Marketing analytics is the application of statistical techniques to marketing data, and more specifically to information that helps you understand your customers. The primary objective of marketing analytics is to optimize business decisions by analyzing their effects on relevant metrics such as revenue, profit, market share, cost, or customer satisfaction.
We apply statistical techniques to the marketing data, and more specifically to information that helps you understand your customers. Our marketing analytics solution helps you to optimize business decisions by analyzing the effects on relevant metrics such as revenue, profit, market share, cost, or customer satisfaction.
Marketing analytics is the practice of measuring, analyzing and reporting on the performance of marketing campaigns. It involves using data to measure the results of marketing efforts and to optimize future campaigns.
Why is Marketing Analytics Important?
Marketing analytics is important because it allows businesses to make better decisions about how to allocate their resources. By understanding how customers engage with a business, brands can test and measure different elements of the marketing mix – such as where to place ads, what copy to use or how frequently to send out promotional emails. If a brand finds that an email is more effective than a banner ad, for example, they may then allocate more resources to email marketing and less money to print or online advertising.
Who are the Marketers Who Use Marketing Analytics?
Marketing analytics is used by different people in the marketing department, including:
-Marketing analysts measure and track data about customers' behavior to help determine which strategies are most effective in converting visitors into buyers. They also use this data to inform future campaigns.
-Data scientists use large data sets to identify patterns and trends that can help inform marketing decisions.
-Digital marketers use analytics to measure the performance of their online campaigns, including website traffic, conversion rates and social media engagement.
-Email marketers track open rates, click-through rates and conversion rates for email campaigns in order to determine their effectiveness.
-Marketing managers use analytics to measure the return on investment (ROI) of marketing campaigns in order to make informed decisions about where to allocate future resources.
How Can Marketing Analytics Benefit a Business?
There are several ways that marketing analytics can benefit a business:
-It can help businesses identify which marketing channels are most effective in acquiring new customers.
-It can help businesses measure the impact of marketing campaigns on sales and revenue.
-It can help businesses determine the return on investment of marketing campaigns.
-It can help businesses identify customer trends and preferences.
-It can help businesses optimize their marketing efforts to improve performance.
How is Marketing Analytics Used?
Marketing analytics can be used to measure and improve a variety of marketing activities.
-It can be used to track and report on day-to-day sales and revenue, such as:
o Number of products sold online throughout the day o Number of new customers acquired over the last month o Sales revenue generated by each marketing channel
-It can be used to track and report on customer behavior. For example, it could be used to:
o Improve web site usability o Track how customers share content or send emails o Optimize campaign conversion rates o Identify the best time of day to send email campaigns
-It can help marketers measure the performance of their digital marketing campaigns, including:
o Web site traffic
o Social media engagement
o Click-through rates
o Conversion rates
-It can be used to measure the effectiveness of email marketing campaigns, including:
o Open rates
o Click-through rates
o Conversion rates
-It can be used to measure the return on investment of marketing campaigns. For example, it could help answer questions such as:
o How much money was spent on a campaign?
o What was the campaign's reach?
o What was the campaign's ROI?
In order to take advantage of marketing analytics, businesses need to have the right data stored in a central location.
Marketing analytics tools help collect, organize and store customer data so that it can be easily accessed by different people within an organization.
This allows marketers to build detailed profiles of their customers, including things like demographic information, geographic location, buying preferences and past purchase history.
All of this data can be used to help businesses make more informed marketing decisions.
The Top 10 marketing analytics tools used by marketers are:
1) Adobe Marketing Cloud
2) Act-On Software
4) IBM Watson Analytics
5) Aria Systems
7) Signal Analytics.com
8 ) Eloqua
9 ) Unica / WebTrends / Neolane