Marketing Analytics: The Key to Customer Retention
So, we’re thriving successfully in the era of big data, aren’t we? Together, we are creating around 2.5 quintillion bytes of data every single day in the digital universe. By the year 2025, the data created will reach 180 Zettabytes.
When such a huge quantity of data is being accumulated, your key to a
successful business strategy lies in analysing it well. And get deeper insights regarding customer behaviour. And understanding customer behaviour is the area where data analytics can largely contribute to. That’s why you need to shift your attention to marketing analytics as a marketer.
Companies are reaping hell lot of benefits through innovative data analytics techniques. We all know major companies like Amazon, Netflix, Uber and other companies are taking advantage of the data.
Here we throw a few insights on marketing analytics and how you can effectively use it as a tool for customer retention.
Web analytics is not enough!
Web analytics has been taking its rounds since the era of
digital marketing started. As marketers, we put in the effort to measure the digital marketing efforts through web analytics reports, site metrics etc. It helps us to analyse the performance of our websites technically.
But digital marketing does not only depend on websites and related tools, as social media channels are creating a huge impact on marketing. And as marketers, we want to know a complete picture of our marketing efforts digitally. Also, when we want to derive insights about consumer behaviour, web analytics won’t be helpful enough.
And marketing analytics comes in as a saviour!
What is marketing analytics?
Marketing analytics is the process of measuring and optimizing your marketing strategies. It is the process of measuring, managing and analysing marketing performance in order to maximise the effectiveness and optimize ROI. It enables you to derive deep insights about what your customer expects from your brand.
So you get the answer to ‘how did your marketing strategy perform?’ using effective marketing analytics tools.
How is it different from web analytics?
So why is marketing analytics different than web analytics? As Mike Volpe, CMO of Hubspot, points it out, “Web analytics measure things a webmaster cares about, like page load times, page views per visit, and time on site.
Marketing analytics, on the other hand, measure business metrics like traffic, leads, and sales, and which events (both on and off your website) influence whether leads become customers. Marketing analytics includes data not only from your website, but also from other sources like email,
social media, and even offline events. Marketing analytics are also usually people-centric, featuring the prospect, lead, or customer as the unit of focus, whereas web analytics usually regard the page view as the unit of focus in its reports.”
Well explained in the simplest way! To put it in a nutshell, marketing analytics helps you measure the effectiveness of your marketing efforts. It can benefit you in multiple ways.
Your key to customer retention!
Why did a buyer choose your website? What made them buy a product from your website? How did the buyer come to know about your website? What disappointed the buyer? And why was the buyer delighted? And the list of questions is big when you sit to know more about your customer. Knowing answers to these types of question opens the door for improvement, and then to customer retention.
Marketing analytics helps you collect people-centric data on the customer life cycle. As this blog points out
‘analytics empower marketers to decode the Rosetta stone of customer behaviour: how, when and why they buy, as well as the best ways to retain them. But you need to start with the right questions and know your data can answer them.’
In this interconnected world, you require relevant information about your customer to retain their interest in your brand. There is no dearth of sources for gaining insight about your customer.
Taking an excerpt from the above blog in onlinemarketinginstitute dot org, ‘but these big opportunities for insights come with complexity in our increasingly connected world. That complexity only gets deeper when you correlate behaviour among in-store, online, social and mobile channels, searching for why some consumers become loyal, repeat buyers, while others simply walk away.
Quick tips to note!
- You should have the right set of questions and use analytics accordingly to know more about consumer behaviour.
- Know how the buyer is reacting to your campaigns and strategy
- Identify the right metrics that are relevant to your business
- Make sure you identify the flaws and correct them in a timely manner. So that the chances of your customer leaving your brand stands low.
Anyway, data is exploding. And if you’re reluctant to get into the track of data and analytics, success is nowhere close. Take advantage of analytics course to get a sound knowledge about the domain.
More Information:
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Build Your Research & Analytical Skills to Become an Effective Marketer
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