Marketing Analytics? What it is? Why do you need to pay any attention to it? It’s not as if online sellers are not already bombarded with enough jargon to make their heads spin!
Simply put, Marketing Analytics is analyzing the results of your marketing campaigns. You may be marketing your online store through various online channels like Facebook marketing, Google advertising, blogging, email marketing, etc. Marketing Analytics helps you analyze the results of each so that you can ensure that you are getting the best value, or the highest Return on Investment (ROI) for the time, effort and money you are spending on various marketing initiatives. Here are top 5 reasons why Marketing Analytics is critical to your success.
1. Identifying what Works:
Not all channels produce the same results. Some may bring in a lot of traffic, others may lead to higher sales, while other channels may not be adding much value to you at all. By employing Marketing Analytics, you can easily identify which channel works best for each goal.
2. Streamlining your Marketing Goals:
What is more important to you right now? Is yours a new online store that requires brand awareness and high traffic, irrespective of sales? Or do you want to focus on sales, and you’re not really concerned with many new people discover your website? Marketing Analytics will help you streamline your goals based on the kind of results each of your marketing channels is capable of producing.
3. Making the Right Investments
Most new online businesses have limited resources, so it’s extremely valuable to know how to invest those resources to get the maximum value. Once you have streamlined your goals and identified the strengths and weaknesses of all your marketing channels, you will find it a lot easier to decide which marketing channels to invest your time, effort and money into.
4. Save Money & Avoid Unnecessary Costs
If you have figured out which channels are most important to you, you can either completely stop or dramatically reduce your other marketing channels. This way, you can ensure that your resources and budget are not being wasted on initiatives that don’t contribute to the goals you are pursuing.
5. Have a Ready Toolkit
Once you have associated every channel with the type of results they are capable of producing, you have at your fingertips a ready toolkit for the future. Now going forward, no matter what short-term or long-term goal you want to achieve, you will always have ready knowledge of which marketing channel to employ to meet that specific goal.
It is important to also understand that online marketing is a highly dynamic field which is affected by a number of factors like seasonality, industry trends, new technology, quality of content, marketing expertise, etc. You will need to factor in these changes, trends and updates into your Marketing Analytics to ensure that you have an accurate understanding of all your marketing channels and their ability to produce specific results.
Watch this blog for more posts on this topic, including more specifics on how exactly to gather and analyze the data you have access to, for the most insightful Marketing Analytics for your business.