When it comes to marketing success or failure, assumptions are not sufficient. It is essential to know statistically what is working and what is not. In an era where the scrutiny of marketing’s Return on Investment (ROI) is on the rise, instant and accurate results are needed to make informed decisions. But how can marketing performance be measured instantaneously?
With digital marketing, it is very possible with the aid of marketing analytics. Marketing analytics involves measuring, analyzing, and managing marketing performance to maximize ROI. Analytics enables businesses to run future marketing campaigns that resonate stronger with the target audience. Beyond tracking conversions, marketing analytics enable you to optimize your SEO, learn marketing trends, forecast future results, and much more. With the many compelling benefits of marketing analytics, businesses cannot ignore it. If you are new to this methodology, here are some tips to help guide you along the way.
Set SMART goals
Goal setting is the backbone of successful digital marketing. Before committing any time, money, or resources to a marketing analytics plan, it’s important to set SMART goals for your marketing strategy. SMART is an anagram that stands for goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. Once established, use marketing analytics to measure the progress of these set goals. Flexibility is key. Do not hesitate to change your goals in line with marketing and business trends as they evolve.
They say failure to plan is planning to fail. And this is true, especially for a multi-phase marketing strategy. Without planning, any set goals just become arbitrary dates and teams won’t know which milestones to shoot for. Marketers must understand the company’s calendar and plan appropriately when scheduling rollouts or tests. Communication is also key. Laying out a clear digital marketing plan that includes everyone is how to get the most out of your marketing analytics project.
Statistics as numbers aren’t useful until they are analyzed. Marketing analytics comes in handy when it comes to finding patterns and generating reports. It is then up to the human component to look objectively at these findings and decide what they mean for business.
The best way to decide upon a successful marketing strategy is to try multiple types. Not every scenario fits every business. Companies should use different versions to know which works well for their clients as well as in-house employees. Try the test and learn approach to enhance your customer’s experience to gain valuable insights and alternatives.