Marketing Analytics and How This Is Needed to Develop the Business and Show ROI Strategically
Marketing Analytics is a process that involves measuring, managing and analyzing the marketing performance of any given product. Marketing analytics can give deep insights into what customers like and the popular trends that they are into.
It also helps in finding good long term strategies when it comes to Marketing and how to work towards them. If, for instance, a business ends up spending more money than they are returning into it, this needs to be managed and properly analyzed to chart the way forward for the company on how to properly market for a strategic Return on Investment (ROI).
Importance of Performing Marketing Analytics
With the growth of businesses over the years, new technologies have also been developed to keep up with the growth trend. Decisions in this businesses are made from the information gathered in the market. Technology makes gathering this information a much easier process and a more cohesive one. Using the information gathered, online analytics can be done with the proper measuring tools to ensure maximized Return On Investment (ROI). Analytics are retrieved from Social Media sites and obtained from web analytics as well over a specified time period. Tangible data are a key aspect of business development.
Marketing Analytics can help show who your competitor is, how they are performing, what are they investing in to perform better than you are, what channels they use to reach their target market, what you can do better to improve your marketing strategy, what to prioritize on during the next campaign, and what results to expect from any given campaign.
Use of Keywords In Marketing Analytics
Keywords are a powerful measuring tool when it comes to performing market analytics. Keywords can give you a hint of what’s going on in the mind of a potential customer; what they like, what they dislike, even their general tastes and preferences. In addition, keywords can help you work optimize your product website to increase the amount of traffic being driven to them. Once someone clicks on a given keyword on your site, you can work with this information to optimize the sale of your product.
Keywords can give an insight into the following:
Trends: This is a way of knowing what is fast becoming popular in the market right now. Trends can help predict what the next big thing in the market will be and how you can get a head start on its development.
Product design: Listening to what people are interested in seeing in the next product enables you to optimize its design to match customer expectations.
Provision of support: Once you listen to what the customers do not like about the product or need assistance with, you can effectively handle support issues and ensure customer satisfaction is guaranteed.
Examples of How Marketing Analytics Can Be Measured
Most marketing analytics tools look to Social Media and business websites for information. If a product is good and one person complements it, the impression made by that post on other people’s timelines spreads fast and wide. This, in turn, generates buzz and soon enough interest in the product peaks. The same goes for a poorly-rated product. If the feedback from the customer isn’t good, this could easily generate bad business for the company and result in them spending more money on countering the negative effects, rather than investing it in marketing better selling products.
Company websites are also a good place to mine user data as well. This allows you to keep track of the pages most visited, the words most searched on the site, and clicks on various links, allowing you to predict the behavior of your clientele better and develop a product that results in better customer satisfaction.
Software like Mixpanel is able to track how much time users spend on their devices using the website. It keeps track of the buttons most clicked and the pages where customer spend the majority of their time. It also allows for retention analysis, i.e. what product brought the customers to the site and if the given product managed to keep them there looking for something else.
The Integration of Analytics Tools in Systems for Business Development
The integration of marketing analytics tools simplifies the task of information gathering in the long run. Involve search engine optimization (SEO) to ensure your business is one of the first to come up when a keyword is searched for online and use these analytics to identify your competitors and what they may be doing differently to give them a competitive edge. Application Program Interfaces (APIs) allow for different technologies to speak to each other and share the information gathered. This in turn translates to usable metrics that aid in understanding how the business is performing and whether any return on investment is being recorded.
Learning From the Past And Predicting the Future
Look at your past marketing behaviors. Analyze them thoroughly, and identify the mistakes made or the campaigns that were your biggest strengths. This will help achieve maximum sales and customer satisfaction.
Also, look at present marketing techniques used by you and your competitors in the same field. Identify techniques or channels that would propel sales and ensure maximum profit and returns, be it content marketing, paid campaigns, or building on organic clicks on products to generate content that is relevant. Adopt the relevant technologies that will optimize sales and marketing campaigns. Be sure not to get stuck on a technology that was acquired at a high cost and will be difficult to use or integrate with your current system, as this will not produce the desired results.
Predict the trends that will soon be coming in in the future. This allows you to identify short term and long term investment goals; which product to push, the method to use in marketing it, the product’s modified design, and overall customer satisfaction with the final product. Set goals that you can achieve within a measured amount of time to ensure effective development of the business and a strategic Return On Investment in the long run.
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