How to Understand the Foundations of Marketing Analytics

Marketing analyticsMarketing analytics refers to the process of measuring, managing and analyzing marketing performance with the sole aim of maximizing effectiveness and optimizing returns on investment. Suppose you are involved in a pressure washing business and you want to know where your market is centrally based, you can apply marketing analytics to find answers to your questions. Marketing analytics employs the use of important business metrics such as marketing attribution, ROI and overall marketing effectiveness in telling how marketing efforts are performing.

 

Why Marketing Analytics

Over the years, businesses have realized expansion into new marketing categories, with new technologies adopted. Due to different segmentations, marketers make decisions based on data they get from individual channels, such as website metrics, social media, among others. This means many might fail to take into account the entire marketing aspect. Web analytics data is not enough, same to using social media alone. With marketing analytics, you consider all aspects of marketing, across different channels and use data you get to make final decisions.

 

Typical Applications of Marketing Analytics

Measuring performance of marketing campaigns

The most simplest form of marketing analytics deals with providing marketers with tools that can be used to understand what business impact their marketing efforts has on overall business performance. This task can range from providing insights on metrics such as ROI, click-through rate among others.

 

Marketing Opportunities

We make use of marketing analytics to find opportunities in marketing performance. With marketing performance analytics, marketers are able to know how a certain campaign performs by digging on various aspects of data to uncover new patterns and any other potential customers. Some campaigns work better on some platforms such as mobile, and marketing analytics aims at extracting these vital elements of data to help in making better decisions.

 

Understanding your Customers

With marketing analytics, marketers are able to dive deep into customer demographics and behavioral patterns to understand which ones are more likely to be successful. Marketers can thus use this information in selecting their target market, with statistical modeling and data mining, marketing analysts can have a very rich understanding of where their customers are found and what they want. With analytics, marketers also have a better understanding of competition. This means analysts are able to understand competition better and adjust their strategy effectively.

Marketing analytics is very important in providing insights that allow the entire marketing team to work in an efficient manner and gain a bigger impact on the performance of a business.

 

 

 

How to Grow Your Business Online

ecommerceLet’s face it, scaling any business is never easy as it takes a considerable amount of effort. In the beginning, it means dealing with a lot of issues including sales and marketing, human resource, value chain management, and managing all other business resources. There are many entrepreneurs today offering pretty the same products and services. If you are not careful, you can get lost in the crowd.

Business projections show that e-commerce is on the rise. There is no a better time than now to establish your startup. But if you are looking forward to growing your business online, here are vital factors you must keep into consideration.

 

Careful Targeting

You need to carefully target your online audience. E-commerce is largely dependent on reputation and an established online presence. To stand out, your business makes itself available to all those who are on the lookout. You need to identify the demographic characteristics of your consumers who stand to benefit from your products and services. Base your marketing decisions on the data you collect about your customers.

 

Content and Delivery

You need to create high-quality content and work on your delivery time and speed. High-quality content is one that is relevant and engaging and encourages visitors to return to your site in the future. The content on your site should reflect your brand.  Your mission statement, policies, and services should be clearly spelled out. Your site should also be educational and offer interactive content to customers.

 

Personalization

Buy OnlinePersonalization all involves creating a unique experience to each customer. Customers like unique and individualized web experiences. Take advantage of various technologies to create a shopping selection that is based on personal preference. Large websites such as Amazon have apps that are built in their systems to identify users and track their online movements to offer very personalized experiences.

 

Integrate sales channels

You need to enable your customers to experience brand identity that is similar across all the channels of their interaction and on their methods of shopping. Ensure consistency on your promotions, services, products, and information on what you offer both online and offline. Invest heavily in mobile capabilities. You need to take advantage of consumers’ use of mobile devices, which is on the rise. Build robust mobile e-commerce platforms too.

 

Subscriptions

You need to consider subscriptions. In e-commerce, subscriptions can happen in various forms and all ensure that a customer returns through monthly repayments. You need to keep your site simple and clean. When visitors come to your site, they should not face difficulties and confusions. Ensure you use all secure means to build traffic to your site. Create products and services that help businesses solve most of the problems they face.

 

Handle competition

You need to research your competition and devise ways of achieving a competitive advantage over them. You need to utilize tools that can help you gain competitive intelligence. Once you know your competition, you will be better placed to know the kind of products and services they offer, their pricing models, and kind of promotions they offer to their customers. That way, you can devise ways of crushing them.