The Importance of Marketing Analytics
In order to determine whether or not something is working, you need to be able to measure it…and that means you need the right data. Ask yourself…which of your marketing initiatives are working? Good marketing analytics require data from all marketing channels – web, social, email, blogs, reviews, etc. – and the ability to report and act on that data. The key to all this is finding the right tools.
Don’t feel intimidated or out-of-the-loop – few marketers would admit to having a firm grip on their analytics. Indeed, marketing efforts often are, by their very nature, hard to quantify in terms of dollars, revenue or impact. What’s more, they tend to result in “feelings of customer direction” or “impressions of behaviour” – what we can be called a “brand sentiment” – more than actual dollar signs.
But vague feelings or impressions aren’t viable strategies as we move through 2016.
CEOs of companies are demanding more quantifiable and tangible metrics from their marketing departments or external agencies, with six in 10 professionals reporting feeling rising pressure from upper management to be more data-driven. As a result of rising demand, there has been a swooping emergence of tools, technologies and scores in the past year designed to assist marketers determine their impact.
The average marketer, despite insistent efforts to invest in marketing analytics, still struggles to ascertain which metrics to actually track; they’re usually searching for answers to questions like:
- Which analytics should I track?
- What makes different technologies…different?
- What’s available on the market?
- How do these technologies integrate with my current marketing approach?
In helping you navigate these rough seas, here’s a quick look at some of the most powerful tools in marketing analytics:
Measuring the Effectiveness of Your Website – As with anything, marketing analytics starts at the beginning, or foundation. A professional, up-to-date marketing entity that’s revenue impact tracking-ready needs four elements: A formidable marketing automation software platform, a robust CRM system, a content marketing production space and a web presence tracking tool.
Measuring the Impact of Your Content Marketing – Next, you should be using technology to tie revenue to individual content pieces; many tools available for this task take a granular look at the effects of a singular marketing deliverable to revenue. They could tell you, as an example, the amount of revenue a single blog post or tweet contributed to the business as a whole.
Marketing ROI Planning – Major data creates a plethora of numbers, so knowing how to tap into the right major data defines the differences between businesses that succeed and businesses that crash. Plenty of tools exist to help you create ROI (Return on Investment) plans while leveraging so-called big data.
At a time when marketing is being measured more directly against top-line revenues, the decision to predict what prospects are likely to do next is critical.