Why Do You Need Marketing Analytics?
In simple words, marketing analytics is the optimization and measurement of all the marketing activities done by a company. Marketing analytics is an overall check of how your marketing efforts have been performing, unlike the web analytics which only focuses on the performance of your company’s website.
This particular activity determines the effectiveness of business and helps marketers to evaluate the attainment of their marketing resourcefulness.
Metrics play a key role in determining the marketing analytics but let’s not confuse them to be the same.
Marketing metrics refer to the data points, while analytics put the data in context and show how your marketing efforts translate to revenue.
Importance of Marketing Analytics
The journey of your buyers determines the success of the planned campaign. Marketing analytics are the measurements of all the marketing efforts done to collect the required data related to the marketing actions.
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There is no boundary between the data that is collected. It can range from the Facebook Page Likes to Website Traffic to Conversion Rates. All of this data which is collected, aggregated and calculated gives an insight into what is working, what needs to change and how can the marketing efforts be improved to get better and bigger results.
A method can be created with the help of the results attained by marketing analytics.
Marketing analytics need to be tracked, measured and watched continuously so that it can be optimized, and the results are derived are positive. If analytics aren’t viewed on a constant basis, they lose relevance, so it is necessary to keep checking on the data at regular short intervals.
Viewing these analytics multiple times over multiple time periods helps in providing different insights revolving around various trends. For instance, when you compare a yearly insight with quarterly or monthly data, you can track the highs or lows and adjust the marketing campaigns accordingly.
This can be explained well through this basic example – say if one of your clients launched a website. Post the launch, in the first three months then there was a drop in the traffic as well as a large surge. For many, this is a normal trend when it comes to a new website. But suddenly there was a spike in the traffic for a day which was exponential. With the help of analytics, you check on the data and break it into smaller buckets and start your research. Once the research is complete, you come to a realization that the spike on the website was because it was fake traffic.
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Once this is identified, the process of filtering the data comes into place. Marketing analytics helps in making this data more accurate and also helps in a deeper analysis of what will work and what won’t, realistically.
Analytics can also help a business provide perspective. For instance, if your website receives 2,000 monthly viewers and if you want the growth to be 10,000 monthly viewers in a span of 3 months, that is not possible. This is a 400% hike in a very short time which is very unrealistic.
That is where analytics play an important role. To show you the bigger picture. In this case, increasing the monthly viewership from 2,000 to 4,000 is much more possible. However, this will also depend on the marketing history of the company. Your strategy can be shaped and molded with the help of analytics.
Once marketing analytics is applied holistically, it helps the brand identify the loops and close them and makes the efforts put into marketing a success. It helps in evaluating the specified marketing techniques your business needs and also which help in contribute to the bottom line. Use this to test and evaluate your business and progress more effectively.
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