Marketing is a mix of art and science. For the science part of the mix, marketing analytics complement to the creative business sense. The scientific nature of marketing analytics helps in the creative efforts of content making.
Marketing analytics helps in increasing and quantifying the effectiveness of marketing campaigns with data-driven marketing-related business decisions. It also helps in measuring the engagement, and ROI (return on investment) of the marketing campaign and also provides with better predictions.
With the outbreak of the pandemic, majority of the marketers have shifted from traditional marketing methods to digital marketing, which made it furthermore significantly easier to track marketing data and apply analytical tools to decipher them into meaningful insights. For example, the key performance indicator (KPIs) like the bounce rate, conversion rate and open rate can be easily tracked and analyzed using the email marketing software.
Let us explore the other main benefits of marketing analytics:
- Quantification of ROI
By measuring and analyzing the KPIs of a given specific campaign the ROI can be determined. This help to precisely make out what is working and what is not and thus helping in effective investments on future campaigns and receive a positive return.
- Improved Customer engagement
Analyzing the past data from the previous campaigns like; open rates from the email can help to better understand the customers and are used to target and respond to them in a similar way in the future, thus increasing their engagement.
- Informed decision-making
Analytics on the past data from the previous campaigns can make better predictions and aids in decision-making in-line with the predictions and data insights.
- Understanding data
“A picture is worth a thousand words” holds true everywhere and anywhere and is same with the data too. Analytics tools help to digest this data and depict them as visualization for common people to understand.
Mailchimp supports a variety of data visualization features to represent KPIs related to email campaigns.
- Predictions to boost sales
SalesForce found that predictive intelligence of analytics tools led to an average conversion rate increase of 22.66%.
The purchase history data, region and behavioural patterns help in predictive analytics. The activity of the current customers and the prospects are analyzed using algorithms. Then the analytic tools can help ‘nudge’ the prospects in making a purchase or a specific action.
Marketing Analytics can help marketers in many ways from making better decisions to quantify their performance. Furthermore, it is important to understand how to contextualize the information that the data and the analytics tools provide.
