Why Analytics is so Important for Marketing Campaigns
As business technologies become more and more advanced, marketers are being held to increasingly higher performance standards. However, most marketers struggle to show true ROI on marketing campaigns. They know the ROI exists, but they are unable to provide detailed reports on what strategies and channels are working. The fissure between sales and marketing teams expands because marketing provides sales with unqualified leads that end up wasting time and resources. Marketers need to find a way to tie performance to actual business results.
Analytics is the term that gets thrown around as the tool that helps marketing teams understand their ROI. But what exactly is “analytics”? Marketing analytics is the measurement, tracking, and attribution of marketing efforts across the spectrum. With the right marketing analytics companies have the ability to measure the effectiveness of their marketing by seeing what channels are receiving the most engagement, and which strategies are yielding the highest ROI. Knowing who is interacting with their brand, and how they’re interacting with it is the ultimate goal of good marketing analytics
Consumers live in the digital world. They are constantly using their smartphones, tablets, and laptops to surf the web, interact on social media, and comment on their favorite blogs. Because of these interactions, there is a vast amount of customer data that can be acquired. It is important to use the right analytical software to gather truly valuable information so that marketers can make the best decisions on who to target and how to target them. When marketers are able to target the best audience for their product or service, better interactions and higher quality leads will result. This will close that gap between sales and marketing and allow these teams to work in sync. Marketing can provide a steady supply of qualified leads to sales, and sales can close deals much more quickly, which will boost revenue for the entire company.
All of these interactions can easily be tracked through the effective use of quality analytical software. The best software attributes ROI to the right strategies and channels, which in turn allows marketers to tie their performance directly to the real results they want to get.
Organizations that use well-established metrics to measure their performance are at least 3x more likely to hit their goals than other marketing organizations (Forrester Research). Despite how powerful and helpful analytical software is, according to Google only 26% of marketers believe their marketing analytics tools are well-integrated and work seamlessly together. That means 74% of marketers aren’t effectively using analytics to improve their performance!
Companies can drastically improve their marketing efforts and understand real ROI attribution by taking advantage of the benefits that implementing real, quality analytics into their marketing campaigns can provide.