Measuring, managing, and analyzing marketing performance to maximize its effectiveness and optimize return on investment (ROI), offering profound insights into customer preferences and trends.
Gathering data from across all marketing channels and consolidating it into a common marketing view. This common view will enable you to extract analytical results that can provide invaluable assistance in driving your marketing efforts forward.
Why marketing analytics is important?
Over the years, businesses expanded into new marketing categories, new technologies were adopted to support them. and new channels for marketing were introduced into the mix, since each new technology was typically deployed in isolation and without interconnection to current trends, the result was an incoherent mix of disconnected data environments and channels.
Consequently, marketers often make decisions based on data from individual channels (digital marketing and website metrics, for example), not taking into account the entire marketing picture. Social media data alone is not enough. Web analytics data alone is not enough. And tools that look at just a snapshot in time for a single channel are woefully inadequate. Marketing analytics, by contrast, considers all marketing efforts across all channels over a span of time – which is essential for sound decision making and effective, efficient program execution.
5 Ways Marketing Analytics Helps Your Business
- Understand your target audience in greater detail
- Identify where your competitors are investing their efforts
- Measure how well your marketing campaigns are performing
- Monitor current trends and predict future trends
- Use data to decide the future course of action