Why should marketers worry about marketing analytics?

What are marketing analytics, exactly?

Marketing analytics is a broad word that refers to the methods and technology used to assess a company's marketing efforts. Marketing analytics is all about data. The following types of marketing data are included (but not limited to):

• Website analytics include information like as visits, traffic trends, referral sources, bounce rate, and more.
• Social media interactions include likes, following, profile views, shares, and direct messages (DMs).
• Leads, signups, and sales are all examples of online purchases and transactions.
• Ad views, clicks, CTR, CPM, CPC, conversions, conversion rate, CPL, and overall effectiveness of paid ad campaigns.
• Feedback, behavior, and purchasing history are examples of customer data.

Why is marketing analytics so important?

Marketing analytics can reveal previously unknown information, such as how offline and online channels interact and how each consumer encounter effects the ultimate sale, lead, or signup.

Here are some further reasons why marketing analytics is important:

• It gives you concrete data on CPC, CPL, ROI, and brand lift for paid marketing campaigns.
• It gives you real-time feedback on how your marketing campaigns and activities are doing so you can improve them.
• It ties your

marketing campaigns to website traffic and other metrics, allowing you to see how different approaches and channels influence user and customer behavior.

• It reveals opportunities that will have an impact on future marketing and content initiatives (e.g., a paid search campaign can inform your organic SEO content strategy).
• It allows you to get more bang for your buck by reallocating investment to the most effective channels and increasing efficiency.
• It delivers a wealth of customer and prospect data and information that may be used to create customer journey mapping and assess the viability of new markets, products, and services.
• It justifies marketing expenditures by connecting ROI to campaigns.

What can marketing analytics do for you?

Showing how ad campaigns and marketing initiatives work together to achieve a goal will become increasingly crucial as customer journeys change and new touchpoints and channels emerge. The marketing environment is also getting more digital, with digital marketing accounting for about 60% of marketing budgets, according to the American Marketing Association's 2021 CMO Survey.

CMOs can use marketing analytics to illustrate the effectiveness of their efforts. It's the most effective means of demonstrating the impact of marketing on business success. And, as marketing expenditures grow more dispersed across more channels, platforms, and initiatives, marketing analytics may help ensure that enough money is available for the next quarter's ad and marketing campaign investment.

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