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Why Marketing Analytics?

Apr 12, 2017

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Writing a detailed marketing report is an essential practice for marketing performance and marketing action plans to be shared with your business team. It allows for all branches of the business process to understand marketing objectives and effectiveness so they are able to see how marketing fits into the overall business plan. However, to be able to measure that, your marketing report must cover multiple areas of information.

Understanding Marketing Performance

First, to understand marketing effectiveness, you must first have extensive understanding of marketing intelligence. Marketing intelligence includes understanding your competition, their performance, and the current state of your brand’s industry. It also includes a broad understanding of your target audience and customers, opportunities to be had, problems being faced, and potential for business or product growth. Marketing intelligence more or less creates context for the performance of your business in the market.

Then it becomes necessary to understand how your brand’s marketing is performing and bringing in customers.  However, because marketing is executed across multiple channels, all functioning differently, evaluation of marketing performance can become disjointed and in-cohesive. Oftentimes business cannot achieve optimal marketing because each channel performs independently of the others, lacking a plan to cover all platforms.

Fortunately, we offer the solution: marketing analytics.

graph and revenue chart

 

Marketing Analytics

Marketing analytics measures and manages marketing performance to maximize benefits across all marketing channels, both online and offline. Marketing analytics is meant to analyze marketing so that your marketing budget is used efficiently and marketing dollars are not wasted on ineffective marketing.

To measure marketing effectiveness, businesses often use marketing metrics. Marketing metrics are points of data that act as numeric indicators of marketing effectiveness compared to overall business goals. Most commonly used marketing metrics include return on investment (ROI), leads, reach, engagement, and more (Forbes outlines some important marketing metrics to measure). Marketing metrics offer a way to quantify your marketing and evaluate if business goals are being met. Most marketing analytics aim to maximize ROI by analyzing leads, reach, engagement, page visits, traffic, and other data across all channels to evaluate where marketing is successful and where marketing could be redirected for greater success.

marketing analytics on computer

Marketing Analytics Vs. Web Analytics

Some business neglect marketing analytics because they feel that web analytics cover the same bases and thus make marketing analytics redundant. This is not accurate. Web analytics offer analytics for your website, such as page views, click-through rate, and leads. While this is useful, it is also incomplete. Marketing goes beyond just your website, so your analytics should as well. Marketing analytics includes web analytics, while also incorporating email marketing, social media, and offline events. It offers a broad but detailed image of where your marketing is as well as where it could be.

marketing analytics versus web analytics

Where Do I Start?

In order to help your marketing thrive, marketing analytics software can be a helpful tool. Particularly for those who are trying to run an entire business, marketing analytics may feel confusing and time-consuming. Rather than measuring marketing performance on your own, marketing analytics software measures the performance of your marketing across channels and produces a summary that even those without extensive marketing knowledge can understand. For example, Setrics can provide market data, analysis, and action plans to redirect your marketing for greatest benefits. In essence, these softwares are meant to take the stress and confusion out of marketing analytics.

By investing in a marketing analytics, you will see your business grow and your return on investment increase. In doing so, you will be able to guarantee that your marketing is successful and your marketing dollars are being put to best use.

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