Thanks to advancements in AI and machine learning, it is now possible to interpret data and formulate better solutions to business problems. The same goes for the field of marketing. With the help of technology, organizations can now bridge the gap between business intelligence and market function. Given the power of marketing analytics, it is no surprise then that marketing analytics consulting has grown in demand tremendously. They are not only vying to make a better sense of marketing data but also extract key business insights that can inform the larger picture.
So, what is marketing analytics consulting?
Marketing analytics consists of the technologies and processes, which enable marketers, to evaluate the success of your business marketing initiatives. Marketers accomplish this by measuring performance—from social media, blogging, to channel communications. Analytics uses essential business metrics like marketing attribution, ROI, and overall marketing effectiveness.
These metrics help tell you how all your marketing programs are performing. It also allows you to gather data from different marketing channels. This enables you to consolidate all the information into a collective marketing view. This view will allow you to extract analytical results that you can use to drive your marketing efforts forward.
What makes marketing analytics consulting important?
The proliferation of the internet has led to new marketing categories, which means, the typical consumer journey has become more complex. For instance, today, your target consumer can jump between mobile, desktop, and an offline visit, before making a purchase. With consumer journeys becoming so scattered and non-linear, focusing on just one aspect of your marketing funnel isn’t going to pay dividends.
Quality marketing analytics consulting takes into account more than one aspect of marketing. By taking into account the entire marketing picture, you can create a more holistic marketing plan that can meet your targets.
Benefits of Marketing Analytics Consulting
Learn what happened
First and foremost, good marketing analytics consulting helps you get better insights into your marketing strategies. Analyzed data can unearth past mistakes and optimize your ongoing and future marketing campaigns. With the help of descriptive analysis, marketing automation analysis, and customer relationship management, marketing analytics can make a tangible difference to your bottom line.
It not only helps companies learn of the past; it also answers questions about specific topics. For instance, you can know more about the performance of a particular metric and how it has change over time. You can even know more about the sales of a specific product.
Gauge the present
Marketing analytics can also help organizations become more agile. You can analyze real-time data and see if you want to tweak your ongoing campaign. Dashboards help you see how your campaign is performing and how you can optimize the ROI.
Predict the future
Using predictive modeling like clustering, regression analysis, and collaborative filtering, businesses can anticipate their consumers’ behavior. For instance, using web analytics, businesses can predict when a customer may stop using their service. With the help of this information, marketers can intervene and convince the customer to stay.
Marketing analytics also allows you to assess lead management processes, making it possible to prioritize leads. For instance, you might prioritize leads who have just signed up for your newsletter, since data might show that such people are more likely to buy from you. With the power of predictive analytics, you can put your marketing dollars where they will count the most.
Optimization and personalization
With the help of historical data, marketers can start to understand their customers better. This allows them to personalize the experience for their customers. For instance, you can segment your target audience into different categories, with a different landing page for each category. You can tweak the timing and channel of your messaging, and even the sort of offers you make, depending on how a certain set of individuals respond to certain stimuli.
Together with social media analytics and social listening, businesses can then start to optimize their marketing campaigns, making sure they get the most bang for their buck.
Treat data as an asset
The tricky part with data is to strike a balance between privacy, analytics, and governance. It can also be tedious for any organization to collect huge amounts of data and keep it safe on its servers. That’s where marketing analytics consulting can save the day. It allows you to leverage the skills of a professional in a fractional manner without having to invest in a full-time position or a skillset that might not be needed.
How to Get the Most Value From Marketing Analytics Consulting
Before you even begin exploring marketing analytics consulting, it is important to decide the expected outcomes. For instance, it is possible that you are already collecting data, but the data is in silos. You want a consultant to help bring together data from all the different sources, so your marketing team can make better sense of it.
Similarly, it is possible that your marketing efforts have a very low ROI. In such cases, marketing analytics consulting can help you identify gaps in your digital marketing strategy and how you can fill these gaps.
Typically, marketing analytics consulting can help you with the following:
- Evaluation of unstructured and structured sources of data and defining the analytics platforms needed.
- Identification of gaps and areas for improvement when it comes to digital marketing strategy.
- Development of an analytics strategy that is based on an organization’s objectives
- Establishing a process for insights and reporting from the data.
- Helping fix the gaps in an organization’s data
Why choose ironFocus?
ironFocus is a marketing analytics consulting firm that provides custom funnel analytic solutions. Unlike most other companies that provide only tools, we focus on delivering solutions. We go beyond building platforms for marketing analytics. Instead, we use tools and software that you typically use to create funnel insights that increase sales and profitability. Our priority is to help companies turn the data they acquire into an advantage.
Growing organizations require business intelligence solutions, and that is what we strive to offer. At ironFocus, we want to help you reveal the hidden potential of your company’s funnel. Our team of IT, marketing, and sales experts know how to turn your data into actionable funnel insights. It’s not just about writing code and queries; we understand the strategy, outcomes, and how to grow businesses.
Companies should be reluctant to outsource marketing data and analytics to a marketing agency. For most companies, this is a conflict of interest. However, ironFocus is not a marketing agency. We are a funnel analytics agency who helps you build your own version of the truth so that external agencies are not responsible for their own report card.
With all the benefits marketing analytics has to offer, hiring a consultant can help you stand out from the competition. We help you fill gaps in your marketing strategies so you can win more customers, and eventually, become the leader in your industry. Interested in growing by leaps and bounds? Get in touch with ironFocus.