What Is The Real Importance of Marketing Analytics?

Marketing

Marketing Analytics could be one of the most overused combinations to generalize the performance of any given marketing initiatives and efforts. As it stands, it is much deeper than this. The marketing community knows these terms to be much cohesive in meaning. The overall importance of having an analytics account established and having someone on your team that can dissect this data and work with it daily, is very crucial. Ultimately, as a marketing team we spend a lot of time reviewing this data as it relates to site metrics and web analytics, and allows us to have a great view on how our websites are performing, whether it is our own, or a client site.

That component mainly relates to Web Analytics though. The biggest changing aspect here is with Marketing Analytics, knowing this component will help us become more effective marketers as a team, and a great help when it comes to advising clients.

Let’s Define Marketing Analytics

Marketing Analytics is what helps us to measure and analyze the full scope of marketing activities. This takes us beyond just focusing on how your website is performing, as your website is just one component of your overall marketing picture. This full circle approach allows us to adjust our methods when things need correction and improvement. Marketing Analytics goes much farther beyond on-site measuring indicators and instead leans on other measuring tools, offsite metrics indicators and offline efforts. This allows us to take a full-picture approach to marketing efforts.

The efforts and the concepts behind this are seemingly very simple and can almost be assumed by someone with no knowledge but really, this is not the case. Most skilled marketers will spend hours in Google Analytics, looking into the efforts that they have put into play and how they are performing.

How do we check into the way the campaign was run, and measure the time of day and the marketing initiatives we put into play? How do we measure conversations that happen offsite and any engagement that happens as a result of these efforts? Marketing Analytics will take us to these results, beyond just web analytics it also reports how the campaigns have really performed.

It’s almost like a game of strategy, as we look at analytics, it is a way for us to see how each component benefits from the other, and tells us where to direct our efforts moving into the future. It’s also important for allowing us to prioritize how to spend our team, build out the teams and determine what resources are needed to achieve success.

How can I get started with Marketing Analytics?

As with any marketing effort or strategy driven approach, there is no easy way in, and you must put in the time to learn. There are some things to learn upfront and some things you will have to continue learning. Let’s dive in.

1. How are your marketing initiatives performing on a day-to-day basis?

This is important, as it is about how you are performing in this current snapshot in time, and determining how your efforts are paying off. If you narrow your scope to only focus on web, you will miss the big picture.

Don’t focus exclusively on site visitors, and how long people spend on your site, and how the site is converting people. We need to focus on reporting results and what happened off site from these actions. Our reporting needs to resonate with teams, customers, companies and everyone, because you need to make a case for how efforts are helping things. We need to speak on how conversations, comments and shares are influencing the big picture.

We need to determine who is discussing our brands, and what customers are talking about us, and we need to track the overall metrics that help use time in the best way that we can do for our marketing efforts.

2. Where are competing businesses spending their time, money and resources?

The worst part, but an important one, is studying your competitors. Many of us fail to do an adequate job at this. This isn’t something you can just do and be done with it. You need to constantly do it, with a fluid approach.

We need to know how your competitors are performing and where they are investing their time and money. Are they active on social media and all networks or are they putting more money into content marketing? How can you utilize the same networks and channels? Knowing all of this will simply help you in the long run.

3. How do your marketing initiatives perform in the long-run?

Performance must be measured week over week to see how we have improved, and of course month over month and year over year. It’s very easy to stop measuring success when things are going well also. There are many things to watch closely when we measure success, and track how things are trending. Monitoring the magnitude of a gain and the quality of a gain is important. Are any of these wins turning into loyalty and ultimately converting towards a sale or some form of ongoing engagement?

You cannot plan just based on site performance or strictly old successful results. There are too many other factors. It’s much more important to plan based on overall performance over a period of time and how various specific efforts have paid off. This will help you to make better decisions.

4. How do marketing analytics data components inform your next decisions?

It’s easy and also important to invest money where things are performing well. This is what performance based marketing is usually all about. We need to do this with all efforts to keep them fueled. It’s important not to stay narrow minded and assume one thing is better than the other, and one thing is worse than the other, or that certain aspects always work. You need to analyze all components, and see where to direct your time, attention and money.

Common pitfalls with Marketing Analytics

There are a number of challenges when it comes to marketing, and knowing where to put your time, energy and money and when is very important.

Autopilot: Assuming that any given marketing approach that has an easily configured tool, and once you get it running, it feels like it will run itself. This isn’t right, and often times, you may not come back to it to check on it and you may not even know how to interpret what you are looking at if you leave it alone too long. These tools often put out data that can be easily overlooked in the grand scheme of things.

Thinking that this is not your job: Many people often feel that the efforts needed are bound to be planned by someone other than themselves. It takes a full team scope and set of eyes to really look at things and determine what efforts should be a full circle approach and what components need the most attention. Everyone should be involved, rather than waiting for direction to come from the top.

Not understanding a win versus a loss: Failing to understand a win, a loss and the overall results of any efforts is a huge issue. If you don’t celebrate the wins and talk about the losses, it’s easy to get blinded by this flow and to lose sight of the big picture. You have to talk about it as a team and get into specifics.

What’s the conclusive answer?

Is Marketing Analytics more important than web analytics? No. These two things go hand in hand. Marketing Analytics is the parent to Web Analytics, as Web is just one component of Marketing. It’s important to see things from the top, and your website is just one component of a much larger picture. There will always be new tools, new initiatives, and new strategies coming into play, that continue to advance and grow outside of the website world, and it’s important to have an eye on all of these things. Marketing Analytics is really the glue that ties all aspects together, because your website is just one part of this, and if you analyze the full circle impacts of your overall marketing campaigns, you can ultimately trace some of those back to your website as well, to see how it is contributing to the growth of the other channels.

Author Bio:

Bohdan Cole is a Project Manager, Freelance Meteorologist, and Small Business Owner and also works as a Regional Manager with HTML Pro, the one of the best rated digital agencies in NYC helping SMBs, Enterprises, E-Commerce Businesses & Web Agencies with Web Design, Mobile App Development, Business Automations, & Software Solutions. Expertise also includes SEO, & Digital Marketing to enhance your online presence and growth. Bohdan has a passion for all things marketing, science, web/graphic design and likes to stay on top of the latest and greatest offerings in the online world. He is passionate about all of these realms and dedicates time to learning more about them and expanding his knowledge as well as the knowledge of others through his work. In his free time, he enjoys blogging for these ventures and writing as it helps him learn more as well.

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Comments

  1. Hey Bohdan,

    Indeed a great guest post. Marketing analytics is very important as it helps us grow by knowing what is working overall in our marketing techniques, but I fear only a few are using it perfectly or I should say to max extent.

    By the way, it was great reading your post.

    ~ Donna
    Donna Merrill recently posted..Top 7 Best Squash Racket Reviews 2018My Profile

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