Does your business need marketing analytics

How Can Your Business Benefit from Marketing Analytics?

Marketers are always looking for ways to reach the most customers they can and in-turn grow the company’s brand. Most businesses are rich in valuable data which includes consumer trends and demographic information, however, possession of this data does not translate into better decisions. To extract powerful insights and informed decisions, businesses require sophisticated data analytics solutions and marketing analytics tools. 

Benefits of Marketing Analytics
Marketing analytics empowers marketers to analyze, measure and manage the marketing performance of a business and proffers strategies to enhance its effectiveness and maximize the return on investment.
Simply put, marketing analytics tells you what is working, where the efforts and resources are to be focused and who your target audience should be. There are many other definite benefits to marketing analytics which include:

Better customer engagement
Improving customer engagement is the end game of all the marketing efforts and to get there you need the right data and insights. Marketing analytics aids you to gather data from multiple channels and integrate it to provide a holistic picture of your business scenario. For instance, it gives you a clear picture of the customers who are not being engaged and helps you improvise the marketing strategy and target them. Direct marketing has proven to be more successful when it is targeted impeccably.

Quantification of ROI
Marketing is often a multiple-touch, long-term process where you need to consider numerous attributes to determine its ROI. Marketing analytics and other data analytics solutions enable businesses to track and analyze KPIs pertaining to specific products or marketing campaigns to calculate the ROI.  Not all campaigns are devised to generate sales, for instance, campaigns that are intended to improve brand awareness. Marketing analytics helps to quantify such results & ROIs which are hard to be determined otherwise.

Informed Decision Making
Marketing Analytics helps you to ascertain what efforts or strategies contribute most to business development. By analyzing the current activities of business, industry & social media trends along with past campaigns, it’s lead conversion, sales funnel churn rate, etc. marketing analytics proffers the right formula for an impactful campaign. Businesses can make better decisions with granular information of previous marketing efforts. For instance, you can perform customer segmentation and hit each segment via mediums and channels that they are most likely to convert.

Data Visualization

Data analytics solutions simplify, condense and prioritize large volumes of data. But sometimes, especially when you are executing marketing campaigns, you need your insights to be delivered in a faster and clearer manner. Like a picture that speaks a thousand words, data visualizations consolidate various KPIs and attributes in a single picture. Follow this link to know how marketing data is gathered and analyzed.

Actionable Insights from Marketing Analytics
Marketing analytics equips businesses with a great deal of actionable insights. Some crucial insights that are assured to augment the marketing efforts are:

Recreate successful campaigns: Data analytics solutions will aid businesses to discern the type of topics, content and channels that resonate with their audience and boost website visits and newsletter sign-ups.

Better Keywords: Marketing analytics will help you to find powerful keywords and optimize marketing messages to gain organic traffic and favorable actions.

Engage with new marketsData analytics solutions can reveal a new segment of the market that has potential customers and engage them with targeted campaigns.

Adjust product fit: Marketing analytics can predict customers’ purchase preferences accurately by analyzing purchase history, behavioral data, demographic data and website journey data.

Optimize Customer Relationship Management: Data analytics solutions enable businesses to assess the marketing funnel and customer churn and to address the bottlenecks in their CRM.

When you search for data analytics solutions and tools for business development, the results you get might be overwhelming and confusing. Head to Site Lantern’s website to find the right data solutions for your business. Talk to our experts and get all the information you would need to take the first step in building a gainful data analytics framework.

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