Advantages of marketing analytics: With digitization now pervasive, marketing is poised to become more of a science and less of an art. Data-savvy marketers have access to an endless supply of key insights about their customers, their performance, and their prospects for improvement in the future.
The basic goal of marketing analytics is to find patterns in your data that allow you to make more informed marketing choices. You can test a platform or campaign or see how many campaigns interact with each other and with your customers to generate revenue.
You’ll gain a deeper understanding of your customer’s needs and overall market direction thanks to insights from this type of analysis. You can ensure that your marketing initiatives are as effective and impactful as possible by stopping being passive and starting to be proactive.
To make all of this more concrete, let’s take a look at seven key advantages of marketing analytics.
- 1 The Main Advantages Of Marketing Analytics
- 1.1 An Integrated View Of Your Marketing Data
- 1.2 Campaign Optimization With More Vigor
- 1.3 Additional Information For Your Cognitive Analysis
- 1.4 Improve Existing Customer Segment
- 1.5 The Attribution Model Shows Which Touchpoints Matter The Most
- 1.6 Relevant Information For Each Stage Of The Customer Journey
- 1.7 Insight Into Acquisition Costs
The Main Advantages Of Marketing Analytics
An Integrated View Of Your Marketing Data
This is the first of the advantages of marketing analytics. Marketing teams tend to make a number of different efforts across dozens of different platforms and teams. Collecting data from many different efforts into one location requires a high degree of coordination.
Your team’s different tools and platforms will be defined by a powerful marketing analytics program that will also centralize the data they generate for analysis. Collecting data from all your paid efforts in one place allows you to understand what’s working, where to put extra budget, and how you can share knowledge across teams and channels.
The ability to combine and cross-analyze data from all your initiatives is critical, and it will enable more advanced analysis related to topics like attribution and ROI. It’s about getting all your data in one place, in the same format, to the same extent.
Campaign Optimization With More Vigor
This is the second thing of the advantages of marketing analytics. Raw data is useless by itself. Only when marketers use their data to evaluate current performance, spot areas for growth, and apply these insights to future campaign performance do they gain value from it.
A/B testing, a crucial component of marketing analytics, enables marketers to quickly compare opposing strategies, such as running two ads with radically different designs and copy for the same campaign. Even better, all aspects of marketing, including messaging, creative elements, retargeting tactics, and more, can be A/B tested.
The end-to-end process of developing a hypothesis, defining the test parameters (channels, KPIs, duration), carrying out the plan, and relaying these insights into your subsequent effort is all part of A/B testing. You’ll start by making little changes to one specific issue, like modifying the CTA on a low-converting advertisement.
Once you have a firm grasp on the process, you’ll likely go bolder. Instead of just adjusting the details, you can A/B test comprehensive strategies. For example, what works better: selling direct to customers (D2C) or selling via intermediaries (B2B2C)?
Additional Information For Your Cognitive Analysis
Brand awareness is very important. If consumers have never heard of your brand, how can you expect them to buy from you? And they will search for your name on Instagram, Google, etc. how?
Measuring brand awareness has long been a challenge. Large-scale promotional efforts can increase brand awareness, but they don’t always lead to increased sales. With the help of marketing analytics, businesses can analyze brand awareness without having to rely solely on recent changes to their bottom line or Facebook likes. Social listening/monitoring, search volume data, content reach, website traffic (especially direct traffic), and voice analytics sharing are all great places to start with the advantages of marketing analytics.
You’ll want to look at key data on your social channels (following, engagement rates, etc.) and compare these with your competitors. These advantages of marketing analytics will give you a very rough first approach to measuring your brand awareness.
Cognitive analytics can then be extended to include more data items. For example, you can implement social listening technologies to collect all relevant online conversations, evaluate search and live traffic statistics, conduct surveys with your target customer base, set up Google alerts, and collect data from Google Search Console.
Improve Existing Customer Segment
This is another thing of the advantages of marketing analytics. You can place comparable leads against each other using segmentation and profiling based on the criteria you consider most important. You can use them to create tailored strategies to appeal to the tastes of specific categories. You’ll drive your marketing success and reduce wasted resources by communicating with your customers the way they want to be addressed. You can continue to check your marketing data and change your customer profiles accordingly.
The Attribution Model Shows Which Touchpoints Matter The Most
Customer journey research shows the path your consumer has taken before making a purchase – but it doesn’t outline which of these steps are the most important (i.e. leading to the highest ROI). i.e. leading to the highest ROI). That’s where the attribution model comes in. These advantages of marketing analytics show which touchpoints are already present in the customer journey, and provide a level of credibility for each touchpoint depending on how influential that touchpoint is. Then, marketers can focus their resources on initiatives that have been proven to work.
You should think about updating your attribution model to make sure it best fits your business model as you incorporate the lessons from your attribution model back into your marketing strategy, increase campaign ROI and as a result free up more cash. There are different models, including time decay, first touch, u-shaped, and more. The majority of them start with the last touch, which indicates that all credit for purchase will go to the last touch point before conversion.
Relevant Information For Each Stage Of The Customer Journey
Individual customers go their separate ways before buying your product and after. These trips may involve several touchpoints across multiple platforms. According to marketing statistics, the majority of your customers probably use social media to learn about your brand, search engines to research that brand, and your website to make a purchase.
Armed with these advantages of marketing analytics, you can provide consumers with the right information at each stage of their journey. For instance, you might be thinking about posting less specific but aspirational information on your social media profiles. Knowing that customers use search engines to learn more about your items, you can build your website to address their most frequently asked questions and provide a comprehensive overview of your products. everything you offer.
You can start your efforts with a program like Google Analytics, which allows you to set goals, i.e. actions that consumers will take before making a purchase from you (clicking on your promotional ad). friends, pre-order a demo, etc.). Once you’ve laid out your goals, you can next begin to map out the sources that drive your customers to accomplish each goal, helping you link customer journeys together.
The customer journey can be improved by removing barriers in the areas identified by Google Analytics data. Analyze why many potential customers click “Place Demo”, but only a fraction actually fill out the relevant form. For example, are there too many form fields?
You can become even more advanced by continuing to post-trade mapping. Learn how customers interact with the material and what it takes to upsell and upsell them. Then, discover times to automate and introduce more product-driven growth (PLG) into your organization.
Insight Into Acquisition Costs
This is one of the advantages of marketing analytics. Imagine being able to handle all of your marketing tactics well, having a thorough understanding of how your customers behave throughout the buying process, and having knowledge of effective channels and approaches. best. Now that you have all this data, you need to calculate how much it will cost your business to acquire each customer. Fortunately, this can be done by dividing the cost of a campaign by the number of new customers it brings in.
A marketing analytics program that will track the performance of all your cross-channel initiatives, making it easy to identify which tactics, merchandise, and demographics have low cost-per-purchase (CPA) best. Invest significantly more in these areas in the future to increase your marketing ROI.
You’ll also be able to compare your average CPA with industry standards and gauge yourself against your competition. Why do different campaigns lead to different CPAs? Is it due to a bad approach or merely segment-specific variations? You’ll want to define a target CPA for each of your tactics and segments, and alternative methods of A/B testing until you reach your goal.