Marketing analytics tools are a great way to use data to evaluate a business’ marketing activities, allowing you to look further into consumer insights, whilst also benefitting marketers. They can create a better return on investments, but only when used effectively.
This quick guide will show you how marketing analytics tools are used efficiently and how to improve the way that your company uses them.
What do you want to measure?
Marketing analytics tools are important when identifying marketing strategies that best drive consumer consumptions. So, it’s important that the first step is to recognise what your business wants to measure.
By identifying your marketing goals, it’s easier to decide on the metrics you’ll use to track certain progress levels, like click rates.
An additional element would be to identify a set guideline for your brand to help track and evaluate marketing strategies, so they can be easily adapted if consumer consumptions were to change.
Understand your return on investment
The return on investment (ROI) is how much your company is making, compared to the marketing costs spent. By incorporating marketing analytics into your business, you can gain a better insight on this.
This is carried out effectively by tracking the information for business campaigns on all avenues (websites and social channels). To find an accurate answer, work out how much is spent on a campaign, then by using analytics, you can identify the number of conversions and how much is made from them.
It helps to see whether company expenses are gaining the revenue that’s expected, as the overall aim is to spend less, but gain more revenue.
Email marketing is vital
Companies send email promotions to reach new audiences, but also to contact existing customers who are on mailing lists. Emailing is a direct way to identify your customers’ attitudes about a campaign.
A higher interaction level from emails is done by using analytics to personalise email marketing. It can analyse how customers interact with different types of email promotions, so a business can tailor their messages to individual customers, with a better chance of meeting their needs.
A company will be able to identify what keywords a customer prefers to read, or at what times they respond better to emails. And a great way to increase investments is to understand what the customer wants.
Social media engagement
Most people use social media nowadays, so there’s no better way to reach consumers, but it’s important for businesses to know how to efficiently use social media to their benefit.
Analysing data using marketing analytics is key to building business and customer relationships. When a marketer sets up an account to post new products or campaigns, analytics can identify customers attitudes to them through the comment section, for example. By collecting this information, a company can change their social media marketing strategies to be better suited to their customers’ requirements.
The importance of buyer personas
Marketing analytics are evidently useful to make your brand a better experience for customers. Yet another great way to do this is by focusing on buyer personas, which are detailed descriptions of your target audience.
These are extremely useful in increasing email open rates and website traffic. Buyer personas are more accurate when based on marketing data – looking at age and gender reports will give your company a clearer image on what certain demographics are looking for.
After more elements are identified, the most credible buyer persona will be created, which will in turn increase investments.
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With some useful ways to improve your business’ use of marketing analytics tools, applying just one to your brand will gain more success – not only in investments, but customer satisfaction.