What are Marketing Analytics and Why are They Important?
Marketing analytics are the cold hard facts and intrinsic data that shows you the attributes in which your business is both succeeding and failing in.
To elaborate further, marketing analytics is the practice of calculating information to gain a comprehensive understanding of marketing performance which in return helps to enhance a business’s ROI. Marketing analytics provide a scope for brands to distinctly focus on their marketing strategies. Through these banks of data, businesses can make the most of their budget by honing in on their marketing efforts that garner success instead of wasting precious funds on strategies that aren’t as effective.
Why You Should Be Harvesting Marketing Analytics
Marketing has evolved from being a shot in the dark to a red dotted sniper aiming directly at its target. In the midst of the 1990’s, marketing campaigns consisted of posters on the sides of buses and 30 second slots on the local radio station. Once these strategies were launched there were no real ways of analysing the success apart from a change in direct interactions with the business, sales for example.
Now, there is the prospect of picking and choosing which marketing strategy to analyse. Do you want to know how your SEO strategies are holding up, which keywords have fallen in terms of ranking or which have improved?
You need to start investing some serious manpower into marketing analytics. By doing this, you are harnessing the information you need in order to source the best possible leads and create a lasting foundation for your business to thrive.
Areas That Benefit From Marketing Analytics
Marketing analytics can be used for pretty much everything. If your metric is calculable then you’ll be able to collect data and conduct a thorough analysis of the findings.
By focusing on your website traffic analytics – things such as time spent on a page, new users visiting and how users are spending their sessions – you can start to better understand the performance of your website. This will allow you to modify your marketing strategy accordingly.
Venturing deeper into marketing analytics, we have software such as SE Ranking, a platform that businesses use to keep track of keywords and to also know which of their competitors are using similar keywords to rank on search engines.
Marketing analytics also help us get a stronger grasp on paid advertising strategies. By understanding what prospects and potential leads look like online, what they’re searching for and their geographical location, we have behavioural information in abundance that we can use to target people that share similar characteristics to those that are current leads.
This article has touched briefly – scratched the surface if you will – on marketing analytics. As a business there are so many avenues to explore, each with its own unique way of identifying data and helping in enhancing marketing strategies or highlighting the strategies that are underperforming.
Here at Be My Social, we’ve got a dedicated team of marketers with highly developed expertise in analysing marketing analytics. If you require external marketing support, then we’re the digital marketing agency for you.