Marketing analytics is the advanced practice of calculating, executing and examining overall marketing performance to boost its efficacy and maximize return on investment (ROI). Understanding the actual meaning of marketing analytics enable its marketers to be more effectual at their jobs and lessen the wasted web marketing currency.
Marketing analytics provide various sales and lead generation applications along with fundamental information regarding customer choices and on-going trends.
Marketing analytics collect data from all the leading marketing channels and combine them into a general marketing view. From this general marketing view, you can abstract analytical conclusions that can give advantageous support in driving your marketing attempts ahead.
Despite these essential advantages, a larger part of organizations generally become unsuccessful in realizing the commitments of marketing analytics model. A recent survey conducted amongst the senior marketing executives suggested "more than 80% of the respondents were disappointed with their capability to evaluate marketing return on investment (ROI)."
Most of the people get confused between Web Analytics and Marketing Analytics. Web analytics evaluate all those things for which a webmaster cares about, such as page load times, views on the page per visit, how time spend by customer on the site and so on. On the other hand, Marketing analytics calculates business metrics such as traffic, sales and leads. They also evaluate events which influence leads and transform them into potential customers. Marketing analytics comprises of data, not only from your website but also from the additional sources such as email, social media and various offline events as well. Marketing analytics usually focuses on prospect, lead, or customer and are considered as people-centric approach whereas web analytics focuses on page view of the website as it focuses on reports.
These days, Marketing Analytics is done through Internet (or Web) and that's why its named as Internet marketing analytics. Internet (or Web) marketing analytics in particular enables you to review the campaigns and their relevant consequences, allowing you to spend each single dollar as adequately as possible.
The need of Outsourcing Marketing Analytics is obvious. If you are paying more than it returns then it is not considered as a long-term business strategy at all. These days, companies are making changes and trying to improve their measurement and ROI abilities which were more likely to disclose outgrowing opponents and a supreme level of capabilities and expertise in their marketing.
When it comes to search marketing in particular, then knowledge is power and it comes in the mode of keywords. Generally, keywords play a vital role in giving an idea about what's going on in the mind of your potential customers.
In search marketing in particular, knowledge comes in the form of keywords. Keywords tell you exactly what is on the mind of your current and potential customers. As a matter of fact, the most relevant long-term profit of involving in paid and natural process of search marketing isn't an accumulative traffic to your web portal but it’s the keyword data which are included within each of the click which can be further utilized to inform and increase other business practices.
Product Design: You need to design your product's keyword as per its usage. It is important to know your customer's need and what are features or solutions they are looking for.
Customer Surveys: After investigating proper keyword frequencies and its usage, you can assume the respective priorities of competitive interests.
Industry Trends: By inspecting the related changes in keyword frequencies, you can analyze and forecast different trends and techniques in customer behaviour.
Customer Support: In this, you need to understand where customers are laying stress the most and how customer support resources should be extended.
To acquire the benefits from Outsourcing Marketing Analytics, you need to follow these three Key steps:
To get effective and better results from Marketing Analytics, a balanced assortment of analytic trends and techniques are used for recounting the past, examining the present and forecasting or affecting the future.
Leading marketing companies and organization have access to distinctive analytic abilities in support of miscellaneous marketing objectives. To assess all your present analytic abilities is considered as a good next step. It is important and necessary to understand at which position you are standing along the analytic sphere. You need to identify the gaps and start creating strategies for filling them.
In Marketing Analytics, there is no real or actual value of information, although you need to act on it. In a continuing procedure of testing and learning, marketing analytics model allows you to enhance your overall marketing process performance.
The best example includes:
Testing and regularly examining the success of your marketing programs and strategies is important for every organization. Only then you would be able to understand what exactly worked and what did not. After testing and evaluating, you would be able to find which things need to be changed and how things would go smoothly. You have to act whatever you learned, if you use the Marketing Analytics model to examine success. However if not acting with insights then it is pointless to evaluate also.
Practised holistically, Marketing Analytics enables for improved, more advantageous marketing by making innovative strategies related to marketing efforts and expenses. For example, Marketing Analytics guide you towards better management, which further leads to more benefits and profitability. This is done through adequately executing leads that further enables to tie those leads to sales. These kinds of sales are known as closed-loop marketing analytics. Through these models, you could see which definite marketing initiatives are investing to your bottom line.
I would like to congratulate you and your team on a fantastic effort with the 2012 forecast numbers.
Director, Investment Advisory Company, AUS