With so much data now available to us more easily than ever before, it makes sense to use it your advantage. However, the key to making these insights valuable is to exploit them in the most effective ways. Your marketing department can benefit from data analytics in numerous ways - here's how you can implement it into your strategy and see much better results.
What is Marketing Analytics?
Marketing analytics is the practice of monitoring and measuring how well your campaigns perform, as well as gaining insights about your audiences determining the ways to target them most effectively.
Whether this data is acquired through your own internal sources, or third-party resources (such as country-related business intelligence, like a UK or Belgium business directory), using analytics will give you an important edge. These not only provide you with the chance to make your marketing efforts more successful but also to improve your overall ROI by keeping things as efficient as possible, e.g. by not wasting time trying to convert unqualified leads.
As well as the more obvious applications for sales and lead generation efforts, this type of analytics can also provide extremely useful insights regarding your target audience's preferences and current trends in your niche. And yet, despite the advantages offered, many businesses simply aren't putting analytics to good use when it comes to marketing.
Using Data Analytics in Your Marketing Strategy
There is a wide range of ways that your business can implement the use of data analytics into your marketing strategy to make it much more effective. Let's take a look at exactly how you can achieve this.
Finding the Right Channels
In order to target your potential customers in the most effective way, you need to know the places that they are most likely to 'hang out' in while online. If most of your customers are finding your brand through Facebook, or engaging most with your content on LinkedIn, you'll obviously want to focus your attention there. Or maybe email is proving most useful for your marketing efforts - whichever channel is engaging your clientele the most, is the right channel for your brand.
In order to determine which is working best, you can look at metrics like click-through rates or shares, or through the use of website cookies. It might be that particular segments within your customer base prefer different channels, so tailor your approach to each of those groups accordingly.
When you're putting together your campaigns it can be incredibly easy to stop viewing your customers as individuals and instead focus on the overall numbers. However, this is a mistake; particularly nowadays, considering that customers increasingly expect to have their interactions with brands tailored to their own needs and preferences.
Thankfully, it is now easier than ever to find enough information on your customers to create specific segments based on things like age, gender, salary, lifestyle, and location. You can also use their online activity to help tailor communications, based on the types of content that they're engaging most with.
This is also important when it comes to B2B marketing. For example, if you're only targeting construction SMEs based in Buenos Aires, you could enrich your internal data using an Argentina business directory, and then filter your search to the specific companies that you require.
Better Email Campaigns
Email is still one of the most effective channels for marketing purposes, and using analytics to inform your choices can make it even more successful. Through measuring customer behavior you can determine things like which types of content are most likely to resonate, e.g. videos, images, or long blocks of text, and also the specific subjects that will be most relevant. You can even establish which time of the day, or day of the week your audience is the most prone to offer you their attention.
Split testing is a good way to find what works best for your email campaigns. You can run two campaigns simultaneously, with varying elements in each such as different calls to action, different content types, or different subject lines. Then look at the engagement rates for both and see if there is a notable difference between the two.
Nowadays it is foolish to expect your customers to follow the traditional sales journey. Instead, they are much more likely to carry out plenty of independent research before ever reaching out directly to your company. With this in mind, it's important that you're able to engage them and provide all of the information that they need to come to a decision to purchase.
Although, as we mentioned earlier, it's important to focus your efforts for marketing on the most effective channels for your brand, ultimately you also need to have a presence across all channels so that people can find you easily. This includes email, social media, paid ads, and organic search. Analytics helps provide you with the data you need by tying all of these elements together productively and shaping your strategy into the most engaging one possible.
Predictions for the Future
Being able to make forecasts for the future is one of the most useful benefits of using data analytics. The data you've collected, whether it be through your own customer behavior metrics or insights from a third party, will give you a good idea of how things will work out in the not-so-distant future, and you can adjust your strategy accordingly.
Data analytics can be used to help forecast demand for a particular product or service, potential trends in your niche, or demand based on seasonal factors. When you have this information at hand you'll be able to make better marketing decisions, as well as cross-selling and upselling more efficiently.
With the rise of big data and more advanced tools being created every day, businesses need to adapt to ensure they're using data to its full advantage, or risk losing out to their competitors. Data analytics is a vital part of this process, and it offers a number of important benefits to your marketing strategy, regardless of how big or small your company is, or which industry you're in.