Think BIG. In this changing technological world and industry, you have to maximize your outreach across the web spectrum. With big data and information now being collected and analyzed in the marketplace, web analytics by itself just won’t do the trick. What do you need? It’s not magic; it’s marketing analytics.
The distinction between web and market analytics is like comparing a piece of a puzzle to an entire picture as a whole. Most people utilize web analytics through tools such as Google to track page views per visit and site performance—only partial information. Market analytics on the other hand, have a more holistic approach: measuring not only your website traffic, but all of your data—monitoring your sales, social media, to offline events and more.
How the rise of the internet and digital advertising has changed the nature of marketing – more data more analytics
The bigger the data set, the more analytics involved. By only evaluating a portion of your market information, it would be fair to assume you could be only receiving a scrap of your ROI, and not maximizing your full potential.
Just as mobile apps are adapting to the new surge of data, businesses should use market analytics to shelter the rise of digital advertising. In order to scale this vast data, businesses must invest in upgrading their strategy to get ahead of their competitors. The use of market analytics has never been so vital to your marketing business.
Why should MA be your top priority to ensure highest return on investment for marketing budgets
82% of marketers say they expect measurable campaigns, less than a third of them can actually deliver the results the return of their investment.
This statistic confirms the difficulty marketers face in tracking their ROI. For example, imagine you are selling a new product online. At first, you are measuring how many people visit your website and when people purchase your products. You may get a couple of hundred or thousand views and learn that people tend to purchase things during late afternoons after they’ve finished their work for the day. Now, imagine that you can combine your web site performance, offline sales, social media accounts, and other customer activity.
You may unearth information. For example, people on Facebook are recommending the older product because it is cheaper and in most cases, delivers the same results. In addition, you’ll find that offline sales in general are more appealing to customers because they can sample and try your product in person. See how market decisions could drive your business? It allows you to broaden your visions in order to make decisions from a larger marketing platform.
Profile of key strategies and tools marketers can use to track what is working and what isn’t
So what are some strategies and tools marketers can use to track what is working and what isn’t?
Integrate all of your media channels so that you can monitor them on a comprehensive program. Compare your results with each of your channels. Use what works and build your decisions around which marketing outlets are worth your time. Comparing this data as a whole, you can maybe see that your blog is not performing while your Facebook takes the center stage.
- Change your concept
In order to maximize your results, you have to switch the way in which you think. In a 2012 CMO Survey, the results found that most managers do not make their decisions based on market analytics even though it could help them get ahead of their competitors. Marketing managers should adapt a new strategy amid the new technological era. Technology and the market is changing and your concept of marketing should, too.
- Test your strategies
Maybe you are not sure if your email service is making any difference in your ROI? A great tool to use would be to track what is working and what isn’t. Testing your marketing channels can do this. If the data isn’t enough, then create your own. See what works. Maybe sending less frequent emails during lunch break will result in more subscribers rather than blasting their email server during the wrong times of the day.
About the Author
Logan Harper is a digital strategist for the University of North Carolina at Chapel Hill’s MPA@UNC: online masters degree in public administration and MBA@UNC: online masters degree in business administration programs. In addition to higher education, he is also passionate about travel, cooking, and international politics. Follow him on Twitter @harperlogan.