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What is Marketing Analytics?

The practice of Marketing Analytics is to use data in order to assess the success and effectiveness of marketing campaigns. You can use marketing analytics to gain deeper insights into your consumers, improve the efficiency of your marketing, and increase return on investment.

Marketers and consumers both benefit from marketing analytics. The analysis helps marketers increase their ROI by identifying what works best to drive conversions or brand awareness. The use of analytics also allows for a higher number of personalized, targeted ads to be shown to consumers, which speak directly to their needs and interests.

Marketing data analysis can take a number of forms, depending on what KPIs are being tracked. Analyzing brand awareness, for example requires different models and data than analyzing conversions. Some of the most popular analytical models and methods are:

• Models of Media Mix: These models are based on aggregated data collected over an extended period.
• Multi Touch Attribution: Models that provide data on individual buyers from the entire buyer journey.
• Unified marketing measurement: Measurement that integrates MMM, MTA and other attribution models into comprehensive engagement metrics.

Marketing Analytics: It’s Important

Accurate data are more critical than ever in the marketing world of today. The media that consumers engage in and ignore has become more selective.

Brands that want to attract the attention of their ideal buyers must use accurate data in order to develop targeted ads, based not on demographics but on personal interests. The marketing team can then serve the correct ad at the appropriate time and on the most suitable channel in order to help consumers move down the sales funnel.

Market Analytics: How Businesses Use It

Data from marketing analytics can help your company make informed decisions about everything, including ad spending and product updates. It’s crucial to use data from both online and offline sources in order to get a 360-degree view of campaigns. This data can help your team gain insight into:

Product Intelligence

The process of gathering product intelligence includes examining the products and comparing them to other products on the market. Organizations can gain a better understanding of the competitive advantage and differentiators in their products by talking to customers, surveying targeted audiences, or engaging with them through surveys. The teams will then be able to better match products with the specific consumer needs and interests that drive conversions.

Trends in Customer Preferences and Behavior

Analyses can reveal a great deal about your customers. What creative / messaging resonates best with your consumers? What products do they buy and what have they previously researched? What ads lead to conversions, and which ones are ignored?

Trends in Product Development

Analyses can provide insight on the features that consumers are looking for. This information can be passed on by marketing teams to the product development team for further iterations.

Support for Customers

The analytics can also help identify areas where the buying journey could be improved or simplified. What are the problems your customers face? Is there a way to simplify the product you sell or streamline your checkout process?

Media and Messaging

The data analysis will help marketers determine the best places to place their messages for specific consumers. The sheer number of marketing channels has made this an increasingly important issue. Marketers must know, in addition to the traditional channels of print, broadcast and television, which social media and digital channels consumers prefer. These key questions are answered by analytics:

• Which media are you buying?
• What drives the highest sales?
• What is the message that resonates with your audience.

Competition

What is the comparison between your marketing and that of your competitors? What can you do to close the gap, if one exists? Do you have any opportunities that your competitors may be leveraging on?

Prognosis of Future Results

You can increase your ROI by understanding why campaigns work.

The Challenges of Data Analysis

Understanding and using the vast quantity of data available to marketers is the biggest challenge in the analysis process. Marketers must decide how best to organize data in a digestible form to gain actionable insight.

The following are some of the most important marketing analytics challenges that marketers face today:

• Quantity Big Data emerged in the digital age and enabled marketing teams to track every click, view, or impression. This quantity of data will be irrelevant, however, if the insights gained from it are not able to be analyzed and structured. Marketers are left to struggle with the best way to organize and evaluate data. data shows that data analysts spend more time formatting and wrangling data than they do analyzing it.
• Data quality:An organization’s data can be a source of problems, not only because it is difficult to sort through the information but also because this data may appear unreliable. Forrester reports that 21% was wasted on respondents’ media budgets due to bad data quality. One dollar of every five dollars is not used effectively. These dollars add up over the course of an entire year. For mid-sized and enterprise firms, this can amount to $1.2 million and $16.5 millions of budget wasted. To ensure that their employees are able to use accurate data to make informed decisions, organizations need to have a system in place to maintain Data Quality.
• The lack of Data Scientists Despite having access to data and the correct people, companies often do not have the resources to make the most out of it. According to The CMO’s survey, only 1,9% of companies think they have enough people in place to leverage marketing analytics.
• Selecting Attribution models: Finding the model with the best insights is not always easy. Media mix modeling, for example, and multi-touch-attribution provide completely different insights. They are based on aggregate data about campaigns and consumer-level data. Marketers’ choice of models will determine the type of insight they get. When it comes to choosing the best model, engagement analysis can be confusing when you’re analyzing so many different channels.
• Comparing Data:Marketers must also find a method to standardize data to allow it to be comparable. Comparing online engagements and off-line engagements is particularly difficult, since they’re typically measured using different attribution methods. It is here that unified measurement platforms and marketing analytics can be of real value by organizing disparate data sources.

