Marketing Analytics and Metrics with Marketo
The practice of scaling, analyzing, and administering marketing performance to enhance its effectiveness and optimizing the return on investment (ROI) is known as Marketing Analytics. It allows marketers to become efficient at their jobs and minimize the cost incurred. It offers profound insights into the preferences of the customer and the current trends, apart from the usual sales and lead generation applications. A majority of organizations still fail to realize the promises of marketing analytics, despite its favorable benefits.
The Importance of Marketing Analytics
Marketing analytics allows you to monitor campaigns and analyze the outcomes, enabling you to spend each penny as effectively as possible. Its benefits are evident in the sense that it’s not a good long-term business strategy if it costs more than what it returns. Through the help of Marketing Analytics, organizations have achieved significant improvements in terms of their growth and ROI capabilities; they have outgrown their competitors and have been pretty successful, effective, and efficient in their marketing endeavors.
When we talk about marketing in particular, “keywords” emerges as one of the most powerful marketing performance metrics. Keywords are mirrors to the mind of your current and potential customers. The most valuable benefit of engaging in natural and paid search marketing is the keyword data contained within each click, which can be utilized to optimize and inform other business processes.
How and Where to Start with the Marketing Analytics
The web is an endless pool of possibilities and probabilities. Statistics reveal that close to 90% of the entire North American population is online. The web remains one of the easiest and the quickest ways to reach out to this huge market, and the only way to reach it is through paid search marketing, like advertising on Google AdWords.
Search marketing sends reports and information that is helpful in almost all areas of the business, including product development and offline revenue. Keep these online marketing tips in mind while implementing your search efforts, as a stagnant keyword list neglects trends and information on new products or developments; hence it’s a good idea to begin with keyword research. Write appropriate ad text to help in enhancing your quality score, which will improve ad position and lower your bid. Analyze the results and group keywords in relevant groups. Incorporate your best-performing keywords into your website and generate relevant content through it. At the same time, negative keywords are also great because they prevent unnecessary spending and clicks.
Marketing analytics is mostly about marketing metrics. The metrics focus on what kind of marketing you have done, how much it costs, and how much importance do the previously performed campaigns hold. The primary purpose of the metrics is the insight that it provides, and insights are futuristic, they help us build a better tomorrow. Achieving insights is the key to the growth of any organization. Sales, sign-ups, awareness, app installs, engagement and sharing, are all results of your marketing activity campaigns like emails, ads, offers, websites, and more. By watching the cause and effect linked closely, one not only sees what’s happening but also gets the insight into why it is happening.
Marketers understand which activities will or have unlocked the highest potential ROI by seeing the current market conditions, past performances and trend analysis. The Unification of the marketing data solves the core challenges of marketing analytics. While everyone is busy focusing on data generated and setting up a benchmark accordingly, no one is focusing on the core challenges. For example, after the lead is generated, everything will be dependent upon the first person who handles it and his overall performance. Everything may go for a toss if you are not focusing on the core generation of marketing analytics. However, it’s a fact that the large availability of data has opened the door for many applications in marketing analytics.
It’s fascinating how more and more brands are getting interested in Marketing Analytics (MA) as they don’t want to lag and miss that technology rush. Since its advent, MA isn’t just restricted to only large brands; there has been a considerable demand for it from smaller brands as well. With that being said, marketing functions are not just about generating ROIs. Analytics work on maximizing long-term profits, i.e., future ROIs as well. Analytics and metrics help in consistently making the right decisions about the type of customers to be targeted, the mediums that should be used for it and how to nurture leads to increase the profitability of your business. The only viable way to measure this is through the relationships and insights revealed by marketing analytics.