Marketing analytics is the practice of using data to measure the success of marketing activities. It helps marketers gain insights into their audience from engagement data generated. This optimises marketing efforts and improves return on investment.
Businesses are increasingly taking advantage of analytics in their marketing. According to the third edition of the Marketing Intelligence Report, 88% of marketers surveyed utilised marketing analytics to grow digital customer engagement.
Here are some tips for growing your business with marketing analytics:
1. Identify your marketing objective
Define exactly what you want to achieve and set clear marketing objectives for each campaign. Metrics for success can be click rate, conversion rate, return on investment, customer satisfaction etc.
2. Report, analyse, predict
Use marketing analytics to:
Report on the past. By measuring past performance, you can identify what worked well and what mistakes to avoid. For example, what channel brought in the most revenue in the last campaign? How did the Facebook ad campaign fare against the Google Display Network campaign? How many leads did the whitepaper generate vs. the webinar?
Analyse the present. Measure your current marketing performance. Which content is driving more engagement? Which channels are converting better? How are people talking about your business and where?
Predict the future. Marketing analytics can help forecast answers to questions such as: How can newly acquired customers be turned into loyal customers? Which channels are worth investing more in? Which segments can be targeted next?
3. Invest in analytic capabilities
With data being generated from a growing number of sources, there is an increased risk of siloed data. Using a platform that gives you a single, cross-channel view of customer data is critical for data-driven marketing efforts.
AI and automation can accelerate cross-channel data analytics to free up resources for marketers to focus on strategic, creative work.
Despite the increased use of data analytics in marketing, many marketers fall behind in building up their analytic capabilities. Only 51% of marketing teams currently have employees dedicated to analytics. Still, marketers intend to catch up. Two in five marketers say they plan to invest in tools, processes, and people to improve their analytics.
4. Act with the power of data
Marketing analytics can transform all your available data into actionable insights.
With a single source of truth for data across channels, your marketing teams can have all the right information at their fingertips. They can spend less time analysing data and more time making smarter decisions. They can continue to build on what’s working or course-correct as needed to achieve their goals.
Connect, analyse, and take action on your data with Marketing Cloud Intelligence — your single source of truth for marketing performance.
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