Why You Need Marketing Analytics

The Difference Between Web Analytics and Marketing Analytics & Why You Need Marketing Analytics

closed loop marketing Web analytics measure things that a webmaster would be interested in. For example; page load times, page views per visit, how long the user stayed on the site. On the other hand, marketing analytics measure business things. For example; traffic, leads, sales, events on your websites influence as to whether leads become customers. Marketing analytics includes data from your website, but also other sources like email and social media. Marketing analytics are also people-centric, featuring the prospect, lead, or customer as the unit of focus, whereas web analytics usually regards the page views as the unit of focus in its reports.

Why is marketing analytics so underutilized by marketers? The fact is that most marketers need to have a variety of marketing analytics platforms in place in order to get all the insights they need to understand their marketing performance, and with that they make their informed decisions. They gather data about email marketing via the analytics provided by their email service provider. They get their information from social media performance through their social media monitoring tool. They get their blog analytics from their blogging platform. This list goes on and on. No wonder marketers mainly stick to web analytics tools like Google Analytics and have trouble measuring their business. You can spend hours slicing and dicing data via web analytics tools, comparing new vs. repeat visitors, etc., but when it comes down to it, you’ll never have a comprehensive understanding of how your actual business is doing.

This is What Marketing Analytics Can Do For Youclosed loop marketing2

  • Integration Across Various Marketing Channels – With marketing analytics, you have a solid look into the direct relationships between all of your marketing channels. It’s very convenient to be able to see how each individual channel (social media, blogging, email marketing, SEO, etc.) are performing. The true power of such analytics comes into play when you have the ability to tie the performance of these multiple channels together.
  • People-Centric Data on the Customer Lifecycle – This gives you the ability to track how your individual customers and potential customers are interacting with your marketing initiatives and channels over time. Marketing analytics can tell you all of this and more. It provides you with valuable potential customer intelligence that can be applied to marketing initiatives such as lead nurturing. Lead nurturing will enable you to understand the nuances of your leads needs.
  • Closed Loop Marketing – Closed loop marketing tells you how your customers found your organization. It tracks their journey from the first time they visited your website to their final customer conversion. It’s the practice of compiling a massive amount of data into easy-to-consume reports that profile your organization’s customers. This process is fully automated, so even the most math-averse marketers can turn into ROI-focused number nerds. Marketers can benefit immensely from closed loop reporting by tracking their buyer’s journeys. They can determine the campaigns that are yielding the best results. They can determine whether the company’s social media or content efforts are most fruitful, and adjust their inbound marketing strategy accordingly.

This is What You Can Do with Marketing Analytics

All of the insights, information, and data you can gather from a marketing analytics tool is really useful,  but only if you do something with it. The true value of analytics isn’t just to prove to your boss that the marketing activities that you’re doing are worth the time and money, it’s there to help you improve and optimize your marketing performance on an individual channel-by-channel basis as well as an overall, cross-channel entity. 

Most importantly marketing analysis has the ability to transform a potential customer into a loyal customer!


 

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