Marketing Analytics – The Game Changer

 The Wall Street Journal reported “Spending on Marketing Analytics is expected to double over the next two years, from 7% to 12%, as Marketers supersede CTOs as a business’s biggest IT spender”.

What is it?

Marketing Analytics is the practice of analysing and measuring marketing performance using business metrics such as ROI, marketing attribution and more. Marketing Analytics has become imperative for marketers to closely evaluate the performance of their marketing initiatives, to succeed in the competitive business world. It not only helps marketers determine the competency of their marketing programs, but also increases the marketing effectiveness that boosts marketing ROI.

Why marketers need Analytics?

Marketers require analytics to quickly measure the performance of their marketing campaigns both individually and cross channels (online advertising, webinar, blog, roadshows, social media etc.)

What kind of reports they need?

1. Landing Page Reports – To view website activity, new and returning visitors, average time spent by lead and bounce rate.
2. Campaign Reports – To check the campaign performance.
3. Web Page Reports – To analyse the lead activity i.e. name of lead, activity type, first visit date and time, page view, ISP etc.
4. Email Reports – To view the email activity of leads for e.g. send emails, emails delivered, emails bounced and unsubscribed emails.

What is its impact?

• New prospects – Identifying prospects that are not in your database is a challenge for most of the marketers. Prospect Reports (includes sources from where prospects come from and what they are interested in) helps you connect with your prospects through social media channels. Twitter offers an advanced search tool that saves your time and enables you to easily search for retweets, search for a phrase with question marks and search using positive and negative comments.

• Optimization of Marketing Programs – With the use of marketing simulations tools such as market penetration analysis, marketers can evaluate the count of customers based on different market segments such as industry and geography.

• Behavioral Targeting –There are many tools that can be used for Behavioral targeting such as campaign monitor, GeoSurf, Picreel and more. Behavioral targeting let marketers use methods through which they can target different campaigns, offer different content to visitors depending on their behavior on or off website.

• Competitive Analysis –Most of the successful content marketing and SEO strategies include competitive analysis.  It helps marketers track keywords and hashtags being used by competitors on social media channels such as Twitter.

Marketing Analytics is a growing need amongst marketers. It helps reducing the web marketing waste, provides deep drill inside your marketing activities, and therefore, enhances the scope to improve your strategies. The growing need has resulted in many flourishing tools and solutions to gauge marketing data into insightful predictions and reports. This is the reason why most top Marketing Automation platforms like Marketo, Eloqua, Salesforce Marketing Cloud, Hubspot, and more have Marketing Analytics as a noteworthy tool in their array of solutions.