- marketing data analytics
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What Is Marketing Analytics?
Marketing data analytics is the process of getting data from marketing campaigns and studying it to get the patterns between consumer behavior and creative preferences. By using marketing data analytics, you decipher hidden patterns that you can use to optimize your future campaigns. You capitalize on the insights gained and get to avoid marketing mistakes you’ve made.
Both marketers and consumers benefit from marketing analytics. How so? The marketers get higher ROI because they understand what makes their campaigns successful. For consumers, they get a greater number of personalized ads that speak to their needs. Thus, they are more likely to buy products or services from these personalized ads instead of the mass communication ads that are annoying.
The data used in marketing analytics can be analyzed using various models depending on the KPIs being measured. Some analytics models include:
Media Mix Models (MMM)
This models analyze aggregate data over a long period of time.
Multi-Touch Attribution (MTA)
This model provides person-level data from the buyers’ journey.
Unified Marketing Measurement (UMM)
This model combines both MMM and MTA models to create comprehensive engagement metrics.
The Importance Of Marketing Analytics
As mentioned earlier, by using accurate data, marketers get to send targeted ads based on their unique consumer’s interests rather than mass interest. This targeting allows marketing teams to serve the right ad at the right time, at the right channel, and helps moves consumers further down the sales funnel.
However, there are other benefits of using marketing analytics.
The following are some of the benefits.
Product intelligence is researching how a brand’s product is doing in the market. It is accomplished by speaking to consumers and using surveys and polls to understand the uniqueness and advantages of their products. Once done, product research will also offer insights into the types of features consumers would like the product to have. Thus product intelligence enables the marketing team to better align products to consumer needs and pain points, which, when worked on, vastly improve conversion rates.
Marketing data analytics tell you detailed information about your consumers. For instance, what kinds of products your consumers buy, what kinds of messaging connect with them, what they have researched in the past, and which ads are working and which ones are ignored.
You can use analytics to simplify or improve the consumer’s journey. Using analytics, you should find answers to questions such as how you can make the checkout process easier and which process your consumers are struggling with in their buyer journey.
Using data analytics can help you be more accurate using the appropriate channel for ads. Nowadays, there are plenty of marketing channels, and you need to find the right one. So you should know which digital channels and social media channels your consumers prefer. Analytics will help you choose the right channel.
You can learn about your competition by using data to compare your products. This means that you can learn how your marketing efforts compare with your competitors. Using the information, you can close the gap and spot missed opportunities that you can take advantage of.
Predict future campaign results
Using marketing data analytics, you can find in-depth information that can help you learn why a particular campaign worked. Therefore, you’ll be able to apply that knowledge to future campaigns and vastly improve your conversion rates.
How to Start the Marketing Analytics Process
Understand what insights you want to gain
You can measure many metrics in a marketing campaign, for instance, conversion rates, leads captured, and brand recognition. But first, you need to understand the insights you are trying to get when you begin analyzing your data. You should keep in mind that each business is unique and may require different approaches, so don’t be afraid to experiment.
Segmentation makes your work easier. How so? By grouping visitors with common attributes, you can get insights that you would normally have missed. First, understand what you want to measure and then choose which segment to study. Using the information gained from segments can make it easy for you to set up optimization plans. You can use Digital analytics tools to help you with segments.
Use visualizations in your presentations
As you present your data, remember that data visualization plays a significant role in how you perceive the information. Your presentation should include numbers and words as well as graphs, pictures, and other visual cues that promote cognition and not confusion.
By adding visual cues and other helpful material to your data presentation, you can turn data into valuable insights and translate it into profitable business decisions. You can use Digital analytics tools to help you with segments.
Understand your data set
By making sure that you understand your data properly, you can get better data-driven insights. You should ask yourself questions such as; how the data collected, what the numbers mean, and how they affect the business.
Create an optimization plan
You can use a method called the “Define Measure Analyze Improve Control” process (DMAIC) to improve your business. In summary, the method is about;
- Defining the problem and the scope of analysis.
- Measuring the relevant data and making sure that you also analyze to spot differences and anomalies.
- Analyzing correlations and patterns by using visualization skills.
- Improvement – based on the insights acquired and has several explorable options.
- Control progress by monitoring KPIs.
While it may not always be easy to create or formulate these statements, creating them will help you save a ton of time sifting through your data and coming up with findings.
Integrate data sources
By integrating your data sources with big data solutions such as Hadoop, you will get great insights to lead to better and faster business decisions. Also, by connecting all your data sources, you will learn more and understand your customer, which will help you make even better decisions.
You’ve learned how to make your data work for you in this post. In summary, you should make sure that you understand what insights you want to get from your data. Then try to use segmentation to learn more about your customer segments.
While presenting your data, make sure you use visualization. Using visual cues helps you see patterns you might otherwise miss. Next, make sure you understand your data. This means knowing your data sources and how your data is collected. Then integrate your data with big data solutions such as Hadoop to get even more insights.
Finally, create an optimization plan that will help you implement the insights gained in your future marketing campaigns.