Analytics are often used in decision-making related to digital marketing, customer acquisition, social media strategy, and customer insight. Are people using this data to make decisions?
In the most recent edition of The CMO Survey, Chief Marketing Officers in the U.S. reported that they utilize marketing analytics to make project decisions nearly half the time (48.9%). This is an all-time high in the survey’s history, up significantly from last year’s 37.7%. Earlier this year, The CMO Survey found that over three-quarters (77.5%) of respondents reported investing in analytics to help boost their digital marketing efforts, up from just over half in last year’s reporting.
Marketing analytics are essential for today’s marketers. The collected and analyzed data allows marketers to make better decisions about how to optimize campaigns, improve customer experience, and ultimately increase the return on investment (ROI) of their marketing spend.
Failing to monitor key marketing analytics means that companies can’t accurately evaluate whether their efforts are performing well, which may mean they fail to produce the desired ROI. Marketing analytics track and analyze key performance indicators so marketers can better understand campaign performance, customer behavior, ROI of marketing content, as well as other insights. Knowing this information allows for better, more informed decision-making, taking the guesswork out of marketing strategy – or at least reducing it.
It’s important to monitor essential metrics to make data-driven marketing decisions. But there are so many different metrics that can be tracked that it’s hard to know where to start. Lead, website, email, and social media/content metrics are good areas to start for digital marketing purposes.
Lead metrics are related to lead magnets and content offers. Start with tracking the following:
Website metrics are associated with website activity. Many of the following can be viewed on Google Analytics:
Email metrics relate to email marketing, and they include:
Social Media and Content Metrics
Social media and content metrics to watch include:
There is no doubt that marketing analytics help you make data-driven marketing decisions, which is an important benefit. Decisions that are backed by data will produce far better results. In the past, a big part of marketing strategy was based on the gut feelings of the marketer. With analytics, decisions to modify a website, execute an SEO campaign, publish a post, or something similar, the options are based on the analyzed information.
Additionally, marketing analytics allows marketers to:
Marketing professionals are under great pressure to produce significant results and a strong ROI. With analytics, you see the big picture and can make actionable modifications and improvements to marketing activities based on data. You can prove that you are spending your time and marketing dollars on the things that will increase your ROI and the bottom line.
Reliable Acorn will help you create a custom digital marketing strategy that does just that.Ready to Talk?