Having diverse activities and channels make the management of digital marketing strategy harder. A holistic approach through which all marketing data is tracked and analysed with a comprehensive outcome is, with no doubt, essential for all businesses.
At the moment, according to the latest report of the CMO Council, only 3% of marketers among 150 participants find their businesses successful considering the ability to turn marketing outcomes into actions. Half of the marketers say their businesses struggle to understand the marketing data as a whole (CMO Council, 2020). Not having robust marketing analytics causes an excessive gap from insight to real actions. Marketers agree that the lag between understanding marketing data, and converting into action, hurt businesses. Seven out of ten marketers are dissatisfied with the action plans, highlighting the need for using marketing analytics.
Types of Marketing Analytics, What Businesses Can Get Out of It?
Every business in macro and departments in micro levels have objectives to reach in a certain period of time. Different marketing analytics does not only give a detailed benchmark on how they perform compared to the objectives and competitors but also allow businesses to stay in line with company goals as a whole.
1. Website Analytics and SEO
A business might have a guess about the customers visiting their website, however, guesses would not be enough for an accurate understanding. Website analytics give real data on the visitor journey, like which page visitors land the most, which channel and the geographic location they come from, what other pages they look at and how long they spend time. It is also possible to see how the traffic from search engines has changed over time. Knowing more about how visitors interact with the website, and who they are, businesses can see the strengths and weaknesses of the website and develop the better user experience. If there is a blockage in the customer journey, the results of marketing analytics can be used to structure a better flow to reach higher conversion rates and consequently, higher-ranking positions in the search engines.
2. Paid Search Analytics:
The main focus of a campaign is to generate qualified leads that will end up with sales. Campaign analytics provide a breakdown for leads and from which channels they come from, like Google search, Social Media, a 3rd party link, and so on. The business can compare the cost and the revenue generated from a campaign, hence clearly see the return on investment (ROI). These insights will enable the business to use marketing strategy effectively while staying cost-efficient. Through analytics, the business can also follow the success of the digital marketing strategy in time-series. If there is more than one campaign running at the same time, campaign analytics will deliver an insight tool so that the management can make informed business decisions.
3. Organic Social Media Analytics
Social media had become a great resource for businesses to stay connected with customers. In addition to basic analytics such as likes/comments received and follower growth over months, businesses can see the list of most engaged follower lists to take care of them in person. The business can compare its own strategy with the current trends such as the most used hashtag mentions and even the most loved photo filter type and amend their social media strategy accordingly.
4. Marketing Automation Analytics
Every lead has a life journey, from initial research, discovery, consideration until the purchase decision of the goods or services. Automation Analytics track every interaction of a lead with the business, including site visits, emails, social media accounts, even though they used different devices each time. It gives a 360-degree view of the buyer journey and allows businesses to take action to reach the lead at the right time to transform the interest into a sales opportunity. Marketing and sales teams can follow leads individually and contact them when it is most needed. Through analytics, businesses can understand their most effective channels to prioritize in the future.
5. Email Marketing Analytics:
Sending a marketing material or a content piece to a long emailing list does not always provide the best results unless it is delivered and seen by the target audience. With email marketing analytics, a business can see key stats such as successful deliveries, email opening, bounces (undelivered emails), and clicks to the content of the email. Via such analytics, a business can optimise the list, understand the needed tone for the emails, and categorise the audience based on the interest shown.
Conclusion: Marketing Analytics Power Strong Decision Making
By working on each different analytics, businesses can optimise each channel for a robust and aligned marketing strategy with the company objectives. All different types of marketing analytics give a clear understanding for businesses to see which marketing activities work best or least. Analytics help businesses rebuild digital marketing strategy by allocating more resources to the right channels to achieve better results. They all provide useful hints for customer experience. Most importantly, marketing analytics give speed and allow timely actions for businesses to maximise the return on investment (ROI).
If you want to find out more about how Marketing Analytics can be applicable to your business for better outcomes, please get in touch with us.
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