Marketing Analytics
What is Marketing Analytics?? Marketing analytics is the practice of measuring, managing and analysing marketing performance to maximize its effectiveness and optimize return on investment (ROI). Understanding marketing analytics allows marketers to be more efficient at their jobs and minimize wasted web marketing dollars.
What does a Marketing Analyser do?? Marketing analysts (a.k.a. market research analysts) help companies and organizations decide which products and services to sell, to which customers, at what price. They come to their conclusions by studying market conditions, competitors' activities and consumer behaviour.
Why is Marketing Analytics important?? Marketing analytics, specifically web marketing analytics, aids in checking operations and their individual upshots, thus empowering in optimum and efficient use of available resources. Marketing analytics is widely used to get a clear vision about the strategic performance of the marketing activities. Fundamentally, analytics pull together data from all marketing networks and merges it into a collective marketing dashboard, from which comparative decisions can be made out. Nowadays, marketers are using the model data to have a watch at all the marketing channels via a single tool. The comparative statistical representation of results empowers these marketers to take a safe and sound decision.
Elements of Marketing Analytics The 3 common elements of Marketing Analytics are: • Strategy comes from your idea department, whether that’s your creative team, your marketing managers, or (and hopefully) a combination of the two. No marketing program can be successful without relevant ideas that engage the customer. • Analytics is the department mentioned in the opening paragraph, i.e. the team of analysts, the cool new reporting platforms, and the mounds of data that is created from marketing strategies and tactics. • Meaning is the most difficult to find, as this element has to be provided by a team that understands the complicated analysis, can interpret data into business needs, and can suggest next steps and potential impact.
Popular Tools for Marketing Analytics • Mixpanel – Advanced Web and Mobile Analytics • The AdWords Performance Grader – A Complete PPC Audit in 60 Seconds • Formisimo – Insight into Web Form Abandonment • CrazyEgg – Heat Maps Done Right • BuzzSumo – Laser-Focused Content/Social Analysis • Convertable – Go Beyond Form Data • Crowdbooster – Social Media Moxie • Open Site Explorer – Advanced Link Profile Diagnostics
Applications of Marketing Analytics • Conduct data mining • Research consumer information • Study the competition • Analyse collected data • Use analytics tools (e.g. e dashboards) • Make market predictions • Create visual presentations • Report findings
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