What are the uses of Marketing Analytics software?

The marketing analytics software overcomes these challenges through the collection, organization and correlation of valuable data. This allows marketers to optimize campaigns in real time.

The speed with which modern marketing platforms can process and store massive data sets is a valuable asset. The fact that so much information is available can be a major disadvantage for marketers, as they cannot parse it in time and make optimizations. The processing power provided by advanced analytics platforms allows marketers to make changes in creative and ad placement before the end of the campaign, increasing ROI.

Many platforms, including Marketing Evolution, use unified marketing measurements to aggregate and normalize marketing data across different channels and campaigns. This simplifies analysis.

Advanced analytics platforms also go beyond measuring engagement to provide insights on Brand Equity, and the reactions of certain segments to different creative elements. It helps them determine the ROI of brand building and how they can personalize experiences.

Features and Capabilities of Marketing Analytics Software

Consider these features and capabilities when implementing marketing analytics solutions:

• Analyses and insights in real-time
• Brand measurement capabilities
• Individualized data at the person-level
• It is possible to correlate online and offline attribution metrics
• Contextualized customer and market insights
• Media Plan for the Year: Recommendations

Implementing Marketing Analytics Into Your Program

1. Create a plan: Establish goals and benchmarks to ensure you are able to accurately report data.
2. Implement your Plan:Focus your efforts on directing your data in the right direction within your company to reap the greatest benefit. The right team is essential.

3. Optimize your Plan:After implementing your plan, you can make changes to the team and data flow in response to your results. This will help to accelerate lead movement down your sales funnel.

Market Analytics Managers need certain skills

When marketing teams are looking to hire analytics managers to help them conduct better analyses that will lead to profitable and engaging campaigns, it is important to focus on hiring those who:

• Perform Quality Analyses. First, and perhaps most obviously, the analytics manager should have extensive experience in analyzing large data sets for insights such as buying patterns or engagement trends amongst the targeted audience.
• Provide Optimization Recommendations Once insights have been gained, it is important to be able to make recommendations based on data trends to improve campaigns that are underperforming. Data may reveal that a consumer only engages with brand content in the evening. This could inform a shift in strategy to place the ad during the commute home rather than in the morning.
• Understanding Consumer and MarTech trend : Analytics managers must also be aware of the MarTech and consumer trends. In order to determine the next step for optimizing, it is important to understand consumer demand for an omnichannel customer experience.
• Use Analytics Tools Next, the analytics manager must become familiar with the various analytics tools, automation platforms and tools. These tools are vital in helping to reduce the time between consumer engagement and consumer insight.
• Work with stakeholders: Members of the analytics department must have the ability to communicate a compelling message to their stakeholder base and show how other departments such as product development or sales can utilize these insights to increase engagement.

Marketing Analytics: How to Get Started

Here are the four key steps you should take to improve your analytics program.

1. Understanding What you want to measure

You can track many different aspects of a campaign: lead generation, conversion rate, and brand awareness, just to mention a few. When you begin to analyze data, you should first identify the problem or insight that you’re trying to gain.

2. Set a benchmark

How would you describe a successful marketing campaign? The types of metrics and data that marketers will collect are determined by this. If the objective is to raise awareness, the benchmark for success might be a higher percentage of loyalty shown in the customer panel rather than a click or impression online.

3. You can assess your current capabilities

What are you doing? What are you weak points? Understanding your weak spots can be helpful in strengthening programs, whether you are evaluating offline campaign results or identifying the media that converts best.

4. Use a marketing analytics tool

As consumers are more selective, and data sets grow in size, marketing analytics will become increasingly important. A platform like our Measurement and Optimization Platform, which uses unified measurement for marketing to identify messages that resonate with consumers and media types who convert, is an advanced tool. It gives a real-time view into which campaigns perform well and which do not.

The conclusion of the article is:

A successful marketing campaign is dependent on having the correct marketing analytics in place. Understanding where and how your audience engages and what drives sales will help you to improve your ROI.