Marketing analytics refers to the processes and technologies that enable marketers to evaluate the success of their marketing activities and campaigns. This is accomplished through measuring performance, such as a marketing activity and spend across targeted channels. Marketing analytics can then be used to gain insights on metrics such as return on investment (ROI) and overall marketing effectiveness.
Data and analytics are more valuable now than ever. With the ongoing global pandemic, companies have had to completely rethink their business models. Adobe estimates that global e-commerce sales will reach $4.2 trillion in 2021. The pressure is on organizations and their marketing teams to understand and predict user behavior and optimize the user experience to drive sales.
So, Why Is Marketing Analytics Important?
Marketing analytics is the most effective way to understand your entire customer journey. More importantly, it allows marketers to find out what works in campaigns and what doesn’t. Obtaining that information is essential to optimizing returns on marketing investments and ensuring future marketing success.
With these types of insights, organizations can continue to pivot their marketing efforts and reflect a more personalized approach to selling. Additionally, marketing analytics help marketers overcome challenges such as:
- Performance of marketing initiatives in the present and how to improve them in the future.
- Analyzing how competitors are utilizing their channels and campaigns.
- Ensuring that resources are properly allocated and accounted for, including budget and future investments.
Digital marketing has become the norm in modern times, especially while e-commerce continues to reign supreme during the pandemic. In efforts to make sure that marketers are actively seeing positive results, marketing analytics is extremely important to any business, regardless of size.
Turning Marketing Analytics Into Actions
So, what can marketers do with analytics? Because there’s no actual value that all this information can provide unless action is taken.
Marketing analytics enable actionable insights that marketing teams should take advantage of, for example:
- Identifying campaign and channel deficiencies.
- Pivoting strategies and tactics.
- Optimizing processes.
- Generating customer segments.
- Promoting predictive analysis.
After all, isn’t the point of analyzing marketing data to understand what works and what doesn’t? These actions enable marketers to focus on key areas, such as customer nurturing and management. With the volatility of markets, especially during a pandemic, marketing analytics reveal the true power of data and bring clarity to every situation.
Uncovering the Truth
There are a ton of tools available to organizations to boost their marketing analytics efforts by evaluating the marketing program. For example, helpful solutions such as Marketing Mix Modeling (MMM) consider both controllable and uncontrollable variables to determine the best distribution of your marketing dollars to maximize sales. And what’s even better is that any organization can find benefits in these kinds of solutions, no matter how small or large.
You’re not alone in the journey, either. Pandera can assist businesses to uncover the truth of their marketing analytics with various solutions powered by Google Cloud. Marketing can be tricky, especially when teams only concentrate on one channel, such as website metrics.
Instead, Pandera takes an omnichannel approach to marketing solutions, helping organizations to better strategize and execute optimal marketing campaigns. After all, marketing is broader than ever, and it takes seeing the bigger picture to make sense of how customers and trends change over time.
For more information on how you can transform your marketing analytics efforts, please get in touch with us today!