The way that organizations compete with one another is constantly in a state of rapid evolution thanks to the growth of inbound marketing. As consumers seek out new information, engage with your content on social media platforms, and make their way through your website, they leave a trail of bread crumbs behind, otherwise known as metrics or marketing analytics.
We can best describe marketing analytics as “the practice of studying and managing metrics data to determine ROI of various marketing efforts.” In short, marketing analytics help us to determine and identify any marketing efforts that could be improved on.
However, metrics and marketing analytics have differences as well. Metrics are the actual data points while analytics put that data into context. We use analytics to tell a story about our marketing efforts.
Why Are Marketing Analytics So Important?
From building brand awareness to launching social media campaigns to following up with leads, your schedule is likely packed. You might be thinking to yourself,
My campaigns are driving new leads and keeping my sales team busy. I’m fine, right?
Not so fast.
Gut feelings can only take us so far. In some ways, instinct should drive business, though measuring and monitoring your marketing campaigns is the only way you can have the true assurance that things are running smoothly.
With a thorough analytics program, you’ll be able to:
- Monitor trends over time
- Determine campaigns that are working and why
- Understand the ROI of particular campaigns
- Determine results for the future
You can’t draw in investors on “good feelings.” You must have the numbers to prove yourself. Those numbers should have merit too and should clearly correlate to the revenue stream. Of course, to interpret these metrics and make sense of them, you need marketing analytics.
Marketing analytics and business analytics work for one another. If you don’t have the right marketing data, your business analytics won’t give you the whole story. The same thing goes the other way as well. Marketing analytics need business data from various departments, especially sales, to give feedback on the impacts of marketing campaigns.
If you want to position your company for success, you must take a line from the pros and take advantage of marketing analytics. Real-time analytics are your best bet if you want to stay on top of the game at all times and utilize predictive analysis as well.
Are you able to identify what is and isn’t working with your marketing campaigns?
Do you know what parts of your marketing campaigns need help?
What weak links in your chain should you pivot on?
Will you ever have a thorough picture of your marketing performance if you continue to move with the status quo?
If you’ve never set foot in the world of marketing analytics, it can be quite hard to grasp. Feel free to get in touch with us here at Gold Level Marketing if you need any help. We look forward to helping your business succeed in any way we can.