Introduction
Marketing analytics is the future; it is the way to learn more about how a business is performing, analyze data to decide what to do next and optimize your time and budget to better connect with customers and grow revenue.
Good marketing analytics can do wonders for your business, and it can be not easy to get started, overcome common challenges, and begin building an analytical mindset amongst teams. But if you want to do these things, this blog is for you!
How can Strong Marketing Analytics Practice Help?
Strong Marketing Analytics is the foundation of any good business strategy. Here is why.
You get a complete view of every customer: Until marketing analytics comes into play, you assume what your customers engage with, but it can be challenging to keep track of everything. In other blogs, we mentioned how marketing analytics keeps track of everything in real time. If you email a customer about a product they just purchased, this is not optimizing your use of email marketing or cost-per-click marketing.
Marketing analytics gives you a unified view by tracking digital interactions, preferences, and responses for your marketing materials to enable them to create more personalized experiences that will drive growth.
You can easily track and witness real-time marketing that impacts growth: 80% of marketers say that their ability to track returns on investment for their marketing strategies could use improvement- that is where marketing analytics will come in, to show physical proof of how a company will increase conversions, revenue, and customer retention. Marketers will also see how marketing improves the customer’s perception of the brand and is tangible proof of marketing’s effect on the company’s growth.
You get detailed insights on campaign effectiveness as they happen: Marketers use A/B testing to see results live, and marketing analytics helps you evaluate data once a campaign is complete, mainly because there are so many moving parts. Access to real-time data and forecasting helps boost revenue growth and provides insights into anything that may need to be improved.
Utilizing analytics to identify the most suitable content to display to specific audiences at the correct times can help you optimize your channel’s efficiency, ensuring a more effective allocation of your budget. You can see which channels give you the best ROI (Return on Investment) and which need improvement. By leveraging this option, you can optimize your spending on each channel.
What can you measure with Marketing Analytics?
There are plenty of KPIs (Key Performance Indicators) that you can keep track of through marketing analytics. You will see actionable insights such as
- Click-through rate
- Conversion rate
- Clicks on an email
- Percentage of customers who saw an ad/post and clicked on the link
- How much time and money a customer spends on your website
- The source links
- How often customers are engaging with social media posts
- A customer’s average purchase
Collecting data is the only way to get actionable information that will allow you to better tailor your marketing efforts to your target audience. 78% of customers will be more likely to make future purchases if an ad they see is targeted to their interests.
What can you do to get started with Marketing Analytics?
If the strengths of marketing analytics have convinced you that it is a necessary next step for your marketing strategy, here is how you can get started.
First, you can outline your goals and benchmarks you want to hit along the way.
Getting acclimated with marketing analytics when getting started may be overwhelming, but establishing goals and benchmarks will help you keep on track to your end goal. Your goals depend on what you see for your marketing campaign.
Do you want to bring awareness and conversions to a specific product?
Do you want to increase brand loyalty and customer retention?
Do you want to increase revenue and conversion rates?
No matter your goals, the more specific they are, the better you can achieve them and stay caught up.
The next thing is to understand the different types of analytics you have at your marketing disposal.
Data analytics helps turn random, unstructured data into usable insights to enhance marketing strategies and boost revenue.
There are three types of data analytics:
Descriptive analytics look at past and present data to analyze campaign performance.
Predictive analytics uses descriptive analysis to analyze patterns across data points. 86% of marketing executives who have used predictive analytics have had an increase in revenue.
Prescriptive analytics allows companies to create scenarios of what might happen to determine whether to implement new strategies.
You can use AI (Artificial Intelligence) to gain faster and stronger insights for decision-making.
33% of marketers who do not use AI say they gain insights fast enough to make informed decisions. Predictive intelligence can use patterns in data to make predictions and optimize your marketing strategy.
In conclusion, integrating marketing analytics with Salesforce offers businesses a powerful tool to transform their strategies and drive success. By harnessing the insights derived from data, companies can make informed decisions, optimize their marketing efforts, and achieve higher efficiency and profitability. Salesforce’s robust capabilities in analytics not only streamline the process but also ensure that organizations remain agile and responsive in today’s dynamic business landscape. Embracing marketing analytics with Salesforce is not just about surviving; it is about thriving and staying ahead of the competition. So, if you are looking to enhance your business strategy quickly and effectively, Salesforce is the solution that can make it happen. Start your journey towards data-driven success today.
Conclusion
It can be easy to build a data-driven marketing culture. Marketing Analytics exists to help you reach your pre-defined goals and adapt to an environment your teams are already familiar with. Reach out to Prudent see how you can use Salesforce as your primary marketing analytics tool to reach the best of your marketing abilities!