How to use marketing analytics to drive business growth?
Marketing analytics is the branch of analytics that deals with measuring the performance of the marketing campaigns that you may run as a marketer. It will help you in improving the performance of your campaigns and in maximizing the profits from them. In this way it will increase the return on investments (ROI) from your marketing activities. These days, marketing professionals are realising the importance of marketing analytics, and are enrolling themselves in universities or on online educational websites to get certification of a marketing analytics course.
Marketing analytics can be a critical business driver if used responsibly. It has a lot of potential to deliver great customer insights, spot key trends in the market and improve sales conversions. In this article, we have collated some of the key ways it can be used to maximize growth.
- Use Analytics to Answer Questions
Marketing analytics will provide you with a range of numbers and figures to look at. While they may be good to know, they might not be answering the business questions you want the answers to. It is very important that you know what you what answers you are seeking from the data. An analysis of your business data should not look like a book of trivia. The insights should resolve your business questions and help you make your marketing plans and strategy.
- Develop the Tools that Make Analytics Accessible
The true value of marketing analytics is unlocked when all your teams use it regularly to take business decisions. For regular use by everyone concerned, you will have to develop tools that make it easy to use. It will need a system where data can be uploaded, analysed or downloaded. As employees will get positive results after taking analytics-based decisions, they will use it more. Soon, they will not like taking decisions without any analytical insights supporting them.
- Marketing Analytics Should Help You Understand Customers
The foundation of marketing analytics is in understanding your customers better. By using data analytics, you will get a better picture of when your customer uses your product and when. You will get many more insights depending on the industry you work in. All the data will come together to build a holistic customer profile. This will make you a marketer who has good knowledge of his market and hence it will improve your marketing campaign’s performance. Therefore, you should develop your analytics tools to gather more and more knowledge of your customer’s likes and dislikes.
- Marketing Analytics Can Build Good Customer Service
By using marketing surveys and then using advanced tools to analyse them, companies can find out the pain area of their customers. They can learn the struggle their customers go through and then build the resources that can solve customer issues in a faster manner. For example, most of the companies have a customer grievances cell or a customer care call centre. By analysing the data of customer calls and their issues, the companies can look at the biggest problems that their customers face. By resolving that issue, their will be an automatic drop in calls which will save money for the company and will also improve customer satisfaction.
- Understand Industry and Competition Performance
Marketing analytics can be used to understand where your competitors are doing better than you and why. For example, you can use digital marketing analytics to understand who is winning with keywords in search engine marketing. If your competitors are performing better on search engine results, then you might want to observe how do they do things differently and follow them.
- Improve Conversion Rates
One of the basic goals of any marketing campaign is to sell more. That means that once you have your potential customer’s interest, you want them to convert to buyers. However, it does not always happen. By checking the data from your website traffic, you can find out what is the point where your potential buyers are leaving the website. For example, suppose you are a B2B company and have a contact form where potential buyers drop their details. You may find out that most of the customers are leaving at the contact form midway. Once you start paying attention to the contact form, you might realise that it asks too many questions. By reducing the number of questions, you can improve conversion rate. Tools such as Google Analytics provide a host of different data points which you could use to develop insights.
Marketing analytics is being increasingly used by all major companies. They are realising how it helps them become a more proactive organization that can use analytics to become a customer centric and innovative organization. Businesses are combining the use of analytics across different platforms to get more useful information that can provide them insights about their industry, customers and their products.
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