With the influx of technology and analytics tools, businesses are increasingly using data to optimise their operations. According to a PwC report, data-driven decision-making companies are three times more efficient than traditional companies. This trend is visible in the marketing field as well, resulting in marketing analytics becoming a widespread practice across businesses. Today, data analytics is being used by 80% of marketers to get a holistic view of the market and their target customers.
What is marketing analytics?
Simply speaking, marketing analytics is the use of data to assess and improve a business’ marketing activities. With modern digital tools and analytical techniques at their disposal, businesses can better understand their customers, optimise future marketing activities, and ultimately boost the return on their investment. Owing to their high return on investment, professionals should upskill themselves in sales management marketing management programs which focus on marketing analytics.
Businesses have realised the value of collecting and harnessing data to make strategic decisions in core functions such as marketing and finance. These data are of the following three types, depending on the source of the data:
First-party data
This is the data that businesses collect directly from their customers or users through website, or app actions, subscriptions, surveys, customer feedback, registration, enrolment forms, etc. This data is considered the most valuable because it is reliable, direct from your audience, and voluntarily submitted.
Second-party data
Second-party data is simply another organisation’s first-party data. Organisations get data from a company whose customers may be interested in their services as well. For example, hotels can pass on customer information to credit card companies, for whom the information will be considered second-party data.
Third-party data
Third-party data is more readily available from organisations that track and buy user data to form aggregated profiles. They do not collect the data first-hand but simply collate information as a person uses certain products, which it then sells (as third-party data) to businesses.
From a marketer’s perspective, first-party data is the most important is first-party data and, to some extent, second-party data is also needed, especially if businesses do not have the necessary touchpoints to collect first-party data effectively.
Why is marketing analytics important for businesses?
After having acquired the data, businesses can structure the data and use marketing analytics techniques to understand the efficiency of their marketing efforts. This helps them in crafting better strategies to reach customers across multiple channels. The primary objective of marketing analytics is to learn more about their customers’ behaviour and preferences. Proper knowledge of the market and the customers can help businesses decide when and where to invest. Professional upskilling programs in IT marketing and sales can help learners understand the nuances of marketing and analytics.
The particular benefits offered by marketing analytics are as follows:
Improves user experience
When businesses understand their customers and can anticipate their needs, they are more likely to implement measures that improve the customer experience. With improved customer experience, businesses are bound to get more revenue, and it would also enhance retention.
Concrete data-driven decision-making
With precise information, businesses would be able to make better and more precise decisions. Instead of throwing everything at the wall and seeing what sticks, businesses would be more efficient with their spending, while being more successful with their marketing initiatives.
Return on investment calculation
Marketing analytics help businesses understand exactly what the return on their promotional activities is. When businesses know their ROI, spending can become targeted and more lucrative.
Streamline future strategies
When businesses can track and anticipate customer behaviour and know what marketing activity works and what does not, they will be able to plan more effectively.
What are the top 5 marketing analytics strategies to promote business innovation?
Although no strategy is perfect in marketing analytics, some time-tested techniques can help businesses experiment to see what works in their marketing campaigns. The most common 5 strategies are described as follows:
Keyword research
Businesses need to be “found” with the relevant keyword search. For that, they need to understand their audience and what they search for online. Those keywords must be used to craft their content, while research must also be done on related keywords. Some keywords are pricier than others but maybe over-competitive or saturated. Businesses can alternatively target less competitive keywords to come up on top of those search engine results.
Website analysis
Pages that generate traffic and facilitate conversions, as opposed to pages that cause abandonment, and redirection are key to understanding what audiences want from organisations. Optimising the website to first provide relevant information to customers, will lead to more conversions, than making them navigate to the information they want.
Social media analytics
Social media marketing is flourishing because of its highly targeted nature, which is in part due to relevant first-party data that businesses can obtain from these platforms. The platforms provide a substantial analytics tool to help businesses understand their customers’ needs and preferences better. They can redirect ads to the most relevant customer, benefitting all parties.
Campaign analytics
Finally, businesses must be able to gather data on leads, conversions, and drop-outs at various stages of the customer journey and analyse the information to craft better strategies. Campaign analytics tools will help businesses get a real-time view of their marketing activities, understand channel and product successes, and help with optimising content strategy.
Link analytics
Search engine algorithms rank online businesses and websites based on the popularity and relevance of their webpage links. Link analytics helps marketers analyse the website’s link profile and the page authority of the referring domains. This can help optimise the website content, performance, and page load speed.
Leveraging data can make businesses more strategically decisive and confident. But this requires an analytical bent of mind, which can be cultivated with online courses like a digital marketing programme.
To know more: https://executive.timespro.com/blog-detail/winning-marketing-analytics-strategies-to-develop-innovative-business-processes/
At every step of the way, potential leads need to feel like your business is adding value to their experience while being convinced of your ability to fulfill their needs.
Creating a sales funnel allows potential customers to interact with your business in the most optimal way so you can influence their purchase decision.What is a Sales Funnel?A sales funnel is a visual representation of the journey prospects go through on their way to make their purchase.
Creating a sales funnel allows you to visualize each step of the process and the insight it provides can help you set up an effective marketing strategy for each stageWhy the Sales Funnel MattersAccording to Pardot, 68% of all organizations have not identified or measured their sales funnel and 79% of the leads never gets converted to paying customers.
A clear understanding of a customer here will help you develop the right channels to communicate through so you can reach them in the most effective manner.This is the first impression of your brand, so a carefully crafted experience is key to keeping them engaged.Interest and Evaluation:Once you have succeeded in piquing their interest, the potential customer may now consider you as a viable option.
Remember, they have expressed their interest in certain ways- clicking on an ad, responding to a form, replying to a sales e-mail and now the onus falls on you to convert that interest into a sale.Desire:After a lead has moved from the awareness stage to the interest stage if they are still engaging with your business or your promotional material, it is likely that they have now entered the ‘Desire’ stage.
Many times they are often looking for some validation to their decision, so a well-timed content plan can reassure them they are making the right decision.
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Last week, at Demand Gen Summit 2020, conversation marketing optimization company ChatFunnels announced the winners of the 2020 Demand Gen Awards™.
The award identifies outstanding individuals in the sales and marketing industry that have driven community advancement, lead company progress or demonstrated exceptional individual accomplishment.“The Demand Gen Awards are a community nominated and voted for recognition.
With hundreds of nominations and nearly 10,000 voters, the awards truly represent the best and brightest in sales and marketing funnel management,” ChatFunnels Co-founder Billy Bateman said.
“We are honored to recognize these individuals and are excited to participate in the demand gen industry as it evolves and progresses thanks to leaders like these.”The awards recognize individuals in the following four areas: Thought Leaders, Demand Gen and Sales Leaders, Marketing Ops Individuals and Sales Development Reps.The top 10 Thought Leaders recognized by the awards include:Chad Burmeister – ScaleX.aiGabe Villamizar – LucidMario Martinez Jr – VengressoCynthia Barnes – National Association of Women Sales ProfessionalsMatt Heinz – Heinz MarketingTrish Bertuzzi – The Bridge GroupNiel Patel – Neil Patel DigitalBilly Bateman – ChatFunnelsLori Richardson – Score More SalesMorgan J Ingram – The SDR Chronicles“It gives me the chills to know that anyone who wants to be successful in sales can be.
All you have to do is want to be successful in sales, and then do it!” said Chad Burmeister, CEO of ScaleX.For more such Updates follow us on Google News Martech News
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