analytics marketing

Some business owners who are not well-versed in marketing may not see much value on spending time poring over data and analyzing the results of a campaign. After all, the campaign will either bring in sales or new customers, or it won’t. What needs to be analyzed?

In fact, today’s digital marketing environment is highly conducive to data analysis. And for the budget conscious, keeping track of the success of the marketing strategy can make a big difference in the utilization of a small budget or the optimization of a large one. There are several ways to analyze data, and several data sets to analyze at any given time, and this can be a bit overwhelming for some. However, the importance of analyzing data regularly cannot be emphasized enough.

Here are some ways in which data is useful when it comes to measuring marketing success.

Analytics Show Returns on Investment

Every business owner wants to show a return on their investment of time and/or money. This is a given, as no one likes to just throw money away and waste time.

Analyzing trends and customer behavior, as well as keeping track of the success (or lack thereof) of marketing initiatives can point to holes in spending. For example, let’s say a business runs a paid advertising campaign on a podcast. To help keep track of ROI, the business gives the podcast a special code to give to listeners that will allow the brand to track any conversions coming in from that campaign.

At the end of the campaign, 100 people have plugged the code in while shopping on the website. For the brand, this is a measurement of success. However, without this code, they would not have known how many people listened to the ad and took action because of it.

This is important to track, as no brand wants to spend money on marketing that does not work. Tracking ROI is easy to do, and collecting data regularly can make a big difference in identifying trends and finding opportunities for improvement.

Analytics Paint a Bigger Picture of Consumer Behavior

Oftentimes, it can be difficult to see results from a campaign when the person managing it is close to it and touches it daily. Akin to staring at yourself every day in the mirror while dieting, it can be hard to see changes from this perspective.

For this reason, taking the time to collect and analyze data and insights can paint a bigger picture and identify trends in consumer behavior. These trends can then be used to make adjustments to the marketing strategy for better results.

This also opens up the potential of using A/B testing to find a good fit to target consumers. Testing copy, imagery, or other creative assets can be a good way to test the waters for a new product or the campaign associated with it.

Gathering information can be a huge asset to the marketing plan for businesses. In addition, most platforms have now made this information gathering process simple and even automated. With all of these tools at your disposal, analyzing customer behavior has never been easier, and it’s worth the effort to be able to see exactly where your marketing strategy is hitting the hardest.

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Ronn Torossian is the Founder, President and CEO of New York-based 5W Public Relations. He has overseen the company's rapid growth and expansion to the Inc. 500 list, as well as provided counsel to hundreds of companies, including members of the Fortune 500, Inc. 500 and Forbes 400. His work spans global interests, corporate entities, high-profile individuals, regional business entities, government agencies and academic institutions - both on routine public relations matters and extremely sensitive issues. One of the foremost public relations experts in the U.S., Torossian is known for his aggressive, results-focused orientation, as well as his close working relationships with members of the media, influencers, decision makers, politicians and celebrities. At 5W Public Relations, Torossian's client experience has included programs for Coca-Cola, Microsoft, Anheuser-Busch, Barnes & Noble, Cantor Fitzgerald, IHOP, McDonald's, Evian, EDS, VeriSign, XM Radio, Seagram's, The Loews Regency, Bad Boy Worldwide Entertainment, Marriott Hotels, Vail Resorts, Pamela Anderson, Snoop Dogg, the Government of Israel, and others. Referred to by The New York Post as a "publicity guru," by Fox News as a "high-powered PR CEO," by Tyra Banks as a "crisis management guru," and by CNN as "a leading PR expert," Torossian is regularly featured in and quoted by the media, including by CNN, Fox News Channel, MSNBC, NBC, The New York Times, and others. CBS National News said "Ronn Torossian knows spin," and a New York Times feature story on Torossian referred to him as "The consummate hard-driving, scrappy NY publicist." Earlier in his career, Torossian was a Vice President/Group Director for one of The InterPublic Group's (IPG) largest PR agencies, where he was responsible for significant client growth and successful client programs, including work for Clinique, Fox News Channel, DHL, Hard Rock Café and others. A resident of Manhattan’s Upper West Side, Torossian was named to the Advertising Age "40 Under 40" list, PR Week's "40 Under 40" List, is a regular lecturer at universities and conferences, a member of Young Presidents Organization (YPO) and a board member of numerous non-profit organizations.