How to apply Marketing Analytics to your business strategy
With the explosion of data, in the digital age, it is almost a consensus that companies to survive need to opt more and more for digital transformation. In this context, have you ever heard of Marketing Analytics? The tool capable of transforming data and take care of all the health of your business.
Marketing Analytics is an area increasingly sought after by large corporations. Tired of making decisions based on opinions and intuitions, data marketing has the function of analyzing performance data to create efficient strategies, accurate and with a much lower risk index.
No more shooting in the dark, in this article we will understand how Marketing Analytics can transform your business in 2020.
Why you should apply Marketing Analytics to your business
Applying data analytics to your business means seeking a differential and adding greater competitive value to your brand. Besides, to know in depth its origin, its behavior, its positioning, and to define its objectives, goals and aspirations in the short, medium or long term.
The data when analyzed are like a kind of compass that guides us and at the same time a thermometer that helps us to measure or compare different groupings at different times.
Ready? Find out everything you need to start your Marketing Analytics strategy now.
What is Marketing Analytics?
Data Analytics is the marketing tool responsible for the collection and analysis of data that allows us to understand in depth the user’s behavior, their digital experience, and from these surveys, build solid and optimized strategies to extract the best results.
In short, marketing analytics is a tool capable of analyzing a set of data regardless of the period that was collected or stored and guide the decision-making process in the future.
Marketing data is directly related to the process of Big data and Business Intelligence, which basically refer to the process of monitoring, tracking, data collection and data visualization based on previously selected KPI’s and metrics.
What are the stages of Marketing Analytics?
The first step in Marketing Analytics is to track the data. You need to understand that there is a multitude of data, and the excess of data can be very damaging in your marketing strategy. Therefore, you should track only those generated by your main marketing channels.
The metrics focused on user behavior reveal us sensitive data regarding brand perception index or level of engagement in social networks. So you need to track the entire journey of the virtual consumer/ shopper to identify which traffic is generating the greatest results. In this way, you can understand the user experience and their journey in the sales hopper.
As exemplified above, data collection should be guided by the KPIs of the strategy, which are those metrics related to the strategic objectives. The main metrics that you can follow:
* Webpage or blog: number of sessions, number of visitors, average session duration, pages per session, traffic sources, rejection rate, conversion rate.
* SEO: organic traffic, position in SERP, organic conversion rate, domain authority, page authority.
* Paid media: click rate (CTR), paid conversion rate, cost per click (CPC), cost per thousand impressions (CPM), cost per lead (CPL), cost per acquisition (CPA).
* Social media: reach, engagement, social media traffic, social media conversion rate.
* Business: return on investment (ROI), customer acquisition cost (CAC), recurring monthly revenue (MRR), cost per acquisition (CPA), retention rate.
After tracking and collecting the data, they need to be viewed in a readable way to perform the analysis. Therefore, use and abuse graphs and tables to facilitate data storytelling.
Data visualization is one of the areas of Marketing Analytics, responsible for the visual representation of data.
The data visualization serves so that the person responsible for the analysis can treat, cross and segment the data to perceive patterns and trends and extract insights.
This would be practically impossible only with raw data. On the other hand, a bar chart makes evident the growth in site traffic compared to last month, for example. This is the vision that the analyst needs to have.
What are the benefits of Marketing Analytics?
Marketing Analytics is the differential that many corporations are investing to seek greater competitive value in the digital environment.
Therefore, companies that are monitoring all their data and constantly seeking to identify points for improvement, better decision making and taking smaller risks and fully controllable.