Marketing analytics: A term that may scare many digital marketers. But not us. Without analytics, there’s no knowing how to best strategize your digital marketing campaigns. And with today’s robust and easy-to-use tools like Google Tag Manager and Google Analytics, there’s no excuse for you not to be on top of your analytics and performance.
So, what actually is marketing analytics? Different from web analytics, where you’re focusing solely on your site’s performance, marketing analytics connects your site’s performance with your marketing efforts. Analyzing your marketing analytics will help you get a big picture view of your marketing performance as a whole, inclusive of on-site, off-site, and off-line efforts. Why is marketing analytics so important? Let’s take a closer look.
- Optimize Your Campaigns
Optimizing your digital marketing campaigns should be your number one goal. Marketing analytics truly helps you get the best possible result for the lowest cost with the right analysis. Using data from past campaign performance, you can truly find the sweet spot demographic for the most highly qualified leads. Using them in tandem with website analytics can ensure your message gets in front of the right individual in the right place at the right time. You would do this using data such as new user sessions, bounce rate, and average time on page in connection with average CPA for those same individuals.
- Research Findings
Marketing analytics can be used for everything. With the right digital marketing specialists, you can get the most out of all of your data. Using the right analysis, you can determine what’s happened in the past and why these results occurred—so you know what worked—and what didn’t: You never want to make the same mistake twice and waste ad spend. Not implementing marketing analytics is essentially like throwing your user data into the trash; wasting useful data that could mean tons of money lost for your business.
- Performance Forecast
Not only do digital marketing analytics help you avoid making the same mistakes, it will also give you an inside look into what products, services, or channels had the best results so you can focus more on those in the future. By using marketing analytics, you can better forecast results for future campaigns and have a better idea of what will deliver the highest quality result at the lowest cost. Marketing analytics is a sure-fire way to strengthen the future marketing performance of your company or brand.
- Better Form KPIs
Key Performance Indicators (or KPIs) are essentially how you measure if you’re meeting your goals. KPIs can be several different things, whether it’s a certain cost-per-acquisition (CPA), quantity of qualified leads, sales revenue, etc. Without marketing analytics, you can’t know how your campaigns are faring against these very important metrics, and you’ll be unable to set benchmarks for goals. Without the use of marketing analytics, you’ll never be able to understand the best time to make a change in your campaigns or the indicators you’re focusing on. Additionally, if you’re crushing your current KPIs, it might be time to use your past performance data to formulate new ones to continue to grow your business.
Remember, no successful campaign was ever built on website analytics alone. If you need help with anything related to tracking, reporting, or analytics make sure to reach out. We have solid strategies on how to best use your performance and website data to strengthen your marketing efforts.