Now that we are gearing towards the end of the book and getting all the background information, let’s dive into marketing analytics. Marketing analytics is a continuous function of measuring results of campaigns. In order to analyze something, we need to come up with a strategy and a campaign.
Managing Marketing Analytics
When figuring out the campaign, the first stage is coming up with a design. You will begin to conduct exploratory research. The book provides an example of the kind of research that could be conducted.
“the first step can be to analyze web behavior flow (i.e., visit counts, patterns and clicks) to determine whether people are going where the team wants them to go and how the websites can be optimized to drive more conversions. Social media analytics can also help, especially analytics that measure engagement, such as how many impressions posts received and how many likes, shares and comments they received. Based on the reaction to each piece of content, whether a web page, print marketing or a social media post, the team forms hypotheses about which strategies work well with audiences and which do not.”
When implementing a campaign, it is important to do everything in your will power to make sure it becomes successful. A/B test are useful tools to help during this process. You want to make there that there are continuously monitoring results of the A/B test.
To complete the circle, it is time to evaluate. Remember those goals that you set up in the beginning? Now it is time to see if those goals were met and if not, figure out what went wrong and how to improve it. This phase is huge for marketing analytics.
Let’s talk about metrics. Metrics indicate the priorities of the company and provide an overview on performance, standards and ambition. There are a lot of metrics to be aware of. One of them is digital marketing metrics. This is the measurement of success of marketing efforts in digital media environment. Below is an image of things that are measured within the metric.
Another metric is KPI, known as key performance indicator. Many firms find that conversion rate is a key performance indicator because it measures the portion of the campaign recipients who make it through to the end to buy the firms product.
Marketing Analytics is really not important. Just kidding. It is. It measures the market, brand, customer and product performance. Because of this, it helps ensure the success of the campaign cycle. A lot of money can be thrown out the window if this wasn’t in place.
At the end of the chapter the book gave some helpful advice that we all should take away from.
“First, remember that data is not perfect, as it is often is dirty in raw form and must be cleaned; do not skip this step, however tedious it might be.
Second, always double check the work after analyzing results; retraction damages reputations, which are fragile when it comes to trusting that the marketing analytics professional does not generally make significant mistakes.
Third, when generating results, keep them as simple as possible; format in a way that people will easily understand.
Fourth, when presenting the data, always tell them the source and process of the information that you provide; if you dropped outliers or changed the data during cleaning, make this clear upfront.
Fifth, use data visualization; most people aren’t as excited as we are about all of that R output.
Finally, never take data for granted; it should always be questioned.”