What is Marketing Analytics?
Marketing Analytics is the practice of analyzing and measuring the performance of marketing campaigns in order to maximize efficiency and improve return on investment.
Data is gathered from a wide set of marketing sources and allows marketing teams to get an unbiased view of their marketing efforts.
With this data, your marketing managers or team can then make informed decisions on marketing performance to maximize a marketing budget.
Why is Marketing Analytics Important?
Marketing analytics is crucial, now more than ever, because marketing teams and organizations are being pressed to optimize their marketing initiatives. Companies want to know that their marketing dollars are being spent to deliver results and increasing revenue.
With all this pressure, marketers can still have issues answering important business questions like:
- What can we do to increase results?
- How do we compare to our competitors?
- Are we spending too much money on certain channels?
- Where are we not investing enough money in?
- What is our best-performing channel?
- What is our ROI?
If you are struggling to answer some of those questions, then let our team of marketing analytics help. We’ll help you show the value of your marketing programs and help you figure out what meaningful actions you need to take to make your marketing successful.
FoundSM is proud to be a corporate member of the Digital Analytics Association (DAA). The DAA is a 5,500+ member organization focused on making the digital world better through the use of data.
As a data-driven organization, FoundSM is constantly looking at ways our employees can continue to grow and enhance their marketing skills. Our team learns new techniques and technology through DAA that we can bring to our client campaigns.
What Can Marketing Analytics Be Used For?
The best part about using marketing analytics is that you can find out what marketing campaigns are working and which ones aren’t. Here are a few other approaches you can utilize with this service:
Turn Data into Information
Most businesses today have access to all kinds of data and, chances are, your organization isn't doing much with that valuable information.
Let's say you are running a social media ad campaign and after 30 days, you saw a large increase in sales that month.
- What kinds of impact did that campaign have on your sales?
- Should you run the campaign again?
- What other channels saw an increase that month, too?
Data analytics can give you the answers you need and with those answers, your next campaign can be based on impartial data instead of guesses.
Compare and Contrast Data
Marketing Analytics also lets you take a deeper dive into your data to see what marketing channels and strategies are working best. Some common questions we help our clients answer are:
- What was the ROI of our PPC campaign vs. paid social campaign?
- What pages of content drove the most conversions?
- What was the impact of our recent web launch?
- Were there any differences in revenue generated across demographics?
- Does our mobile traffic convert better or worse than desktop traffic?
Your analytics account gathers data on distinctive areas of your website. When you have the ability to compare and contrast this data, your marketing teams will make more informed decisions going forward.
Every marketing campaign has a goal. Some are to increase sales while some may simply aim to increase traffic, and others may be for heightening awareness. When you analyze the data from these campaigns, you can make the necessary adjustments in your campaign to achieve your goal.
For example, let's say you are running an ad campaign that isn't delivering the sales you were hoping and the team wants to switch up the strategy. With marketing analytics, you can look at the data for the campaign to see what the actual reason for lackluster results.
Maybe the ad had a great click-through rate but the landing page had a high bounce rate. So rather than throwing the whole campaign away, you could make adjustments to the landing page instead and still work to achieve your marketing goal.
In this case, with a good analytics setup and platform, these answers were quickly identified and corrected, saving you valuable time!
Our expert analytics team doesn’t just create another report for your business to view. We help you understand that data so you can make valuable decisions based on actionable data.
FoundSM will assist you every step of the way through the process of a proper digital marketing analytics platform.