Perform a Marketing Analysis to Value the Success of Your Marketing Strategy
Marketing
Perform a Marketing Analysis to Value the Success of Your Marketing Strategy - Many marketers who focus on the process or type of marketing, but forget marketing analysis. In fact, marketing analytics is something that is no less important, you know.
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| Perform a Marketing Analysis |
This one term can make your marketing efforts more effective. In addition, you can also save on marketing budgets.
Actually, what is marketing analytics and what are the benefits for the company?
Check out Glints' explanation in this article and find out the answer.
What is Marketing Analytics?
The majority of companies carry out several marketing practices at once. Some do digital marketing, co-marketing, social media marketing, experiential marketing, and so on.
That is fine. Because, all types of marketing have different goals and target audiences.
However, there are other important things that you should not ignore, namely marketing analytics.
Marketing analytics is the process of managing and studying data metrics to determine the return on investment (ROI) of marketing, as Marketing Evolution writes.
In other words, this analysis is done to see what things affect the success of your marketing efforts.
In this process, you will be dealing with a lot of data. Some of the data that can be analyzed include call-to-action (CTA), conversions from a marketing channel, consumer behavior, and trends.
So, why is this process important to do?
Like a business, marketing efforts also need to be evaluated from time to time. What are the successful and unsuccessful attempts?
Based on these two things, you can determine a marketing strategy which is certainly more effective and efficient.
You can also save on marketing budgets by eliminating unnecessary efforts.
Marketing Analytics Components
According to Marketo, the five main components of marketing analytics are as follows.
1. Centralized marketing database
In marketing analysis, there is a lot of data that marketers need to process.
The data referred to include when the strategy was implemented, what the needs are, who is responsible, how much is the budget, and so on.
Therefore, a centralized marketing database is needed. This means that all the data must be accessible in one place.
2. Data over time
Marketers do not only analyze the marketing strategies they are currently implementing. More than that, you need to analyze strategies that have been executed before.
This will provide a complete picture of the trends and strategy developments that you have been through.
So, you can analyze it thoroughly.
3. Excellent marketing analysis tools
Generally, marketing analysis is carried out with the help of certain tools. This will really help you in processing data.
However, make sure these tools have the features you need.
For example, choose a tool that can read the relationship between one factor and another, such as a channel with the number of new subscribers.
4. Easily accessible data
Most marketing analysts have a background in the world of marketing, not IT. So, they focus more on designing and implementing a marketing strategy.
Meanwhile, not many marketers are familiar with data processing.
Therefore, marketing analysis requires easily accessible data and dashboards. That way, marketers don't need a lot of time to learn how to use it.
5. Ad-hoc dashboard
Marketers may carry out marketing analysis for specific purposes, such as determining the next strategic budget.
Therefore, they need data that is suitable for these purposes.
This can be supported by the existence of an ad-hoc dashboard or dashboard designed to show certain data.
Benefits of Marketing Analysis
Many people may argue that analysis is not very important in the world of marketing. However, this was denied by Mailchimp.
According to him, there are a number of benefits from this type of marketing, namely:
- confirm claims / estimates with numerical data
- converting data into information
- compare marketing data
- focus on the marketing goals to be achieved
Given the benefits above, it's no wonder that many companies have implemented marketing analytics.
In essence, marketing analytics is the process of managing data to find the relationship between various factors and the success of a marketing strategy.
You can use this in your daily marketing work.
So, you can get a lot of insights for the success of your next marketing strategy.