7 Reasons for Adopting Marketing Analytics
Blog post written by Adverity.
Marketing has long become a data-driven discipline. Yet, I can see worrying signs when it comes to data adoption.
The recent CMO Survey warns about anxiety among marketers about using analytics. According to Forbes, only 22% of companies achieve significant results with their data-driven programs. Many others decide not to any data campaigns at all.
I have to admit that I struggle to understand why.
Marketing analytics offers undeniable benefits for a marketing team of any size, after all. From understanding emerging trends to analyzing the ROI better, data makes marketers more efficient and effective.
Here are seven other reasons for adopting marketing analytics.
1 – With the data, you see the fullest picture of your marketing efforts at last. Marketing got incredibly complex already. A typical team uses many channels and strategies at any given time and as many tools to manage it all. The result, gaining a birds-eye view of the marketing performance proves almost impossible. But bringing all this data together – the premise of marketing analytics, after all – will reveal the total impact of your marketing efforts.
2 - Data helps improve audience targeting. For one, it allows identifying the customers’ needs better. Not to mention that, with the right data, an organization can understand drivers of their behavior. And in turn, use this insight to deliver more focused and personalized campaigns.
3 – Data also uncovers drivers behind customer behavior. Analyzing customer interactions and engagement will reveal why they take certain actions. Such insight, in turn, could help increase the relevancy of any marketing campaigns.
4 – Using marketing analytics increases productivity too. With it, you spend less time bring the data together, freeing you to use it to strategise and solve nagging business problems.
5 – With the right data, you can identify channel deficiencies finally. Because, of all channels and strategies, you use, typically only a few deliver the results you seek. Data helps identify the reasons for the poor performance of others, improve, and increase the effectiveness of your efforts.
6 – You can optimize processes to improve marketing performance with analytics as well. And you do it in two steps. First, by taking a bird’s eye view of your efforts so far, analyzing past successes and mistakes. And then, using that insight to optimize the decision-making process for launching new campaigns.
7 – And finally, you improve and make reporting more reliable. Marketing dashboards, the primary marketing automation tool, allow you to eliminate data entry time and automate reporting. This, in turn, will let you focus on the most important aspect of your work – Strategising and devising new campaigns to engage and attract new customers.
Meet Adverity on stand MD91 at Marketing Week Live on 6-7 March.