What Is Marketing Analytics?
Marketing analytics is defined as, “the practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return on investment (ROI).” As a marketer, this practice is important to understand and fully grasp.
Why Is Marketing Analytics Important?
Marketing analytics enables marketers to be more efficient at their jobs by providing insights into customer trends and preferences. Not only will it provide your company with sales and lead generation applications, marketing analytics can minimize time and money wasted on digital marketing. By measuring, managing, and analyzing marketing performance, your company can spend less time and money on monitoring campaigns.
Fun fact, did you know that almost 75% of the entire North American population is online? A study done by the Lenskold Group in 2008 found through their research, “companies making improvements in their measurement and ROI capabilities were more likely to report outgrowing competitors and a higher level of effectiveness and efficiency in their marketing.”
Here are some key online marketing tips:
- Start researching keywords: a stagnant keyword list is dangerous as it oversees current and relevant trends and information on new products. Make sure you’re staying trendy!
- Develop a few paid search marketing campaigns: group keywords in relevant groups and write appropriate ad text to help improve your quality score. This will lower your bid and improve ad position.
- Analyze the results: displaying your keywords in ad text prove to the searcher and to Google that your ad is relevant to their search.
- Achieve natural search: Google estimates that 80% of searchers click on an organic result over a paid advertisement. Incorporate your best performing keywords into your website and continue to generate relevant content.
- Repeat ad nauseum: negative keywords are great because they prevent unnecessary clicks and spend, ensuring your advertisement displays only for applicable searches.
How To Improve Your Marketing Analytics
One of the most powerful marketing performance metrics in search marketing comes in the form of keywords. Keyword data contained within each click is the most valuable long-term benefit of interacting in natural and paid search marketing. This can be utilized to optimize and inform other business processes. Keywords tell you exactly what is on the mind of your customers. The AdWords Performance Grader demonstrates where and how to make improvements to your AdWords campaign, which will eventually enhance your performance and save you money.
In order to be a successful leader in social media and in digital marketing, marketers must have a strategy that relies on accuracy and speed using sophisticated real-time tools. Next-generation social analytics acknowledges the individual who is actively interacting with your brand. It also informs you on what your customers are engaging with, and why they’re engaging. The outcome generates a real value by measuring the success of a campaign depending on data and ROI.