If you do digital marketing without marketing analytics, you are wasting time and money.
Cookies, web visits, social media activity... marketers have a lot of information about users, but many brands still don't know how to take advantage of it.
Without proper marketing analysis, it is impossible to know what is happening with your campaigns what isn’t. That's why we're going to look at some keys to understanding and measuring marketing analytics that will help you be a more efficient marketer.
Marketing analytics is the practice of measuring, managing and analyzing the marketing results of your business in order to optimize them. It does this by using information collected through different channels to create a unified view.
This allows marketers to obtain information with which to draw conclusions that guide their next actions and make them more effective.
Marketing analytics covers a multitude of metrics or key performance indicators (KPIs). Some examples include:
Marketing analysis is both a science and an art. It involves gathering information, and then knowing what to do with the data you’ve collected. Here are 7 best practices of marketing analytics:
The amount of data you can collect with marketing analytics tools is simply overwhelming, so you need a system to filter and focus on the essentials.
To achieve this, one of the first steps in the analysis will be to establish your primary and secondary KPIs based on your objectives. This way you will know, for example, that what matters is the click rate on a link to your landing page and not the "Like" number on a Facebook post.
If you segment your visitors and customers according to their characteristics or behavior, you will have much more specific data and you will be able to see things more clearly.
On a demographic level, you can filter users by age, gender, education level, family situation and much more. And in terms of their behavior, it might make sense to see how your regular customers compare to those who abandon their cart on their first purchase, for example.
There is no single way to do marketing analytics, but each company and each sector has a particular situation.
Therefore, before deciding how you are going to focus your analysis, you have to think about what makes sense for your business: whether it is a B2B or B2C company, in which sector it is located, what type of audience you are targeting, what is the customer's journey like?
In marketing analytics more doesn't always mean better. You don't always need to have more data, but better data. These parameters will help you evaluate the quality of your data:
Marketing analytics allows us to identify our strengths, but it is equally important that we can see what is not working. For example, if there is a sudden drop in sales, you must analyze the data to try to find the reason and put a solution to it as soon as possible.
Although it may seem that marketing analytics is a 100% objective science, the truth is that people are not. When we have a lot of data at our disposal, it can be very tempting to focus on the data that matches our previous hypotheses. Try to be aware of this possible error and focus on the KPIs you have previously defined.
We can distinguish between two major types of marketing analytics: the descriptive and the prescriptive. The former helps us to know what is going on, but the latter is the one that is really valuable for the company's results. Predictive analysis allows us to answer questions such as