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Marketing Analytic
Marketing Analytic
Marketing analytics is the use of data to evaluate the effectiveness and success of
marketing activities. By integrating marketing AI into your business strategy, you
can gather deeper consumer insights, optimize your marketing objectives, and get a
better return on investment.
1. To gauge how well your marketing efforts are performing, measuring the
3. To determine what you can do differently to get better results across your
marketing channels.
Current
Comprehensive, with no gaps
Error-free
As precise as the data analysis requires
Relevant to the analysis
Marketing analytics should always be goal-oriented, so the last point is
the most important. It’s possible to make use of old or incomplete data,
as long as you treat it cautiously—but if the data isn’t relevant to the
needs of your campaign, leave it out.
Luckily, you don't need a crystal ball for this—predictive analytics can help you
look to the future. These tools use specific data and past trends to determine what
results you can expect to see under different conditions. You can use predictive
analytics to answer questions like:
Would a search engine campaign get better results with more money
invested?
Would a search marketing campaign on 1 platform work well with another?
Would an email campaign translate to Facebook ads, for instance? Would
your Facebook ad work on Instagram?
What kind of revenue might you get with your social media marketing
campaign in a new market? You don't have to get too complex with your
predictive analytics, but dedicating some time to them can help you
determine whether what you’re doing is working or not.
It feels good to focus on your strengths, but don't stop there. You can learn just as
much by paying attention to where your marketing efforts are falling short. If you
experience a sudden drop in sales, can anything from your analytics explain why?
Look at where your content is underperforming, but remember to stay positive and
goal-oriented. Treat your shortfalls as opportunities, and use your analytics tools to
learn how you can close the gap.
And when you make changes, remember to keep collecting and analyzing data so
that you notice when things improve.
THE TAKEAWAYS
Any marketing project is a process. Marketing analytics helps you to determine
where your attention should go during that process and the right marketing mixfor
your business. Remember to follow analytics best practices:
Sometimes, the answers you receive spark even more questions. When that
happens, you can repeat the analysis process and learn even more about your
marketing efforts.
The advent of the internet sped up the evolution of marketing analytics. Marketers
began using digital attribution models to examine consumer behavior on a more
granular level. These models measured the value of each consumer touch point to
determine where and when a person engaged most meaningfully with a brand.
Multi-touch attribution soon followed, allowing marketers to analyze a consumer's
path along multiple devices and channels.
Define exactly what you’re hoping to accomplish through your marketing. Start
with the overall goal of your marketing strategy, then start drilling down into
specific campaigns and marketing channels. Metrics can include return on
investment, conversion rate, click rate or brand recognition. You also want to
define benchmarks and milestones along the way that will help you evaluate and
adapt your marketing techniques.
To get the most benefit from marketing analytics, you’ll want a balanced
assortment of techniques and tools. Use analytics to:
Report on the past. By using techniques that look at the past, you can
answer questions such as: What campaign elements generated the most
revenue last quarter? How did social media campaign A perform against
direct mail campaign B? How many leads did we generate from this webinar
series vs. that podcast season?
If brands want to catch the ideal buyer’s attention, they must rely on
accurate data to create targeted personal ads based on individual
interests, rather than broader demographic associations. This will
allow marketing teams to serve the right ad, at the right time, on the
right channel to move consumers down the sales funnel.
How Organizations Use
Marketing Analytics
Marketing analytics data helps your business make decisions on
everything from ad spend to product updates, branding and more. To
give yourself a true 360 degree view of your campaigns and be sure
you are making the right decisions, it's important to take data from
multiple sources (online and offline). Using this data, your team can
gain insights into the following:
Product Intelligence
Product intelligence involves taking a deep dive into the brand’s
products as well as analyzing how those products stack up within the
market. Typically done by speaking to consumers, polling target
audiences or engaging them with surveys, organizations can better
understand the differentiators and competitive advantages of their
products. From there, teams can better align products to the unique
consumer interests and problems that help drive conversions.
Customer Support
Analytics also helps uncover areas of the buyer’s journey that could
be simplified or improved. Where are your clients struggling? Are
there ways you can simplify your product or make the check-out
process easier?
Competition
How do your marketing efforts compare with the competition? How
can you close that gap if there is one? Are there opportunities your
competitors are capitalizing on that you may have missed?
Predict Future Results
If you have a thorough understanding of why a campaign worked,
you’ll be able to apply that knowledge to future campaigns for
increased ROI.
Data Quantity: Big data emerged during the digital age, enabling
marketing teams to record every consumer click, impression and view.
However this quantity of data is irrelevant if it cannot be structured and
analyzed for insights that allow for in-campaign optimizations. This
has left marketers grappling with how to best organize data to
evaluate its meaning. In fact, research shows that experienced data
scientists spend the majority of their time wrangling and formatting
data, rather than analyzing it
Data Quality: Not only is there a problem in terms of the vast
information organizations must sift through, but this data is often
viewed as unreliable. According to Forrester, 21 percent of
respondents’ media budgets were wasted due to poor data quality.
This means one dollar out of every 5 dollars was not being utilized
effectively. Over the course of a year, these dollars can add up,
resulting in $1.2 million dollars and $16.5 million dollars of wasted
budget for mid-size and enterprise level firms. Organizations need a
process to maintain data quality, so that employees can leverage
accurate information to make the right decisions.
Lack of Data Scientists: Even if companies have access to the right
data, many don’t have access to the right people. In fact, according to
a survey by The CMO, only 1.9% of companies believe they have the
right people to fully leverage marketing analytics.
Selecting Attribution Models: Determining the model that provides
the right insights can be tricky. For example, media mix modeling and
multi-touch attribution offer entirely different insights – aggregate
campaign-focused data and person-level consumer data respectively.
