We’ve talked before about why it’s so important for marketers to employ analytics when making adjustments to marketing campaigns. Analytics plays an important role in ensuring that costs are accounted for and results are measured.
After all, a marketing campaign that underperforms — as with anything else — is not much use for a budget. But it can be a lot of information for a marketer or a business owner to figure out the best approach to gathering analytics periodically.
These days, there are so many metrics to target that a business could literally spend months on end sifting through all of the resulting information. This isn’t efficient for anyone, so it’s best to find a way to make marketing analytics work for you and simplify the marketing process. First, the business must decide what information it needs or wants to have.
Even for the largest companies in the world, this is a decision that must be made. Why? Because most industries are constantly shifting, requiring a marketing approach that can evolve over time.
This means that even the most tried and true marketing strategies may need some updating as time goes on. So what’s important? Things such as customer traffic and sources of acquisition are a simple place to start for any business restructuring its marketing approach.
Customer traffic can come from a variety of sources, most commonly search engines and social media.
So it’s important to know where these customers are coming from so that marketing efforts can be concentrated both on boosting current sources as well as improving others.
Customer acquisition is also a process that can take more time than just one web search. For this reason, the concept of retargeting is important as a brand seeks to obtain the customer after a pursuit.
The ability to analyze this customer behavior using retargeting and the analytics of such a campaign is a great way to increase sales revenue as well as the effectiveness of the brand’s marketing strategy. Analysis of information can also be used to save time and head off future disaster. For example, let’s say that a brand is considering launching a potentially controversial or, at the very least, a statement or campaign.
The brand, which manufactures athletic apparel, chooses not to launch the campaign at the last minute. Why? Because forecasted studies using data from previous customer behavior as well as sentiments towards specific ideas showed that the response may be overwhelmingly negative and result in backlash.
Analytics can be used in a way that benefits all parties. By preventing this potentially disastrous campaign, the data helped a business stay on task and in the positive light of perception by the public.
Going blind and electing to run the campaign may well have had very different results. With the presence of artificial intelligence making things such as consumer behavior tracking and customer service easier each day, analytics should be a large part of the wheelhouse of any marketer.
For businesses in need of a marketing overhaul, taking a look at the current analytics setup may be a place to start. After all, things change with time, and data helps us evolve with them.
Ronn Torossian is the CEO and Founder of 5WPR