Marketing analytics involve tracking, managing and evaluating data to determine how successful your company’s marketing efforts are. When used correctly, these results help brands make better decisions based on facts rather than guesswork. For example, if you notice you have low customer engagement rates on social media posts but high impressions, you could assume that the content isn’t resonating with the audience — or it’s not getting in front of the right people to begin with.
Why does this information matter? Well, knowing those statistics tells you what the problem is, so you can take actionable steps to improve performance.
It’s the same for any marketing concerns you might have. If you notice a section of your advertising efforts is coming back empty-handed, analytics help you pinpoint the root problem. Rather than throwing a bunch of solutions out and seeing which one sticks, you can save money, time and stress by narrowing your focus and pinpointing a data-driven answer. In fact, Salesforce found that 80% of business leaders say data is critical in decision-making.
Now, not all data is considered equal in the eyes of a marketing professional. Marketing analytics and basic metrics are similar, but basic metrics only show you “what” and “how much,” while marketing analytics help you understand the “why.” If marketing data were looked at as a piece of art, individual data points would be the outlined sketch, while strategic analytics would color in the picture, giving it more life and depth.
When you track targeted, specific analytics, you can maximize effectiveness, optimize ROI and uncover market trends better than with broad, ambiguous data.
Marketing Team’s Secret Weapon
A marketing analyst is someone who analyzes data to support a company’s marketing department efforts. These marketing professionals focus on data collection, analysis, reporting and insights delivery, assisting teams with pinpointing and explaining key data points to help decision-making. On top of managing data collection, they also make recommendations on how to proceed with targeted marketing campaigns using metrics as their guide.
While anyone can learn how to gather and manage data analytics, having this professional on your team can really benefit your digital marketing performance. They’re generally very technical people, boasting proficiency in spreadsheet tools like Excel, web analytics platforms like Google Analytics, and business intelligence tools. Video templates can be a powerful asset for these professionals to visualize and present their data-driven stories effectively. On top of that, they’re also strategic and good at communicating with a range of team members.
Marketing analysts know the right kinds of metrics to gather, how to use those datapoints to point teams in the best direction and ways to implement action steps into the overall digital marketing strategy. Let’s look at what we consider the “right” types of business analytics.
How To Win the Day - 6 Benefits
If you already achieve positive results from your marketing efforts, you might wonder if analytics are worth it. We’re here to tell you the truth: Marketing data analytics aren’t just about present-day performance; a strategic approach to marketing analytics sets you up for success long into the future. What’s working now won’t always, so smart and strategic data collection is the way to get ahead and stay there for years to come.
Here are 6 benefits you could receive from marketing analytics:
Data-Driven Decision Making When you can pinpoint what’s not working for your audience, you can actually fix it rather than make assumptions about a solution. This cuts back on trial and error and gets your content in front of the right people at the right time, ASAP.
Improved Marketing Campaign Performance With predictive analytics guiding your path, you’ll have a blueprint for every project. Not only does this keep your campaigns and marketing channels cohesive, but it also helps improve outcomes by predicting how customers will respond to your content. This encourages more brand awareness and customer engagement.
Further Customer Insights It’s hard to talk to people that you don’t know. With enhanced audience analytics telling you what people care about and what types of problems they’re trying to solve, you’ll swoop in and save the day with the perfect solution, right on time.
Budget Optimization Nobody wants to waste money, especially not when you have a limited budget. By knowing the most effective marketing tactics, you can invest where ROI is highest and continue pivoting as needed, avoiding fruitless campaigns.
Competitive Advantage Having data doesn’t make you special, but using that information to identify market gaps does. Outperform your peers by becoming the solution your target audience didn’t even know they needed. And stay one step ahead by predicting patterns competitors didn’t see coming.
Enhanced Personalization In 2021, McKinsey & Company found that 71% of customers expect companies to deliver personalized interactions, and that number has only increased since then. Now more than ever, marketers must talk to their target audience like friends, knowing what’s going on in their lives, what solutions they need and how they like to be communicated with.
By utilizing digital marketing analytics, brands can become powerhouses in their industry, fueling business growth and keeping customers fed with relevant content that will keep them engaged and happy. In a world where precision drives performance, marketing analytics isn’t just a nice-to-have — it’s the competitive edge that turns good brands into great ones.