What is Marketing Analytics? And How can it Help you Grow?
Ever wonder how to hit the nail on the head to make your business more successful?
Well, marketing analytics is the answer! According to a recent survey, expenditure on marketing analytics is expected to climb by 200%.
Marketing analytics is the process of organizing and analyzing data to assess the return on investment (ROI) of marketing activities such as calls to action (CTAs), blog posts, and other areas for development.
These analytics help you:
- Focus on the marketing trends that you need to follow
- Provide insights into your business data to keep you moving in the right direction
- Identify patterns in areas such as how a campaign affected conversions, consumer behavior, regional preferences, and creative preferences, among others
Marketers will be able to deliver answers to the analytics questions that are most important to their stakeholders by tracking and reporting on business performance data, diagnostic metrics, and leading indicator metrics.
Data provides Intelligence on Products
Product intelligence entails conducting an in-depth examination of the brand's products as well as their market positioning.
Organizations can gain a better understanding of their products' differentiators and competitive advantages by speaking with consumers, polling target audiences, or engaging them in surveys.
From there, teams can more precisely match products to the unique consumer interests and problems that contribute to conversions.
Helps you know more about Customer Preferences
Analytics can reveal a great deal about your customers.
- What type of messaging/creative is most effective with them?
- Which products are they purchasing, and which have they previously researched?
- Which advertisements result in conversions, and which ones are ignored?
Find the Latest Trends in Product Development
Additionally, analytics can provide insight into the different product features that consumers desire or don't desire. When customers share their concerns or dislike certain aspects of a product, you can analyze and then modify it in accordance with the customer's needs for future developments.
Customer Support
Additionally, Customer Support Analytics assists in identifying areas of the buyer's journey that can be streamlined or improved. For example,
- Where are your clients having difficulty?
- Is there a way to simplify your product or the checkout process?
Helps you Create the Best Strategies for Media Marketing
Data analysis can help marketers determine the best locations to display messages to specific consumers.
This has become even more critical in light of the sheer number of channels. Along with traditional marketing channels like print, television, and radio, marketers must understand which digital channels and social media platforms consumers prefer.
Analytics provides answers to the following critical questions:
- What type of media should you acquire?
- Which are the most effective at increasing sales?
- Which message is striking a chord with your audience?
Credibility
Marketers who invest in measuring and managing performance create more value and increase returns on marketing investments.
Marketers can become more credible for their organizations by taking a professional approach to marketing metrics and analytics, as well as by leveraging integrated technology to provide deeper insights for making more informed business decisions.
Assists in Revenue Growth
According to in-cloud.ca, an integrated analytics approach could help companies and regions save up to 20% on marketing spending.
Businesses can use marketing analytics to save time and money while increasing efficiency. The entire process is streamlined by providing a centralized reporting platform for all channels.
Marketing analytics can result in a more rapid growth of revenue. When marketing metrics are readily available, campaigns can be iterated to improve the bottom line, resulting in more accurate forecasting and faster revenue growth.