The value of data analysis – particularly for the benefit of marketing – is widely understood. As a result, marketing analytics will continue to grow in importance over the coming years.
But with marketing budgets still being limited to a certain degree, what should be prioritised?
As businesses now look to increase focus on spend and customer acquisition, marketers need to look seriously at how investing in the right marketing analytics tools can set them up for success right now.
Bringing marketing analytics tools to the masses
With a plethora of marketing analytics tools already available, what’s a business to do? Making carefully planned investments in systems and software is key.
Of course, that’s easily said. And not so easily done. Especially when you have to make the business case for your firm, as well as prove the value of the investment.
So, with that in mind, here are four reasons why marketers should be investing in marketing analytics right now.
1. Analytics puts your business on the front foot with competitors
In a bidding war, the only winner is Google Ads. It’s an easy trap to fall into. With the right data, though, you can look at alternative ways to gain a significant competitive advantage without blowing your budget on keywords.
For many organisations, this could be the ability to spot common points in the customer lifecycle where brand loyalty starts to falter. To stop customers jumping ship to other brands, your analytics tools can pick up each interaction and help you identify when it’s time to focus marketing attention on those customers and give them a reason to stay.
2. Analytics helps you identify new trends and opportunities
Gaps in your keyword strategy can make or break your paid search campaigns. By tracking conversions that come from pay-per-click or display advertising, you can spot any new keywords that you can use to create and optimise future campaigns.
The vast majority of marketing teams deal with both offline and online, multichannel, multi-touchpoint campaigns, so gathering insights to understand how to engage most effectively with customers is crucial. If you aren’t currently tracking and reporting on offline conversions – through your phone calls, for example – it may be as simple as bringing in call-tracking software.
3. Analytics proves ROI
Wasted spend is the scourge of every marketing campaign. It’s the one thing your bosses look at when it comes time to review the effectiveness of your efforts. And if there’s a hint of a hint that the campaign didn’t generate a good enough return, you’ll find your budget stripped.
Luckily, with marketing analytics tools, you can pinpoint the exact campaign characteristics that work best for you, as well as the ones that don’t work so well. You can see the channels, keywords and audience targeting that are most effective. And with advanced marketing attribution tools, you can prove the return on investment to your bosses too.
4. Analytics helps you better understand customers
With marketing analytics, you’re no longer limited to guesswork and ‘finger in the air’ tactics when it comes to knowing what will resonate with customers. Because with features such as speech analytics, you have the means to directly access and analyse the thoughts, feelings and concerns of real-world customers. In fact, speech analytics helps you better understand customer behaviour, needs and preferences. And ultimately, you’ll build more profitable marketing campaigns informed by the insights you capture from real-life customer conversations.
Marketing analytics benefits all
Clearly, marketing analytics brings huge benefits for businesses – whether you’re a marketing agency, automotive business, care home or anything in between.
What’s more, the benefit really is for the entire business, not just the marketing team. Insights from marketing analytics tools can be applied across all departments – including customer service, product development and more – making the investment even more worthwhile.
Mediahawk is a pioneer of call tracking and marketing attribution analytics. Our software has helped thousands of marketers, in companies big and small, across an ever growing range of sectors, increase their leads, cut wasted spend and increase their ROI by unlocking hidden customer data. We love to partner with our clients, understanding the challenges they face to ensure that we continually develop features that fit the needs of every marketer.