What is “Marketing Analytics”? Does it really matter?
Each day, we create over 2.5 quintillions (1 quintillion = 10 followed by 18 zeros) bytes of data.
This is generated by every activity we do in the online and offline world. Marketing analytics gets this big data into focus and assesses the achievement of your marketing initiatives. You get a holistic view of how your marketing strategies are performing for each one in your target group.
In recent years, however, advancement of technologies in silos has resulted into a huge puddle of muddled data points. That’s when marketing analytics spins its magic wand for marketers, making it possible for them to fill the gaps by reinventing their marketing strategy.
As a marketer, if you are seeking the answers to a few basic questions below, you definitely need marketing analytics for your business:
- How many prospects were created through a specific campaign?
- What marketing initiatives will suit my target audience?
- Which existing initiatives are performing well?
- What marketing channels are bringing in more revenue?
- How to improve the initiatives to improve results?
- How are the activities performing against my competitors?
- What channels are my competitors using?
- Where should you direct our marketing spends?
- How do we allocate our marketing resources?
- Which is the most sensible channel for my business?
When marketers begin to gain the answers to these questions, they spread the same approach everywhere with sheer enthusiasm. This often results in a lack of focus and failure in achieving the marketing & sales goals.
Go steady; Go slow. Identify the criteria to decide which marketing activity will gain the highest ROI. Consider the necessary factors viz. the level of investment required, the time required to implement analytics, compatibility with existing business strategy, impact on customers, the capability of your business and the possible hurdles on the way. Set your marketing priorities and begin gradually.
Keeping these factors in mind, we hope that all you marketers begin using this power of data and marketing analytics so it turns out to be an investment and not an expense.