Modern marketing is a data-driven process powered by analytics. Businesses don’t know if their marketing activities are delivering the intended return on investment unless they analyze relevant key performance indicators (KPIs). Marketing analytics are essential for assessing past performance and optimizing future marketing efforts.
What is Marketing Analytics?
In order to understand what marketing analytics are, we must first define marketing metrics. A metric is a quantifiable way to track the performance of marketing activities. Simply put, it is the data collected from a marketing campaign. Some common examples of metrics include the number of times an email is opened, the number of impressions a video gets, or cost-per-click on a social media ad.
Marketing analytics is the process of transforming these raw metrics into actionable insights. The purpose of marketing analytics is to assist marketers to optimize current efforts and planning for future initiatives by allowing them to see how effective their campaigns are.
Successful businesses often use performance indicators in conjunction with other data, such as customer profiles or demographic trends, to uncover the causal links between marketing actions and sales.
The Benefits of Marketing Analytics
Marketing analytics are critically important because they help make advertising more effective and allow marketers to make informed business decisions. Marketers can use analytics to get a full-scale view across all marketing channels, such as email marketing, pay-per-click advertising, and social media. Analytics can help define realistic business goals and uncover marketing trends.
Marketing analytics tools provide insights into customer behavior and preferences. This leads to a boost in lead generation by giving the information needed to optimize advertising campaigns and target the most profitable customers. Businesses that tailor their marketing initiatives see better leads, which results in greater sales and therefore a higher return on investment.
Companies are required to adapt to a dynamic business landscape. Marketing analytics offers proactive management and real-time decision assistance. Modern analytics tools make it simple to review insights as it comes in, allowing firms to alter marketing as needed in response to shifting trends, and they also allow organizations to employ predictive analytics to anticipate these trends rather than react to them.
How to use marketing analytics
It’s clear that marketing analytics is highly beneficial to any business’s marketing initiatives. Let’s go over how proper analysis can drive actionable insights in your social media, search campaigns, and email marketing efforts.
How to analyze social media engagement
According to Backlinko, nearly 4.48 billion users are on social media. That’s nearly two-thirds of the world’s population! Social media marketing can generate buzz and demand from users all around the globe. Many businesses and organizations, such as craft vendors on Pinterest, restaurants on Instagram, and fashion brands on TikTok, increasingly use social media as their major or exclusive marketing tool. Many social media platforms offer their own analytics tools, such as Twitter Analytics or Instagram Insights, and there are plenty of third-party options like SproutSocial and Later as well.
Data gathered through social media can be analyzed to provide useful insights for developing business and consumer interactions. Marketers can, for example, set up an account to automatically post information about new products or features as they become available, use an analytics tool to assess consumer sentiment via comments and reactions without having to manually sift through the data, and then rework their social media approach as needed.
SEO
Search engines like Google, are where many people start their shopping experiences. Through advertisements on search engine results pages, search engine marketing (SEM) promotes businesses and increases their online presence. Every year, digital advertising revenue in the United States sets new milestones, with search advertising accounting for about half of this total. Businesses can broaden their reach by using use search campaigns on Google Ads and Bing Ads.
To track and optimize the efficacy of their SEM activities, businesses need marketing analytics. Conducting an A/B test, a method of comparing two versions of an ad against each other, and evaluating the success of these ads in real-time is one example of SEM analytics.
A major component of SEM is to gain trust with Google and rank highly in search results. Adjusting online content and structure to boost organic search engine ranks is known as search engine optimization (SEO). SEO can help a company reach more customers and improve its brand. Businesses may measure important KPIs and analyze how their SEO initiatives are progressing and how to improve them using tools like Google Analytics.
Understand Email Marketing
Email marketing is a valuable tool focused on existing consumers who have subscribed to mailing lists or purchased items and services before. Current consumers are more likely to respond to surveys and interact with advertised material, email provides a more direct assessment of consumer mood than other channels. Salesforce Marketing Cloud, MailChimp, and Klayvio are all popular email marketing platforms.
Marketing teams can utilize analytics to help businesses optimize and personalize their email marketing campaigns. Businesses may target their email marketing and modify their content to match client expectations and demands by analyzing how customers interact with different email promos. Marketing analytics can be used to evaluate whether clients respond favorably to specific keywords, emails sent at various times of day, different subject lines, or links to content on specific topics, for example.
Transform and Elevate your business
At Peak performance partners, we have a team of experts equipped to upgrade your digital footprint. We have taken industry-leading tools and combined them with our years of experience to offer some of the most effective digital marketing solutions available. The Peak Performance dashboard is a custom tool we have developed that incorporates marketing analytics that makes it easy for you to understand how to make the best business decisions.
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Get started today by requesting a free consultation and find out how Peak Performance Partners can help you reach your business goals today!
