What is Marketing Analytics?
Marketing analytics is commonly used to study the behavior of users on your site and across your marketing platforms. To reveal insights, it combines machine learning algorithms, predictive modeling, and statistics.
Marketing analytics turns data into action and helps marketers make better decisions when it comes to boosting sales, reducing costs, and making overall business improvements.
Because it’s one of the best ways to really understand the customer journey – and find out what’s working and what isn’t in your campaigns – implementing marketing analytics and learning how to build a data analytics strategy is crucial for your future digital efforts.
Why Does It Matter?
The more you know about how your target audience moves from click to conversion, the more you can optimize their buying journey.
In today’s increasingly competitive digital landscape, marketers need analytics to create highly targeted, personalized experiences based on individual interests. In turn, this allows you to plan successful marketing campaigns and carry out activities that get you closer to reaching your goals.
Analytics and data are shaping the future of marketing personalization, and if you want to serve the right content, at the right time, and on the right channel, you need to keep up.
Here’s how the added strengths of marketing analytics can help you move further.
Gather Quantitative Data
Marketing analytics enables you to gather quantitative data to back up your claims and determine how much a certain campaign really brought in. This way, you can not only demonstrate that something is (or isn’t) working but also why.
Compare and Contrast Data
Marketing analytics is also a great way to compare your data. You can, for example, compare and contrast:
How your estimates compared to your social media marketing, paid search, or organic search income
How the ROI on your paid search campaign compared to the ROI on your Facebook, Instagram, or Twitter ad
How much your PPC campaign generates in first sales revenue compared to lifetime revenue
Moving forward, you can further track web and app conversions with Google Analytics 4 to unify the customer journey and improve your marketing decisions.
Stay Focused on Your Goals
Whether it’s to boost conversions, increase engagement, or raise brand awareness, all of your marketing activities have a specific goal.
Marketing analytics is an invaluable tool in measuring the progress you make towards your goals and, if the progress isn’t living up to the expectations, figure out where the problem might be.
5 Marketing Analytics Examples
As marketing analytics evolve from nice-to-have to must-have for any digital marketing strategy, you should start looking for ways to utilize data to set your brand apart and provide value to your audience.
Here’s a handful of examples to help you get creative and inspire your team.
Spotify’s Brand Strategy
Spotify’s Wrapped feature has been creating social buzz every December since 2016.
In a nutshell, the feature gives you a snapshot of your listening habits. This is a wonderful example of how to use marketing analytics to harness data, provide value to consumers, generate content, and encourage product usage.
Unlike many other companies, Spotify is using the Wrapped campaign to give value to users in exchange for the data they’ve been providing. In effect, they are visualizing consumer data in an accessible and interesting way.
Music is often a big part of a person’s identity, and Spotify gives an incredible opportunity for users to express that through data by sharing it and using it to socially engage with their friends.
Utilizing Marketing Analytics: EasyJet
For its 20th anniversary, EasyJet turned to its data to bring customers’ travels to life. The email campaign used customers’ travel history and data to create personalized stories with dynamic copy, images, and links.
The campaign showed people where and when they first traveled with the airline, including interesting facts about their travel behavior. The stories also featured predictions about where each of these customers is likely to go next.
The result? EasyJet’s open rates from this campaign were over 100% more than that of their average newsletter, with 25% higher click-through rates.
Sephora’s Digital Experiences
Along with being one of the world’s largest beauty retailers, Sephora shines with its personalized digital experiences, too.
By utilizing data such as customers’ past purchases and browsing activity, the company is successfully creating memorable, individualized customer journeys. Here, Sephora is implementing things such as customized loyalty rewards, recommended products on the homepage, and a ‘new for you’ tab.
New Product Innovation: Under Armour
For several years now, Under Armour has been investing in various connected fitness strategies and building a full suite of applications in their Connected Fitness platform.
All these apps are an absolute data goldmine. Gathering these insights has enabled the company to really personalize marketing to consumers, implement crucial UX writing best practices, and even come up with new products. What’s even more, this data plays a key role in determining how often to serve messages and what products to highlight.
Keeping the Content Engaging: Netflix
One of today’s most popular streaming platforms, Netflix, is a brilliant example of how marketing analytics can help keep content engaging.
Effectively, the company is collecting data and using data analytics to uncover and analyze customer behavior patterns. The platform can then recommend personalized, engaging content based on the subscribers’ preferences and watching habits.
Key Takeaways
Marketing analytics isn’t a one-and-done process. It is a commitment and a constant factor in your digital marketing strategy.
To ensure your attention is going to the right places, remember some of the tried-and-true analytics best practices:
Specify your goals – having clear goals will help you pick the relevant information and guide your decisions
Gather high-quality data – relevant, current, and comprehensive data is key for having great analytics
Filter the right information – segmenting your customer data based on points that can impact your results (e.g. age, educational level, annual income) allows you to filter your data and take what you actually need
Feeling inspired to explore other ways to apply your data-driven marketing strategy? Head over to our blog and learn more about conversational marketing and the future of chatbots.
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