What is Marketing Analytics and How It Helps Your Business‪?‬ Analytical Minds

As per Dr. Jeffrey Lant's Rule of Seven, for a marketing message to penetrate a person's conscious level, they need to hear it at least seven times in 18 months.

So, it certainly makes sense why you see the same ad almost every time you open your social media platforms.

Paid and organic marketing initiatives have the same primary objective: enhance brand recognition, promote thought leadership, and produce quality leads. These broad objectives can be narrowed down into particular, trackable measures that marketing teams can utilize to define success and evaluate performance.

Suppose you're not a marketer or have never used marketing analytics. In that case, you may be curious about how progress is measured, where marketing data originate, and why it's vital to analyze it. Herein lies the role of marketing analytics.

So let us first understand marketing analytics.

Marketing analytics is often studying and evaluating data from marketing initiatives to achieve a statistical goal. It may help firms enhance consumer experiences, raise marketing initiatives' return on investment (ROI), and formulate future marketing plans.

According to a survey by PwC, highly data-driven companies are three times more likely to see significant improvements in decision-making than their less data-driven competitors. Whether you work with marketers or are a marketer yourself, it is crucial to understand the fundamentals of marketing analytics and how it may guide the choices of your firm.

Now it's time to understand how marketing analytics benefit your business.

1. Marketing analytics provides a deeper level of connectivity for the consumer. It helps the marketers understand what's working, the overall performance of the campaign, and all the other crucial questions related to the campaign.

2. The insights from the campaign performance help the decision-maker determine the possible next step the business should take.

3. With the data collected, your business stands ready to face the aftermath of future sales. These analytics help the company build solid product and marketing strategies.

4. The strategies coming from the analytics help businesses in a further modification that leads to profit in the company's ROI.

5. The companies need no longer guess the consumer behavior pattern as they already have the analytics data to back them up. This way, the business will be able to establish a stellar customer experience and strengthen meaningful relations.

Depending on the KPIs being monitored, you can use various approaches and models to analyze marketing data. Among the most prevalent analytic models and techniques are:

· Media Mix Models (MMM): Attribution models that examine aggregate data over an extended time.

· Multi-Touch Attribution (MTA): Attribution models that give data at the individual level from the whole buyer's journey.

· Unified Marketing Measuring (UMM): A method of measurement that combines many attribution models, such as MMM and MTA, with detailed engagement data.

Both marketers and consumers benefit from marketing analytics. This study enables marketers to obtain a greater return on investment (ROI) on marketing expenditures by analyzing what is effective at boosting conversions, brand recognition, or both. Analytics also guarantees that customers are exposed to more focused, tailored advertisements that appeal to their particular needs and interests instead of annoying bulk advertising.