What Are Marketing Analytics? And Why Are They So Valuable?
Marketing in the age of the internet presents us with a world of possibilities. One of the biggest advantages of digital marketing is the mountains of measurable data readily available to everyone. But what exactly are these marketing analytics, and how do they benefit businesses?
What Are Marketing Analytics?
The data drawn from online marketing campaigns knows nearly no end. Marketing analytics can be gathered from any marketing channel at any time, and then consolidated for easy analysis.
Analytics platforms, such as HubSpot and Google Analytics, gather data points, like pageviews or form submissions, that illustrate how individuals interact with websites, social media platforms, pay-per-click ads and other digital marketing tools. Statistics like these are what’s powering the business decisions of many of the world’s most successful companies.
Why Are They So Valuable?
Marketing analytics are not some type of online gimmick. They are valuable to businesses because they document the effectiveness of digital campaigns.
For example, analytics tools will tell you exactly who is reading your email marketing messages, so you know which potential customers are worth contacting.
This type of real-time data is an invaluable advantage for businesses, especially those interested in strengthening their sales funnel during the COVID-19 pandemic. By analyzing the data, it’s possible to gain insights, like how pieces of content resonate with your target audience, that can be used to create more effective marketing campaigns.
How Marketing Analytics Helps Your Business
1) Documenting the Past
Marketing analytics provide a wealth of data on the performance of online campaigns, including:
- The elements of a campaign that contributed the most revenue to your business last year
- Comparisons of the effectiveness of one type of campaign versus another
- The number of leads generated from blogging
2) A Real-Time Picture of Performance
Analytics platforms can also provide a real-time picture of marketing initiatives. You can see key metrics like these:
- How many customers are interacting with your content
- Your marketing channels that are providing the best return on investment right now
- The daily performance of your social media marketing
3) Predicting the Future
By analyzing freely available online analytics, your business can then make data-driven projections, like how to translate short-term content wins into ongoing engagement and brand loyalty, that will help fuel the growth of your business.
Although marketing analytics may be one of the newer kids on the block, they have become an indispensable part of business promotion today. If you would like to learn more about this or other marketing topics, contact us today. We’d be happy to chew the fat with you.