Let Analytics Drive Your Marketing Strategy

[Free Takeaway Included –17 Must-Use Analytical Techniques Across Marketing Life Stages]

You invest in marketing. You run digital ad campaigns. You see what happens.

How much money did you make? What was the ROI on the social media campaign you launched last month? Have your customers responded to your campaigns?

If you are unable to answer these questions, unfortunately, you may not be equipped to quantify or measure marketing effectiveness.

Nearly 97% of companies employ modern analytical tools such as Big Data and AI to track and analyze business data. Yet the majority is not proficient at measuring metrics.

One of the biggest challenges that organizations face today is deriving insights from customer data and measuring the effectiveness of their overall marketing efforts.

Digital Analytics vs. Web Analytics – Why Digital and Data Analytics is Essential to Quantify your Marketing Efforts?

Evaluating the impact of marketing initiatives typically involves the use of comprehensive tracking and analytics. However, the first thing that comes to your mind when hearing the term analytics is web-based metrics associated with web analytics which analyzes traffic, bounce rate, and unique visitors.

But, this is just the tip of the marketing insights iceberg.

While web analytics provide you insights into the performance of your website, it may not be enough. Marketers require an in-depth understanding to measure the impact of their marketing efforts across the entire marketing and sales cogwheel.

Let’s face it – today’s marketing extends beyond the website; it also includes interactions between various other marketing channels, the insight you gain from these outcomes, and its progress towards achieving your marketing goals.

Enter Digital and data analytics that can offer a comprehensive and enriched view of what’s working and what’s not, when it comes to your overall marketing strategy.

How Digital and Data Analytics Connect All Marketing Activities?

According to a McKinsey report, companies that inject data and analytics into their operation show productivity rates and profitability that are 5 percent to 6 percent hight than those of their peers.

A full-stack data analytics solution can enable you to get to the bottom of the problem and make adjustments to strategies and tactics to improve your marketing efforts. They provide contextual insights around user behaviour as opposed to just performance-based insights that generic web analytics provide.

You can spend hours slicing and dicing surface-level data. But what you need is a comprehensive view of your marketing performance and here’s how full-stack digital and data analytics can add to that:

1. Relationship between Marketing Channels

You may be running omnichannel campaigns and need to know the performance and impact that they created. Not only will advanced digital analytic tools tell you the individual performance of the channels, but you can also compare the impact and tie the effect of multi-channel performances together.

2. People-Centric Data across the Marketing Lifecycle

Basic analytical tools don’t go beyond page-view metrics and basic demographic details of the users who visited your website. They give an insight into what users do on your pages? However, digital and data analytics enables you to track how individual prospects and leads are interacting with your brand over time. They can show the buyer’s journey and identify which marketing activities are valuable at different stages.

Unsure of where to start with your marketing analytics journey. Download a free guide with effective analytical techniques that can be applied across marketing life-stages

3. Closed-Loop Analytics

Data analytics solutions help you do away with outdated and inaccurate modeling techniques and methods. They have the power to generate closed-loop data –‘by closing the loop’ wherein sales report to marketing about whether the leads converted or dropped off, thereby helping the marketing team to plan strategically and focus on best lead sources.

From descriptive, prescriptive to predictive and diagnostic reports that facilitate informed marketing decisions, digital and data analytics can empower you with a wealth of powerful insights about your customers and your brand’s marketing efforts. As a result, they enable effective quantification of your marketing function so that you now know how and where to target greater market share.

After all, if you don’t measure, you can’t manage or maybe more appropriately if you don’t measure, you can’t market!

As data is becoming abundant, do you have what it takes to harness the power of data and translate them into powerful insights to measure your marketing efforts? What are some of the analytical techniques you use to measure your marketing efforts? Do share your thoughts with us by writing to us at marketingfolks@xerago.com.