Marketing Analytics 101
Having a room full of differing opinions is all good when you’re with friends having a debate over coffee down the local café But what about when it’s time to brainstorm a business idea.
Having different perspectives on what might make a customer want to find out more about your product/service… Or having a debate with a colleague over which colours you should use in your next ad campaign etc. need not be ‘a thing’ in today’s digital environment.
Old-school marketing was really just guess work. Unless you were to ask someone directly, where exactly they’d heard about your services, you could forget about attribution altogether. Was it the conference you exhibited at or maybe it was that Tube ad that brought in your last 5 leads? Who knows, so let’s just keep spending marketing budget based off the back of a hunch. - right!
Wrong! – Data is Like a Cash ISA for Marketing Budget – It’s Time to Start Saving!
One of the digital marketer’s biggest friends in 2019 is data. Data is now able to tell you as a marketer everything you need to know, in real time about basically everything that you need to know.
A lot of marketers, (even today), are almost scared of data. Not really understanding it’s full value or how to unlock it. However, even the most basic of data sets can help you in your marketing efforts. Making more and more data-driven decisions and utilising marketing analytics tools to aid you in uncovering insights. This will undoubtedly free up some of your marketing budget and allow you to start allocating more budget to the things that are giving you ROI. Allowing you to reduce spend elsewhere, such as on media.
In What Ways Can Analytics Improve your Marketing Strategy?
‘There’s levels to this’! Marketing analytics ranges from the basic, to the complex and in-depth. Let’s start by focusing on some of the fundamentals as even the most basic analysis can help to improve your overall marketing strategy.
Using tools like LeadFeeder you are now able to see sessions on your website, including the pages visited, the length of time spent on the page and even the company that visited you, (if you are a b2b marketer). This sort of data will give you a good indication of how you are doing and give an overview of the website pages that are getting viewed most. This type of insight will help you to improve and tweak areas of your marketing strategy here and there. However, it probably won’t be the driving influence behind your overall strategy.
Email Marketing Campaigns are another great way to gain audience insights. Using an Email Marketing Automation tool like MailChimp. You’ll have access to a range of marketing analytics data that will allow you to see things such as; how many people opened your last email campaign and who those people were. You will be able to see the amount of times it was opened and at what time. You’ll also see which links within the email were clicked, as well as how many times they were clicked. Giving you even further insight into the customer journey. MailChimp also has an A/B Testing functionality that will allow you to create different versions of the same campaign and measure which one performs best. This level of marketing analytics insight, can massively help to direct the tone of your email marketing campaigns. You can create audience segments and start to really personalise and target people in a far more penetrable way. This is where marketing analytics can start to save your organisation both time and money.
Paid ads are fantastic for marketing to a wider audience that you may have never had the opportunity to engage with before. Paid ad campaigns should always be set with a specific measurable goal in mind and spend should never exceed the projected ROI of the ad. With Paid ads, you will have access to impression data. Impressions are the amount of people that have seen your ad. This will give you a good indication as to whether or not your ad is doing well and being seen.
You will then be able to see the click-rate on the ad. Your click-rate is the amount of people that have clicked on your ad. Essentially these people are your new leads and are on the way toward becoming customers.
Then there’s the click through rate. The click through rate is different to click-rate in that, it’s a percentage. Taken from the click-rate against overall impressions. If your click through rate is high, then congratulations because not only is your ad being seen, it’s being seen by the right people.
Marketing analytics and insights can never replace creativity in marketing. However, making decisions driven from data rather than from assumptions can save your organisation precious time and money.