Embracing Marketing Analytics

Best practices for marketing are changing perhaps faster than in any other field, and marketing analytics is becoming a vital tool for marketing professionals. According to data from Hubspot Research, generating online traffic and leads was the top marketing priority of 63% of businesses surveyed. Your business needs to be creative and resourceful in the use of marketing analytics to keep up with the competition.

The Value of Marketing Analytics

Using analytics should be a critical component of your marketing strategy now more than ever. So many channels are available, and they provide so much data that it’s inconceivable to neglect it.

A critical insight that analytics provides is the effectiveness of marketing initiatives. Rather than having to resort to long-term sales, analytics can provide information about the reach and effectiveness of marketing spending in real-time. Moreover, it gives you vital information about how to tailor future marketing tactics and make long-term plans for your business.

Another essential element that analytics provides is information about competitors. With the right platforms and marketing analytics tools, your business can keep track of what competitors are doing, where they are focusing their marketing efforts, and the effect that they are having.

Perhaps the cardinal use of marketing analytics is to make sure resources are effectively allocated. Marketing budgets are tricky to get right, and it’s easy to over- or under-spend. With the help of analytics, you can get it right from the start and reach the customers you want with the resources you have.

How to Use Analytics Effectively

It’s sadly not as simple as turning on an application and waiting for the data to come in. Marketing analytics provides the tool, but it’s up to you to use that tool and build your marketing home. Rather than try to learn everything at once, focus on three key insights you want to learn about at a time, and plan accordingly.

Marketing analytics tools are abundant, and picking the right one can be daunting. Whenever possible, try to combine as many analytics processes into a single platform as you can to get a better idea of where you stand.

Marketing Analytics Is a Long-Term Commitment

Creating a marketing strategy has always been difficult, and with so many tools at your disposal these days, it’s harder than ever. A modern business needs to take marketing analytics seriously and put real effort and resources into finding the right fit for their strategy.

Furthermore, marketing analytics should be an ongoing process. The data from analytics should inform future marketing decisions, thus creating a feedback loop that produces the perfect marketing strategy.