It's not enough to just run a marketing campaign. You need to go back and look at your results and analyze what you did right, and what you did wrong. You need to make sure that your campaign worked and that you are getting a good rate of return from your marketing efforts.
You need to measure the number of leads, conversion rates, and response rates to find the metrics that matter.
This blog explores how you can gain insights from your marketing activities and make changes to your marketing campaigns.
Marketing Analytics: Know Why You Need It.
In the world of marketing, there are plenty of content ideas and strategies that exist today. There are also many tactics and trends that will come and go. Yet one thing remains constant: Data-driven marketing is a must in any digital environment. When you're eager to drive revenue and revenue growth, you need to focus on leveraging data and you need to do so consistently.
Marketing analytics can help you answer questions like:
- What markets should I focus on next?
- Which channels are most effective at generating useful leads?
- What kind of content is resonating with my audience?
Marketing analytics can tell you how customers found your website, how they engaged with it, and where they went within your site. It helps you determine which marketing efforts are effective and which are not. You can then use this information to make better strategic decisions that will produce better results for your company’s bottom line – and its growth.
The benefits of marketing analytics:
- Evaluate your marketing performance
- Better understand your buyer’s journey
- Optimize your current campaigns
- Create more effective campaigns
Tools for analyzing your marketing results
Analytics are important in marketing because they can provide information on how well you’re performing. With this information, marketers can determine if their efforts need adjustments.
Below are some tools that can help you analyze your marketing results:
Google Analytics is a great tool for measuring site traffic. It provides reports that show where your visitors come from and which pages on your site attract the most attention. It also tracks how many people converted into leads or customers through your website and what actions those people took before converting. This data helps you see which of your marketing efforts are working and which ones aren’t.
e-Commerce tools and CRMs.
If you sell products online or have a sales team, you probably use e-commerce tools or a CRM to track when customers buy products and how much they spend. These tools can also show you who’s purchasing your products so you can better understand who your customers are and what they like about your product.
Facebook Insights and Twitter Analytics.
These free analytics tools given to Page owners by the social media giants themselves provide valuable data on the demographics of people who follow your Pages and engage with them, as well as overall engagement rates over time.
How to conduct a marketing analysis?
A marketing analysis is a process of developing information about your market and using that information to guide your company's marketing efforts. The purpose of the analysis is to gain an understanding of your marketplace using charts and graphs (bar chart, line chart, sankey plot, slope chart, donut chart etc.) so that you can make strategic decisions about how to position your product or service within it.
A marketing analysis gives you an up-close view of the market in which you operate by addressing questions such as:
- Who are my customers?
- How do they behave?
- What do they need?
- What do they value?
Understanding these questions will help you identify opportunities to better meet your target customers' needs and needs and set you apart from your competitors.
Here are the steps to take to conduct a marketing analysis:
Step 1: Research
Do your research to develop a SWOT analysis and the other components of your marketing plan.
Step 2: SWOT Analysis
SWOT stands for "Strengths, Weaknesses, Opportunities and Threats." By examining these four factors about your company, you can determine what makes you unique and what challenges you will face in the marketplace.
Step 3: Mission Statement
Develop a mission statement that defines your company's goals, values and approach to doing business.
Step 4: Goals
Set short-term and long-term goals for your enterprise. Then break them down into smaller milestones with deadlines.
Step 5: Market Trends
Research industry trends that could affect your business model. This could include new technology, demographic changes, or regulatory trends.
How to make the best use of your marketing analysis results?
Accurate and insightful analysis is the backbone of marketing. It’s what drives your decisions and helps you identify the best use for your marketing budget to reach a target audience.
Here are some tips on how to make the best use of your marketing analysis results:
Be a multitasker:
You can’t do just one thing with your analysis results. Share them, compare them to other datasets, look for patterns, ask questions and see where it takes you.
Always be prepared:
Make sure you’re prepared for a variety of outcomes because you can’t rely on one result or one piece of analysis. Always consider the worst-case scenario so that if it happens, you won’t be left scrambling with no backup plan.
Questions are your friend:
If data doesn’t answer all of your questions immediately, don’t be afraid to ask more questions. Just because you don’t immediately understand something doesn’t mean there aren’t answers.
Experiment and test:
Data isn’t always an exact science, so sometimes it pays to experiment with different results or ways to analyze things.
Marketing analysis is a crucial process for any business that wants to survive and thrive in today's competitive marketplace. By understanding your customers, your competition and the trends affecting your industry, you can make strategic decisions that will position your company for success.
Author Bio: Lori Gillen is a Blogger/Content Creator who is specialized in the field of Digital Marketing & Data Analysis with 5 years of experience. Currently working at ChartExpo as a Senior Content Creator.