Data Analysis in Marketing Analysis: Improve Your Marketing Through Data
Data analysis in marketing analysis is applied in companies with different sizes for purposes like decision-making, identifying market opportunities and potential new audiences, evaluating the effectiveness of marketing campaigns, and forecasting outcomes. Data analysis in marketing analysis is related to measuring, managing, and analyzing marketing performance. Our goal is maximizing its effectiveness and also optimizing ROI. Marketers will be more efficient at their jobs and won’t waste web marketing dollars by learning and using marketing analytics.
This software is used to convert large amounts of data into valuable insights. Different industries around the world can use these insights. In previous years, a revolution occurred in marketing through data analytics. It helps brands with delivering more targeted messaging and measuring their ROI.
Marketing analytics offer deep insights into customer preferences and trends. Data analysis in marketing analysis has a lot of compelling benefits. However, most organizations usually fail ever to realize the promises of marketing analytics. According to a survey that has been published in the Harvard Business Review,
more than 80% of respondents were dissatisfied with their ability to measure marketing ROI.
However, these days, the appearance of search engines, SEO, paid search marketing, and powerful new software products of WordStream, lead to more robust marketing analytics.
Benefits of data analysis in marketing analysis
Personalizing customers’ interactions
Nowadays, in comparison with previous years, businesses and companies have access to more information about their customers. In addition to information about their age, gender, and geographical location, companies now can achieve more detailed insights about the behavior and preferences of their consumers. Although customers are open to sharing their data with businesses for receiving personalized marketing, enterprises encourage them to do it. According to a report by Salesforce, about 52 percent of customers probably switch brands if a business doesn’t personalize its communications with them.
EasyJet, Marie Curie, and O2 are some of the successful examples in delivering targeted messaging to their customers. They have used data from previous customer interactions or geographical profiling for this aim. By doing this kind of marketing, customers feel that they are valued as a unique human being.
Greater visibility by data analysis in marketing analysis
Another significant benefit of data analysis in marketing analysis is achieving greater visibility. Before the rise of digital marketing, determining which efforts of the marketing teams contributed considerably towards a purchase was difficult. Marketing teams could not easily understand whether a promotional campaign causes an uplift in sales, or it was just a coincidence.
By using data analysis in marketing analysis, businesses can easily track their customers from initial interest to their final purchase. Marketers now have access to website cookies and click-through rate (CTR). These give marketers a much clearer picture of what’s working correctly and what isn’t and allow them to prioritize costs in the right channels.
Employ a new and modern full-funnel marketing strategy
The full-funnel approach in marketing is not a good strategy now. In the digital age, it needs some tweaking. Today, you shouldn’t expect your consumers to have a linear journey from finding out about your product to purchasing it. Instead of this, consumers usually do most of their research independently. They use different websites and social networks to research a product. In modern marketing, about 43 percent of online users whose ages are between 16 and 24 use social media for researching a product. Businesses have to target their prospective customers across these modern digital mediums if they want to achieve success.
Skilled data scientists for data analysis in marketing analysis
Data alone is just a collection of numbers, and we should analyze it and turning it into insights to use it for our businesses. Software packages like analytics programs are beneficial for analyzing data. However, brands must apply from the knowledge of the skilled data scientists too. Of course, technology can help the process of numbers in a second, but to use this data, we need real people to develop marketing strategies and objectives.
Predict the future with data analysis
Usage of predictive analytics to forecast consumer behavior is one of the most exciting developments in marketing. By using audience profiling data, marketers can predict what customers want. In this way, they can be more proactive, creating long-term relationships with consumers, upselling products, and determining market shifts before rival brands.
Many marketing companies do not use new technologies like predictive analytics yet, despite their benefits. According to research findings, about 89 percent of brands have planned to invest in predictive analytics. Today, an essential part of modern marketing is predicting new developments ahead of time.
Essential steps to take for data analysis in marketing analysis
Today about 90% of the entire North American population is online. Paid search marketing is one of the quickest ways to reach out to this vast market. Advertising on Google AdWords is one of the good examples of this kind of marketing. Information received from search marketing help in all areas of your business.
Also, many marketers struggle to work with data. The reason is that it is easy to get lost in numbers. But a simple way for analyzing your marketing data is starting from the business story. Even if you are brainstorming potential content topics or you are working on a presentation for your team, and you do not know what you want to discuss, and from where you have to start, you should consider the following steps:
- At first, begin with those questions that you know you can answer with the data that you have.
- Choose metrics to analyze consistently over time.
- To track those metrics, create a table or spreadsheet.
- Attach those metrics to your business story
With the help of these steps, you can uncover deep insights about your business. In this way, you can quickly analyze your marketing data and, besides, create an ongoing business narrative for stakeholders of your business.
Establishing data consistency
Establishing a regular cadence is one of the most critical steps that you have to consider for data analysis in marketing analysis. Reaching a point in your marketing analysis where you visit and re-visit your metrics for information is very important. If you have processed the testing of your metrics and have ensured that they are valuable to your business, consistency will happen organically.
Feel free to read another related article in our blog: Vital Role of Data-Driven Marketing Strategy in Modern Technological Chaos. Besides, you can read Customer Data Platforms A to Z in the blog if you are interested in customer data platforms.