The models that marketers choose will dictate the types of insights
they receive. Engagement analysis across so many channels can
create confusion when it’s time to choose the right model.
Correlating Data: In this same vein, because marketers are collecting
data from so many different sources, they must find a way to
normalize it to make it comparable. It’s especially challenging
comparing online and offline engagements, as they are typically
measured by different attribution models. This is where unified
marketing measurement and marketing analytics platforms
demonstrate true value, organizing data from disparate sources.
Modern marketing platforms are valuable for the speed at which they
can store and process massive amounts of data. One of the major
drawbacks of having access to so much data is that marketers cannot
possibly parse through it all in time to make real-time optimizations.
That’s where the processing power of advanced analytics platforms
comes into play, enabling marketers to adjust creative or ad
placement as needed before the campaign ends, enhancing potential
ROI.
Implementing Marketing
Analytics Into Your Program
1. Make A Plan: Set goals and create benchmarks for yourself so you
can accurately and effectively report your data.
2. Implement Your Plan: Focus on driving your data to the correct
places in your business where you will get the most benefit out of it.
Having the right team in place is key.
3. Optimize Your Plan: Once you implement your plan, make
adjustments to your team or data flow based on your results in order
to move leads down the sales funnel quicker.
2. Establish a Benchmark
What does a successful campaign look like? This will determine the
types of data and metrics marketers collect. For example, if the goal is
to increase brand awareness – the success benchmark might be an
increased percentage of brand loyalty demonstrated in a customer
panel, rather than an online click or impression.
3. Assess Your Current
Capabilities
What is your company doing today? What are your weak spots?
Whether assessing offline campaign results or identifying media most
likely to convert, understanding these weak points can help you
strengthen your program.
Conclusion
Having the right marketing analytics solution in place is key to a
successful marketing program. By understanding where your
audience is engaging and what is truly driving sales, you can make
sure you are putting your money in the right place and improve ROI.
But we can break the category down further into three primary types of
marketing analytics:
Descriptive analytics
Predictive analytics
Prescriptive analytics
What separates these three types of analytics is what they can help you
do. In the context of marketing, all three involve collecting and analyzing
data to bolster marketing efforts. But each of the three accomplishes
something very different.
Descriptive Analytics
Descriptive analytics uses data to tell you what happened in the past.
This information can help you understand past marketing performance
and provide context for a better understanding of what’s happening
currently.
You could then look at the sources for these posts to discover
differences that might explain the differing performance. Perhaps your
latest post, for example, has gone viral on social media or is being
bolstered by views from a paid campaign.
Descriptive analytics thus provides a way for you to answer the important
questions: _what happened, and why? _(Diagnostic analytics does too. It
is a sub-category of descriptive analytics, that’s focused on using past
data to diagnose problems, explain discrepancies, etc.)
For example, descriptive analytics might tell you that your company has
seen a sales lull in Q4 for four of the past five years, which might also
lead you to conclude that a similar lull in the coming Q4 is a distinct
possibility.
Predictive Analytics
Predictive analytics is a type of data science that uses past data to make
predictions about future outcomes. This typically involves large volumes
of data and a machine learning algorithm that can use that data to make
increasingly accurate predictions over time.
Prescriptive Analytics
Prescriptive analytics focuses on using past marketing data to
recommend the most impactful things you can do. It’s often used in
tandem with marketing automation to ensure that its recommendations
can be carried out instantly.
For example, let’s say your predictive analytics work suggests that your
site will likely get an influx of new visitors. How can you best take
advantage of that? Prescriptive analytics can help you pick the best
products, deals, and messaging to highlight for maximum profits.
When you’ve concluded that you need all of the above, it can be easy to
jump to hiring a data analyst or data scientist. But that’s often slow,
expensive, and ineffective.
Google Ads
Google Ads is Google’s paid advertising platform, but it’s also a powerful
analytics tool in its own right when synced up with Google Analytics. For
example, with Ads data, marketers can use Analytics to see how users
who clicked particular ads subsequently behaved on the site.
Marketo
Marketo is another popular marketing tool, and it offers a suite of
analytics solutions aimed at helping you do things like identify the
highest-ROI channels or improve your marketing attribution model.
Salesforce
Salsesforce is a popular sales and marketing CRM. Like Google Ads and
Marketo, it’s not exclusively an analytics tool, but it does offer a suite of
analytics options and it is an important repository of sales and
marketing-related data for many companies.
Salesforce’s built-in analytics tools include many predictive analytics
features aimed at helping you spot and prioritize the most high-value
leads and opportunities.
Woopra
All of the previously-mentioned tools are valuable, and many companies
use all three of them.
But these tools can become silos that prevent deeper analytics work
because it’s not always easy to get them integrated.
Woopra can pull in data from Google Ads, Marketo, Salesforce, and a
wide variety of other popular marketing tools, too. It offers social media
analytics, marketing automation tools, digital marketing analytics, and
much more.
That makes it a one-stop shop where anyone on the team can find any
data they need. Want to understand what’s happening with your
company’s churn rate? The answer could lie in data from Google Ads, or
Marketo, or Salesforce. Only Woopra brings it all together.
Leaders can find all of the data they need to define marketing strategy
collected, collated, and analyzed in one place. That kind of integration
simply isn’t possible with most marketing tools, and you’ll gain insights
that you couldn’t possible get elsewhere.
That kind of holistic analytics strategy may seem difficult to achieve. But
it’s easier than you might expect once you can integrate all of your
marketing and product data on a platform that can serve as a one-stop-
shop for all marketing metrics and other relevant data points.