Data and Analytics is the practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return on investment (ROI). Understanding marketing analytics allows marketers to be more efficient at their jobs and minimize wasted web marketing dollars.
Data and Analytics is the practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return on investment (ROI). Understanding marketing analytics allows marketers to be more efficient at their jobs and minimize wasted web marketing dollars. Analytics also allows you to see where you can improve campaigns, conversions, and potentially make more sales.
Beyond the obvious sales and lead generation applications, marketing analytics can offer profound insights into customer preferences and trends.
Despite these compelling benefits, a majority of organizations fail to ever realize the promises of marketing analytics. According to a survey of senior marketing executives published in the Harvard Business Review, “more than 80% of respondents were dissatisfied with their ability to measure marketing ROI.”
The great thing about analytics nowadays is the amount of information you can receive from how your campaigns, website, paid media, or sales funnels are performing. Compared to Billboards and Magazine/Newspaper publishing, we are not able to gauge how many people read the Billboards and Magazines at any given moment. Whereas compared to online we can gauge all these metrics.
Marketing analytics, Internet (or Web) marketing analytics, in particular, allow you to monitor campaigns and their respective outcomes, enabling you to spend each dollar as effectively as possible.
The importance of marketing analytics is obvious: if something costs more than it returns, it’s not a good long-term business strategy. In a 2008 study, the Lenskold Group found that “companies making improvements in their measurement and ROI capabilities were more likely to report outgrowing competitors and a higher level of effectiveness and efficiency in their marketing.” Simply put: Knowledge is power.
The Importance of Marketing Analytics
In search marketing, in particular, one of the most powerful marketing performance metrics comes in the form of keywords. Keywords tell you exactly what is on the mind of your current and potential customers. In fact, the most valuable long-term benefit of engaging in paid and natural search marketing isn’t incremental traffic to your website, it’s the keyword data contained within each click which can be utilized to inform and optimize other business processes.
- Product Design: Keywords can reveal exactly what features or solutions your customers are looking for.
- Customer Surveys: By examining keyword frequency data you can infer the relative priorities of competing interests.
- Industry Trends: By monitoring the relative change in keyword frequencies you can identify and predict trends in customer behavior.
- Customer Support: Understand where customers are struggling the most and how support resources should be deployed.
One of the most critical components of data and analytics is that it gives you measurable results as to how our marketing campaigns, website design, landing pages, and marketing tactics are converting to get any company more leads and sales. All of our data here at Create Build Optimize is an indicating factor as to what modifications we make, and direction that we go with businesses creative.
Some examples of what we measure and provide reports for our clients.
- Paid media
- Social Media Conversions, Interactions, and Post Views.
- E-commerce Product Pages
- Search Engine Optimization
- Sales Funnel Analytics
- Targeted Marketing Campaign Analytics
- Crowdfunding Campaign Analytics
Anyways that you utilize technology should all be gauged with analytics. Analytics is the only way you can gauge your ROI.
