Have you ever made a decision based on your gut? Chose up versus down because it felt right? Many of us make gut decisions every day but not all of them turn out so great.When it comes to making decisions for your business, why take a chance? Marketing analytics can help you confirm those gut feelings with hard data to ensure you’re making the right decisions for your company.
Marketing analytics is the practice of measuring and analyzing the performance of your marketing efforts to maximize return on investment. It provides an objective view of your marketing activities to help you make better use of your marketing spend. From email marketing metrics, social media engagement and even SEO rankings, marketing analytics applies to all aspects of your business.
Do I need marketing analytics now?
Historically, marketing was a shot in the dark. Attribution didn’t mean anything because you couldn’t tell where a lead came from. For example, did your last TV spot bring you more customers than the billboard ad?
With digital marketing as the norm, the web is often the go-to source for information and leads. Marketing analytics allows you to gather information you need to identify which opportunities and leads are best for your business.
If you’re not taking advantage of marketing analytics now, your competitors probably are. If they’re using their own information to learn and advance their business, they’re probably also learning from yours. The longer you wait to leverage marketing analytics, the further behind you will fall.
What can I use marketing analytics for?
Pretty much everything. If you can think of something you want and know how to measure it, the sky’s the limit. Marketing analytics can be leveraged with simple metrics to complex datasets.
By analyzing your website traffic metrics to include areas such as sessions, new users and average time on page, you can better understand your website’s performance and adjust your strategy as you see fit. You could look at them on a daily, weekly, or monthly basis to get an idea of how your site is performing. In terms of inbound sales, having the marketing analytics data to know who to reach out to is a major advantage for your sales reps.
The above simply scratches the surface on the possibilities when it comes to leveraging marketing analytics. With data, just about any decision you make has a greater likelihood of success.