Marketing analytics helps businesses know the effectiveness of their advertising strategies. Unfortunately, most marketers don’t see any value in these valuable statistics. The only metric they care about is how much they are spending. The flaw in this strategy is that it limits business growth and undermines the proper purpose of analytics. Here are some proper ways to use marketing analytics to their full potential.
The Numbers should Make Sense
Analytics is the backbone of marketing. Without it, marketers would be lost. The best marketers comprehend the numbers and work closely with analysts to interpret the figures. Marketers use analytics to measure the effectiveness of campaigns. The data tracks how consumers respond to an online advert. Misinterpreting the information can lead to inaccurate conclusions.
Not All Metrics should be Tracked
A marketer should only focus on those metrics that matter to the business. For example, the number of unique visitors may have increased, but is that a metric worth considering? Assuming the core objective of the business is to maximize sales and profit, how does this metric impact this goal?
Before developing objectives, a marketer should set targets. There’s a difference between getting 1000 clicks through an ad and wanting 2500 clicks. For the campaign to be effective, it has to meet a set target decided in advance. Every marketer should set targets based on past performance, current trends, and future projections.
Impact of Keywords
A good marketing team will always keep track of search engine optimization (SEO) keywords and adjust them when necessary. Keywords are the terms people use to search online. Those words keep on changing because of trends and changes in consumer taste. Search engines rank websites according to keyword density and use.
Good marketers will research popular keywords and bid on them for an ad campaign. Depending on the size and budget, a marketer will choose the most appropriate keyword. Some keywords can be extremely expensive and unnecessary for that campaign. In that case, the marketer will use a negative keyword setting to remove irrelevant words. The marketer will assess the performance of those keywords every month. In the process, they can remove some keywords and add new ones.