Why You Need Marketing Analytics

Marketing Analytics is the use of (marketing) data in order to optimise overall marketing performance. Why do you need it? The answer is simple. There is a huge amount of value that can be unlocked in the data you own, i.e. first party data. Often companies are guilty of overlooking it and relying on data that is available through third parties only. Whilst this may be easier to implement at the beginning, no one knows your customers better than you do and this approach will hinder the potential performance of your marketing efforts. Here is why leveraging your own data is so powerful...

Centralising all marketing channels reporting helps identify success factors and optimisation areas. By connecting data across all marketing channels and your own data, you have the power and flexibility to build custom reporting that covers any aspect of the business and customer journey: attribute individual users to marketing activities, calculate meaningful marketing ROI and any sophisticated metrics such as payback period, cost per retained user, etc. This holistic view facilitates customer centricity.

Automate dynamic audiences into marketing platforms with tailored activities. With an end-to-end view over your customers, you can build and send dynamic audiences to marketing platforms for tailored strategies. Do you want to market a new product to VIP users? Upsell customers who bought hats with socks? Re-activate dormant users? Move excess stock while maintaining business bottomline? Anything is possible!

Future-proof yourself against the death of third party cookies and tracking gaps. Maintain visibility whilst being privacy friendly. Privacy is important. And your customers are getting more sensitive to this every day. As a result, having your own marketing analytics structure ensures that you future-proof yourself to tracking gaps (e.g. death of third-party cookies) and maintain good marketing performance visibility in a world where tracking methodologies are reduced.

Get the most out of any campaign by unlocking key insights, automating decisions and more. Open the door to full marketing optimisation. From automating the budget allocation decision-making and your QA management processes, to feeding back insights to the marketing 3rd parties you work with (e.g. Google, Meta, Salesforce, Hubspot, etc.), a marketing analytics infrastructure offers optimisation potentials beyond your wildest imagination!

Marketing analytics has advanced dramatically in recent times, and it's important that you don't get left behind! Companies that adapt their marketing analytics processes will rapidly have a strong competitive advantage over businesses that do not evolve with the times. At 173tech, we have helped many fast-growing companies set up advanced marketing analytics to use data to drive higher marketing performance and improve overall workflow.