In the digital world, the metrics and data we gain access to helps inform business decisions, marketing strategy, and improve customer experience. Whether it’s through Google Ads, Facebook, Instagram, LinkedIn or another online platform, you will find a wealth of information to use for marketing analytics.
But how do you know what all this data means? You need to organize it in a way that will allow you to see trends and act on insights to improve your business and marketing strategy. This brief overview will give you an introduction to marketing analytics and how it will help grow your business.
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What is Marketing Analytics?
According to SAS “Marketing analytics comprises the processes and technologies that enable marketers to evaluate the success of their marketing initiatives. This is accomplished by measuring performance (e.g., blogging versus social media versus channel communications). Marketing analytics uses important business metrics, such as ROI, marketing attribution and overall marketing effectiveness. In other words, it tells you how your marketing programs are really performing.”
Marketing analytics involves gathering data from all of your platforms and putting it into a simple dashboard or view for your analysis. Noticing trends and important analytical results from this perspective will help improve your marketing efforts.
As social media continues to grow at a rapid rate, so do the analytics that come with these platforms. Every social media platform tracks data and analytics for you to assess.
Keeping track of all these platforms and data can be extremely time consuming, depending on how you want to use your analytics. In fact, many software programs and services have emerged to help you create a simple snapshot of your marketing data across all platforms.
Dozens of these software programs exist, but some of the most popular include Hootsuite, Tailwind, and Hubspot. If you don’t have time to compile and organize the data yourself, try using one of these programs.
Why Does Marketing Analytics Matter?
Use marketing data to analyze how well your online marketing strategy works and to find opportunities for improvement. This helps you to calculate your return on investment (ROI) in marketing dollars by analyzing the data from your marketing analytics. This also gives you the ability to change on-going campaigns for improved effectiveness, or plan future campaigns by determining consumer trends and interests.
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Where do I Find Marketing Data?
Retrieving the data from your marketing/social media platforms varies depending on which platform you’re using.
On Facebook, go to your business’s page and click the “Insights” tab to pull up your data. From there, you have access to a wealth of information regarding post reach, page visits, etc. Similar to Facebook, Instagram has an “Insights” tab located in the account menu of your business page. Pinterest just calls this data “Analytics”. It’s accessible at the top left corner of your main account page.
Every platform records data a little differently. So, make sure you get comfortable finding, reading and understanding the information provided to you by each platform.
How Often Should I Check Marketing Data?
Don’t check your marketing data every ten minutes. Some small business owners become obsessed with their social media metrics and constantly check to see if there have been changes in certain metrics. Remember, marketing analytics helps you identify and analyze trends across a specific period of time. So checking your data daily won’t provide you much insight.
However, a few specific metrics require daily review, such as number of leads and direct messages. Essentially, anything that requires an action or reply by you to engage customers.
Check other metrics, like results on a recently launched marketing campaign, every week or two. This allows the campaign time to take effect and hopefully lead to noticeable returns. Checking this type of data daily will just waste your time and create unnecessary stress.
Start Using Marketing Analytics Today
To successfully use your marketing analytics, review your metrics every few weeks. This gives you the chance to adjust post and marketing strategies, optimize processes and gain customer insight. Regardless of what business you’re in, marketing analytics will help improve many aspects of your company.
Don’t have the time to make a spreadsheet and track this data yourself? Try one of the many software programs that compile and present all of the data to you in a snapshot. Some of these programs can be a little pricey, but the amount of time you save and the insight you acquire will definitely be worth it.