Marketing analytics gathers data from across available marketing channels and consolidates it into a common marketing view. In this view, you can extract analytical results that can provide invaluable assistance in driving your marketing efforts forward.
Why is it important? As the years passed and businesses grew and expanded into new marketing categories, new technologies were created and adopted to support them. Because each new technology was typically deployed in isolation, the result was a pool of disconnected data environment.
In effect, marketers make decisions based on data from individual channels and not taking into consideration the entire marketing picture. Data from social media as well as web analytics as singular data sources is not enough. Marketing analytics, in contrast, considers all marketing efforts across all channels over a span of time, which is essential, for a sound decision making and an efficient program execution.
The steps to marketing analytics success:
- Use a balanced assortment of analytic techniques
In getting the maximum benefit from marketing analytics, you would need an analytic assortment that is balanced, one that combines techniques for:
a. Reporting on the past – By using marketing analytics to report on the past, you can answer such questions as: Which campaign elements generated the most revenue last quarter? How did email campaign A perform against direct mail campaign B? How many leads did we generate from blog post C versus social media campaign D?
b. Analyzing the present – Analytics would enable a marketer to determine how the current marketing objectives are performing in real time by answering the following: How are our customers engaging with us? Which channels do our most profitable customers prefer? Who is talking about our brand on social media sites, and what are they saying
c. Influencing the future – Marketing analytics can also deliver data-driven predictions that you can use to influence the future by answering these questions: How can we turn short-term wins into loyalty and ongoing engagement? How will adding 10 more sales people in under-performing regions affect revenue? Which cities should we target next using our current portfolio?
- Assess your analytic capabilities and fill in the gaps
Marketing organizations have access to much of different analytic capabilities in support of various goals. Assessing the current analytic capabilities is a good next step. The bottom line, it is important to know what is the standing along the analytic spectrum and identify where the gaps are and start to develop a strategy in filling them in.
- Act on what you learn
Unless acted on, there is no real value in all the data in marketing analytics can give in return. It is a constant process, learning and testing. Marketing Analytics gives the ability to improve marketing programs’ performance.