what money you are spending on your brand’s marketing efforts and whether or not that’s bringing you good returns.
Reasons Why Marketing Analytics Does Matter Immensely!
Marketing analytics is not just an add-on responsibility for your business; it is a necessity that helps your team understand how your business can better cater to the customers’ expectations. Some of the reasons why it matters immensely for you to pay attention to your marketing analytics are:
Understanding the Journey of Customers
When you have the right tool like Weavr in check, your marketing analytics approach will skyrocket! Your brand will have the liberty to access a deep understanding of a customer’s entire journey over your platform.
Upon analyzing the behaviour of customers at every stage of their journey toward buying your products or services, you will be able to create more personalized experiences for them. It will not just enhance the engagement rate for your brand platform but will also scale the conversion outcomes.
Determine What’s Working and What Isn’t
When you have marketing analytics on point, your marketers will be able to pinpoint the campaigns that have turned out to be very good for your business. But at the same time, they will also be reporting on the campaigns that turned out to be blunders!
In this way, you are now aware of what marketing content or approaches entice your customers to buy from you and what repels them. Considering that, you can tweak your efforts in the right direction and generate positive results with every campaign.
Measure the ROI Effectively
One of the most evident reasons why marketing analytics matter for your business is the ability to keep track of the ROI. The right tool would give you an insight into how much returns a marketing campaign helped you earn.
Based on it, you will then be able to make even better data-driven decisions to invest your resources only in the areas that would bring in more returns. Investing in loss-making campaigns isn’t the right strategy for long-term business growth!
How do Businesses Plan on Using the Marketing Analytics Features?
Marketing analytics gives you a 360-degree view of the campaigns you run and helps you be sure of what decisions you implement. Therefore, it is very important for you to collect data not just from online sources but also from offline channels. With the use of relevant data, the businesses would use marketing analytics to determine the following:
Product intelligence is the art of diving deeper into your brand’s offerings and analyzing how they are stacking up in the competitive market. It is mostly done by running polls among the target audience, engaging the customers with surveys, or just speaking to them.
It would help your company better understand the competitive advantages and differentiators that your product has over others. Right from that moment, your teams will be able to better align the brand products to meet the unique interests of customers. And such a move would drive immense conversions.
Product Development Trends
Marketing analytics has the capability of giving you an insight into the different features that your consumers expect from your products. You cannot deny or ignore this fact, as your competitors would take it to their advantage and divert your customers to their offerings.
Therefore, assign roles to your marketing teams for collecting the data on customers’ expectations of features or functionalities they expect from your products, and pass that on to the development team for keeping in mind while making future product developments or changes.
Addressing Customer Problems
Running marketing analytics would help your business take a leap towards uncovering certain business areas where the buyers might need a simplification or improvement. Therefore, having the right set of data would help your team determine the struggling points of clients.
As a result, you will have the expertise in hand to simplify the product and make it more accessible to customers who faced problems with it earlier. It will eradicate all forms of hesitation from the minds of your potential customers and will speed up the checkout process for them.
What are the Tips for Improving Marketing Analytics for Your Business?
Now that you know the importance of marketing analytics, it is important you invest your time and efforts in improving the approach. Therefore, some of the tips associated with helping you implement the right practices for marketing analytics include:
Establish a Proper Marketing Objective
The initial step you should take in your marketing analytics approach for better ROI includes establishing a proper marketing objective. Set a success metric that you want to achieve with respect to your marketing campaigns.
Set Your ROI Goals
Once your marketing object is set, you must also have a goal set for planning or tracking the progress. Without it, it will be difficult to keep a constant tab on how the campaign is performing and whether or not they are ideal investments.
Focus only on Important Metrics
With the ROI goals and objectives on point, you will be able to set the metrics that would matter the most for ensuring the success of your campaign. Choose metrics on priority that reflect your progress towards the goals. You can ignore the usual vanity metrics!
Forecast the Trends & Performance
You need a skilled team to interpret the marketing analytics data in order to identify the trends and patterns. It would help you successfully forecast or predict the future campaigns for the business, which will be directed towards achieving the goals.
Implement Proper Attribution Modelling
As you are now focusing on the important metrics only, you can start the optimization of the collected data. Do it with attribution modelling! It will help your business track all the steps that your customer takes over the platform before making the final purchase.
How Important is it to Find the Right Tool for Marketing Analytics? Let’s Weavr It!
All of the marketing analytics benefits and attributes stated above are possible to acquire only when you have the right tool for it. With the use of the right analytics tool, you can help your marketers track the overall campaign performance and align them with your business goals. Not only that, but they will be able to run in-depth analyses of the key metrics and predict future trends.
They are important for your marketers to do their core job and create the perfect campaign by running the detailed analysis as expected! A good marketing dashboard, offered by reputed tools such as Weavr, would enable you to connect your diverse marketing channels under one roof. It helps you analyze data in a uniform manner, with added clarity and conciseness.
You don’t have to wander across different dashboards to take note of marketing campaign performance across diverse channels. Integrate them all under one single dashboard, and Weavr can make it possible for you.
Weavr is your one-stop marketing analytics tool that supports customized omnichannel analysis, single-channel analysis, and multi-account custom views. Not only that, but you can also schedule automated reports to get insights into the progress of specific campaigns and send them for further analysis to your marketing team.