What is marketing analytics?
Marketing data analytics is the use and study of data related to marketing activities. Data analytics in marketing is used to determine the success of past campaigns in terms of ROI , conversions, customer behavior and preferences, and organic traffic. By analyzing the data regarding past campaigns using marketing analytics, marketing departments should be able to use patterns or trends to improve activities , resource allocation, and campaign planning.?
The marketing data analytics sphere usually includes three components: analyzing the present, reporting on the past, and predicting for the future.?
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Why is marketing analytics important?
Marketing analytics gives marketers the insights they need to plan successful campaigns and carry out activities that will help them reach their strategic goals. Without marketing data analytics, marketing departments would be reliant on guesswork or anecdotal evidence to make choices about how to spend the budget, what channels to use to promote their brand, and what customers to target to reach the best outcome.
Who uses marketing analytics??
Every member of the marketing team can use some form of marketing analytics. When the chief marketing officer and top-level managers are putting together the company’s marketing strategy , they’ll use marketing data analytics to design the right strategy. When a marketing manager is putting together the marketing plan , they’ll use marketing analytics to determine which channels should receive the most focus when it comes to content distribution. When an SEO specialist is creating a plan for keyword optimization, they’ll use marketing analytics to choose the correct keywords to include and important competitor behavior.?
In short, every marketer can benefit from using data analytics in marketing if they take the right actions based on marketing analytics information.
What actions can you take based on analytics?
Marketing departments can take an almost unlimited number of actions based on marketing analytics, but this is a selection of some of the more common options:?
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Marketing departments have a range of marketing analytics tools and software at their fingertips. They should be using as many of those as are appropriate to improve marketing activities and plans every day.
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Introducing B2B marketing analytics
B2B and B2C marketing are similar in many ways, but they are also quite different. B2C marketing involves appealing to a customer’s emotional reaction with the transactional goal of them purchasing your product or service. On the other hand, B2B marketing involves building brand recognition and relationships that can turn into leads to generate sales.?
To that end, B2B marketing analytics relies heavily on keyword analysis, target market data, lead generation, lead scoring, and optimizing the lead-to-customer ratio. One basic element to consider with B2B marketing data analytics is using data to get a better picture of the specific demographic of your target audience, which will likely include one or more decision-makers at a company. Using keyword analytics as well as Google Analytics, the marketing team will be able to get a broad understanding of the branding required for this audience.?
Marketing analytics can help B2B marketers determine the optimal top-of-funnel prospective list, as well as the most successful forms of repeated communication.
Important concepts within marketing analytics
Certain concepts within marketing analytics can be critical to maximizing efforts and resources. These important concepts within marketing analytics can mean the difference between an average marketing team and one that truly excels in research, planning, and execution.?