CMO survey reported that only 36% of marketers have significant tools for professing the impact of marketing spend on performance of a company, it’s clear that marketing analytics tools are a dusty area of understanding for many businesses.
With a huge number of tracking methods and analytics platforms available, it is strangely easy to collect large amounts of campaign data, as well as illustrated views on what but literally using that data is where marketing analytics comes in.
Marketing data analytics or marketing analytics is the process by which analytics look to analyze meaningful patterns and trends in data to illuminate marketing decisions.
Marketing analytics is the direction to making data-informed decisions, practicing them to enhance a business’ marketing spend towards action which actually distributes the highest impact.
Marketing analytics is a contributor to business analytics, the process of determining meaningful patterns in data to notify large scale business decisions.
Many organizations apply business analytics, and with the jolt on a business that marketing can have, there is an open case for employing the large amount of marketing data feasible as a regulation alongside financial analytics, sales analytics, and so on, helping to give background to these partner regulations.
The difference between just having millions of data, and observable marketing analytics is the capability to use the numbers, to deploy and process them in a way that actively influences strategy, and gives your marketing direction.
So marketing analytics should be a crucial decision-making tool for answering strategic marketing questions, including:
Segmentation and Audience Targeting: Who are we going to target with our marketing action ?
Channel Targeting: Which channels of marketing should we use to reach an audience ?
Messaging: What creative and messaging assets should we target on to sell these segments ?
Budget: How much should we spend on lead cost and awareness.
ROI: What will be our Return Of Investment of these channels ?
Strategy: What is the most efficient combination of message, budget, audience and so on ?
The priority of these questions cannot be understated, and by making marketing analytics an essential part of your brand’s marketing and practical training can be key to enhancing that you have all the answers you need.
Anyhow, the business case for this close amalgamation can be imposing for marketers to put forward, specifically in industries where the perks are more visible at the ‘sharp end’ of marketing operations – that is to say that it’s simpler to see how marketing employees benefit from evaluating the performance of their individual digital operation, but it’s not so clear as to why this is useful to the CEO.
Analytics helps marketers make greater decisions, which effectively helps drive more interactions, revenue, leads and so on – and if connected with cost savings and efficiency, actively impacts ROI and the baseline for the business.
Being data-driven doesn’t need to be complicated. The artistry of this is that it can be made as smooth as viable to execute, mitigating concerns over time-sapping costs & resources to the business.
There’s no point in replacing poor marketing efficiencies & poor strategy with poor operational ones, preeminent to no positive impact on the baseline.