Top 5 Marketing Analytics Strategies For Your BusinessTushar Sonal
It is imperative as a marketer, to be able to understand your successes and failures by measuring the impact of your initiatives and campaigns. However, typically the marketing process tends to span different channels and hence it can get quite challenging to derive a unified intelligence on top of all the data scattered in multiple siloes. With marketing analytics, you can gather the required data and build knowledge on top of it to understand the contribution of your marketing campaigns to your bottom-line revenue growth.
With marketing strategies, you can optimise your campaigns and prove the value to the stakeholders. Understand which of your ideas are working and which are not working so well. Identify the gaps, diagnose your problems and identify what corrective measures you can take to address them.
With insights into audience behavior, you will be in a better position to act on and deliver the best value proposition via the most optimal channel to them. Marketing analytics strategies will help you to make the best decisions to optimise your benefits.
The intelligence derived from marketing analytics allows you to spend each dollar as effectively as possible.
However, it is a challenge for companies to build concrete, actionable analytics on marketing efforts. According to a survey of senior marketing executives published in the Harvard Business Review, “more than 80% of respondents were dissatisfied with their ability to measure marketing ROI.”
To set up a practical marketing analytics framework within your organisation, you must have the right processes and technology in place to capture data and deliver unified and consistent information on your measurement metrics.
Marketing Analytics Strategies Process
With marketing analytics, you can gather intelligence into several different areas of your marketing strategy. It will help you understand how your programs are performing against the cost and which programs are delivering the best ROI. It will help you to segregate your efforts and identify the area that you need to focus on the most.
Marketing analytics strategy will help you to realise how your programs are working in conjunction to nurture your leads. With this, you can build a solid base upon which you can qualify them and pass the leads on to your sales reps as opportunities.
With analytics, you can also identify laggards, i.e. the programs that are not proving adequate return based on efforts invested at them. You can then chose to redefine your strategy at them or remove them from your focus altogether.
Competition analysis will give you crucial insights into your competitor strategy and which channels/ programs are working for them. Learn from your competitors is an old business principle and marketing analytics can give you a tested template on which you can base your actions on the digital platforms.
Even better! Get insights into trends, make forecasts and capitalise on opportunities before anyone else.
This will help grow your bottom line and avoid wastage on marketing spends. Optimise the dollar spend and view campaign performance in real-time. It helps you to measure the impact of your strategies and compare it against the cost.
Marketing Strategies For Your Business
1) Keyword Research– With keyword research, you can obtain very detailed insights into how your business is appealing to your potential customers and if there are areas that you can optimise. View how competitive your target keywords are, the average monthly search volume for that particular keyword, the estimated CPC’s if you decide to bid on those keywords, the number of clicks that you are getting for that keyword and the click-through rates.
2) Website Marketing Analysis– Understand your top pages that are generating a high amount of conversion and getting maximum traffic. Conversely, you can also identify pages that are receiving high traffic but not making enough conversions. With heatmaps, you can also analyse how your audience is interacting with each element on your page. Understand, with heatmaps, where your visitors are abandoning your pages. Identify pages that are getting a high bounce. Identify who your audience is, their demographics, which device are they using to access your content, what keywords your webpages are ranking for.
3) Campaign Analytics- Understand how your campaigns are performing, get a real-time view into the leads that are on the nurture list. Understand the lead conversion rate from multiple channels, identify the opportunities by product category and lead source. Identify which content and platform are resonating best with your audience. This will help you optimise the messaging and target of your content strategy.
4) Social media analytics– With social media analytics, you can track the sentiment to understand in real-time how people are responding and engaging with you. It will help you to maximise the impact of taking the right action. Identify your most engaged followers, and understand what improvements can you make to reach more brand evangelists.
5) Link analytics– Links remain one of the crucial ranking factors in search algorithms. With link analytics, you can view the site’s link profile, the domain and page authority of the referring domains, the total number of inbound links, top pages by link, anchor text for the links
Some powerful tools such as Power BI, Qlik, Tableau help to dig in and derive results on your marketing campaign intelligence.
With Polestar, you can gain deep insights into your marketing activities so that you can increase the efficiency of your marketing efforts and spend.