With the advancement of technology, the domain of marketing is experiencing a surge of newer tools, frameworks, and software. These new tools make it very convenient for a company to devise its marketing strategies efficiently. By tracking the performance of their marketing campaigns, the companies can now make concrete decisions regarding their marketing choices.
In a data-driven digital space, not embracing marketing analysis tools or software can put a company at the risk of being outperformed by competitors. This article discovers the possible benefits of using marketing analytics that can help you get an edge over your rivals in the market.
Marketing analytics - 7 benefits in a data-driven market
Primarily, a marketing analytics tool enables unraveling the hidden patterns within data to help form prudent marketing decisions.
#1: Insights into marketing data
A higher level of coordination requires getting integrated data from different sources. Using robust marketing analytics software will enable you to identify data generated and gathered by various tools and programs at use and centralize the data for further analysis. Obtaining consolidated data from all your paid tools in one place will be very helpful in resource allocation, campaign designing, and sharing learning across different channels. The bottom line is that marketing analytics will make your job easier by putting all the required data in one place while maintaining the freshness, relevance, and data format.
#2: Optimized campaigns
How can data administer a successful marketing campaign? The answer is very in line with the procedure. Marketers acquire value from data by assessing performance and recognizing the target audience to improve and optimize future campaigns from these insights. For example, A/B testing helps marketers readily compare any contrasting approach for the same endeavor. They can also help test other components such as creative elements, messaging, and retargeting methods.
#3: Segmentation of consumers
Typically, sales prospects are heterogeneous. Each group of customers has different backgrounds, preferences, and demographic profiles. For this reason, profiling and segmentation become crucial elements in a targeted marketing initiative. Marketing analytics allows you to develop targeting strategies for targeting consumers based on their personal preferences to have the most impact on their purchasing decisions.
#4: Better interpretation of Cost of Acquisition
The cost of acquisition is significant to know as it helps outline the expenses to gain each customer. After you figure out the possible channels and strategies to invest your time and effort in, you need to put all the information together. A marketing tool can do this by dividing the total amount spent on a campaign by the number of clients you obtained. Furthermore, it will help track the performance across channels and come up with the best strategies and product ideas.
#5: Details about each phase of marketing
Buying a product is not just the click of a few buttons. A customer goes through several phases before they complete the purchase and expend their money on something they deem valuable. Marketing tools will identify potential hotspots for you to explore and put your resources in, such as social media for brand awareness and search engines for deliberation, and so on.
#6: Attribution modeling for crucial touchpoints
Attribution modeling helps in indicating the rudimentary phases in a customer journey. It reveals the touchpoints for assigning a level of credit to each. This allocation depends on its efficacy to drive sales. Marketers can directly invest in these phases to have a powerful conversion.
#7: Data-rich Brand Awareness Analysis
Brand awareness is paramount when it comes to building a loyal customer base. Brand recall value can help a company survive even in days of a financial crisis. Measuring brand awareness was very challenging in the early days. But, with marketing analytics, one can analyze several factors, including web traffic, content reach, search volume data, and social listening, to arrive at a well-informed decision about the status of Brand Awareness of your company.
Final Thoughts
Now that you are familiar with the advantages of using a marketing analytics tool, you can plan out how to integrate this with your current system and framework with your BI team. Next, decide the most substantial projects, and bring all the marketing data to make an appropriate data stack for your company.
