Making good use of the best marketing analytics software can take your promotional efforts to the next level. But what is it that makes delving into data so important and why has this become even more vital in the digital age?
Making informed decisions
Without data to drive your decision-making, any campaign you create and pursue to your marketing strategies will be based on a mix of intuition and blind hope. Thankfully, the wealth of analytical tools at your disposal today mean that you can always take action based on solid evidence that you are moving in the right direction.
For example, if you have created a landing page designed to convert people who click through from paid search ads into customers, it is straightforward to track a whole host of metrics relating to their behaviour once they arrive on your site. Looking into things like how long they spend on the page, which aspects they interact with and where they head afterwards can let you determine the effectiveness of your current design and ultimately give you the power to reduce bounce rates and boost conversions.
Pinpointing untapped potential
Marketing analytics will not only enable you to track campaigns and follow up with tweaks and changes where necessary; it will also let you sniff out opportunities to target new audiences proactively and get the competitive edge.
You can leverage keyword research to find out if there are particular words or phrases that would-be customers are using to look for content related to your products, and use this information to focus your marketing going forwards. You could also highlight emerging trends before they have hit the mainstream and piggyback on their growth at the optimal moment, rather than only getting onboard once the big boys are already involved.
Calculating ROI is an important aspect of marketing, and using analytical tools you can determine whether or not your spending is justified with valuable clicks or conversions.
You can even break down the ROI you are achieving across different channels, which will help you to see whether users are connecting especially well with your marketing in one arena while it is failing to gain traction in another.
All of this can lead to you making more efficient use of your resources, while also helping to convince others that a specific tactic is worth pursuing because it has tangible, provable benefits.
Tracking the competition
Modern marketing analytics will not only allow you to scrutinise how your own campaigns are faring, but will also give you the means to assess the performance of rivals. Being able to emulate the successes and learn from the mistakes of your competitors will put you in a much stronger position.
There are lots of ways to keep tabs on the progress your brand is making in comparison to the competition, with the monitoring of social media channels being one of the most impactful options. And since using most of these marketing analytics tools is either free or inexpensive, there is no excuse to ignore their capabilities.