Marketing analytics is the process of gathering, managing, and modifying marketing data to uncover useful insights for making the best marketing decisions possible.
Common Uses of Marketing Analytics:
Track Marketing Campaign Performance
The impact of each and every marketing campaign must be measured to show the organization’s return on investment (ROI), return on advertising spend (ROAS), as well as click-through rate (CTR), bounce rate, and consumer engagement achieved, etc. These metrics enable marketers to show that what they are doing is actually making a difference. In the case where numbers are found to be unfavorable, marketers can use what they’ve learned from the analytics to develop stronger campaigns for the future and adapt the current campaign to better meet marketing needs and/or maximize profit.
Useful Insights & Predictions from Marketing Analytics
Marketing data is analyzed not only to prove the impact marketing has on the business, but also to provide marketers with a clear idea of what works and what doesn’t. Uncovering actionable insights allows marketing professionals to make appropriate changes to their strategies, whenever necessary. Machine learning can also be utilized in marketing analytics to provide marketers with predictions that can further guide their efforts and increase efficacy.
Gaining an in-depth understanding of target customers, in terms of demographics, geographics, psychographics, behaviors, etc., allows marketers to develop comprehensive targeting strategies. Thorough target marketing ensures marketing efforts are reaching the right consumers when and where they want to be reached, and with content that’s not only appealing to them, but that also establishes the potential value the organization can offer them.
By analyzing competitors’ and other third-party data, along with your own marketing and sales data, you can determine the best ways to create and maintain competitive advantages, as well as how you can appropriately tailor offerings for the marketplace. This information is vital in taking advantage of opportunities and addressing challenges within the competitive environment.
Marketers can maximize marketing potential through marketing analytics that incorporate data from all applicable sources. This can be done by using a platform like DataLakeHouse, where you can combine all useful data together into a single source of information. The platform not only offers a holistic view of marketing implications, it also provides insights and predictions that can effectively guide marketing decisions.
To learn more about the Marketing Model within DataLakeHouse, contact one of our data and analytics experts 👇