Unleash The Power Of Marketing Analytics

In today's digital age, businesses are constantly seeking innovative ways to reach their target audience and stay ahead of the competition.

That's where marketing analytics comes in - the use of data analysis tools and techniques to measure the effectiveness of marketing strategies and campaigns.

Marketing analytics provides valuable insights into customer behaviour, preferences, and buying patterns, allowing companies to make informed decisions about their marketing initiatives. In fact, according to a survey by Gartner, 91% of marketing leaders expect analytics to play a crucial role in their organisation's growth strategy over the next three years.

When done well, marketing analytics is the most powerful catalyst for strong performance. There are unlimited possibilities to boost ROI. Below, we provide some examples of the most common areas that can be tackled with marketing analytics.

Bringing a centralised marketing reporting solution to life means being able to connect both your first-party data and that of your marketing platforms, but centralising your data is much more than getting everything into one place.

When you put in place a bespoke data pipeline, it gives you the power and flexibility to tailor reporting exactly the way you want it: analyse and compare performances via multiple lenses, drill to your desired granularity levels, include any optimisation metrics, add LTV predictions, automate alerts to various teams, etc.

This creates one source of the truth that is bespoke to your business and helps you better understand the often fragmented omni-channel journey.

With full visibility on your marketing performance, you can start identifying optimisation opportunities to leverage. These can even be turned into algorithms scanning your campaign data on a daily basis in order to give you optimisation suggestions! This could be for example, budget allocation towards lifetime value, putting more money towards the campaigns with more valuable customers.

In addition, you can automate all the Quality Auditing of campaign activity in order to save your team a lot of time and significantly reduce implementation errors. When used well, algorithms can be mans’ best friend.

Because you have access to your first party data, you can craft specific audiences to be used back into marketing. Do you want to market to top LTV users, this is possible. Do you want your socks buyers to also start buying underwear? This is also possible. Do you want to re-activate users that have been dormant for a while? Also possible. Anything is possible really, as long as you have the information in your own data.

Operational Analytics is essentially sending data back to your marketing platforms/tools.

So for example, once you have defined the audiences you want to market to, you can send back these audiences to the various platforms you work with using what is called “Reverse ETL” processes.

This technique relies on you having modelled data within your warehouse which can then be sent back and applied to CRMs/Ad channels etc. It is often a faster method of applying your data for marketing performance than the CDP route - CDPs are complex and expensive.

Marketing Analytics has advanced dramatically in recent times, and it's important that you don't get left behind! This is a high ROI area that can help you to get, keep and grow profitable customers in the long term.

Having a team with the right expertise can help speed up implementation and ensure scalability going forward, so why not get in touch with 173tech today?