Businesses are cutting expenses wherever possible to reduce the effects of the coronavirus pandemic. This reduction in costs includes advertising and marketing analytics. As marketers reinvent and adapt to the changes in consumer spending and limited budgets, analytics are growing in importance. During the crisis, any dollar spent ineffectively puts a business in jeopardy. The pandemic is changing how we measure brand performance and advertising dollars. If your business is suffering from the effects of Covid-19, there are three ways to maximize your reduced budget for marketing. Listed below are those ways and how to improve your marketing analytics post-covid19.
Proving and maximizing the value of targeting:
The benefit of digital marketing is data. Data such as engagement history cost per customer acquisition and ad-impressions are all valuable information. This information helps you make an informed decision and change your marketing strategy. The best analytic to measure your return on investment for an ad is ad impressions. If your ad impressions are low compared to competitors, reevaluate your target audience. Verify that your target audience is the customer who is interested and will buy your product.
Diversify Less:
As marketers, the goal of diversification sets your marketing strategy to work effectively. Brand awareness is critical for your target market to know your product exists. However, in pre and post-economic turmoil, marketers must pull back on their strategy. Diversification works well to build your brand, but it cripples the bottom line. Advertising dollars spent on anything with insufficient analytics means you’re burning money. Instead, measure the cost of customer acquisition with analytics of ad impressions and engagement history. Ideally, the lower the cost of customer acquisition, with more than 50% of ad impressions and engagement history, the more effective your strategy will work.
Marketing is an expense unless it is proven as an asset to the bottom line. Improving your analytical data will shape your business strategy to higher profits and lower cost of goods. There is a wealth of tools available online for your market analysis needs.