Thanks to technology, more and more businesses are turning to market analytics. This provides them with a way to capitalize on the data they generate on a daily basis. This has also helped create a bridge that allows them to fuse business intelligence with market function. With the numerous benefits marketing analytics consulting has, its demand has grown tremendously. More and more businesses are looking to make marketing analytics consulting essential. It not only helps bridge the gap in marketing data but also in extracting business insights.
So, what is marketing analytics?
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 important?
Marketing has become a vital part of any business. And, without it, making a profitable business can be quite impossible. With the advancement of technology, companies have over the years expanded into new marketing categories. And, this has led to the adaptation of new technologies to support these new categories.
However, since each new technology was set up in isolation, the data acquired was not sufficient. And this resulted in a vacuum that marketing analytics consultants and professionals filled. Quality marketing analytics consulting will take into account more than one aspect of marketing. The data from social media is not enough. By considering the entire marketing picture, they can make sound decisions and come up with efficient program execution ideas.
Benefits of Marketing Analytics
Learn what happened
Unlike other strategies, marketing analytics can help you have an insight into your marketing strategies. Companies can see the past and the reasons why specific strategies did not work. With the information obtained, marketing teams can avoid making past mistakes. Using descriptive analysis, marketing automation analysis, and customer relationship management, marketing analytics can make a difference.
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
Another essential benefit of marketing analytics is that it helps companies gauge the present. With the data you acquire, businesses can easily understand everything about their marketing efforts. This allows them to determine if they can make changes or pivot on tactics. It ensures that they can make improvements or avoid mistakes.
Marketing analytics allows you to assess your real-time status with every marketing effort. And this is possible with the use of dashboards.
Predict the future
For most people, the essential aspect of marketing analytics is its predictive analysis. Using predictive modeling like clustering, regression analysis, and collaborative filtering, companies can finally anticipate their consumers’ behavior. Also, using web analytics, businesses can foresee when a customer may leave their site.
Using this information, marketers can execute some marketing tactics to help retain customers. Marketing analytics also allows you to assess lead management processes making it possible to prioritize leads similar to consumers. And, this enables you to focus and predict the future. With the influx of data, predicting future outcomes becomes a possibility.
Another essential benefit of marketing analytics is the optimization of efforts. One common mistake most marketers make is forgetting the importance of a customer’s feedback. Marketing analytics bridges the gap between marketing strategy, analytics insight, and activation. This allows brands to use their research and data to understand their customer’s better.
Personalize your customer and marketing engagements
Once a company can understand their customers better, organizations can personalize their marketing engagements. Doing so enables companies to tailor the delivery of channels, timing, content and offers to suit the customers’ preferences.
Sharpen your social media strategies
This advantage goes hand-in-hand with your customer engagements. With the help of social media analytics, companies acquire an honest external perspective. They can also identify influencers and have an idea of their consumer’s value.
Treat data as an asset
If customer data were not valuable, you would not have various measures to try to keep it safe. However, locking the data is not a solution. Companies have to strike a balance between data access for privacy, analytics, and governance. This helps to safeguard the organization and customer interest.
Despite all the benefits, marketing analytics has to offer, collecting all these data can be tedious for any organization. This is where marketing analytics consulting step in to save the day. It allows you to leverage the skills of a professional in a fractional way without having to invest in a full time position or skill-set that may not be needed.
Why opt for marketing analytics consulting
One of the most significant challenges most CMOs face is finding experts to not only analyze data but also extract crucial insights from the data. Data analysts can help analyze data; however, marketing teams still require a consultant with familiarity in marketing strategy and analytics. Some of the functions you can expect marketing analytics consultants to fulfill include:
Build an efficient marketing analytics strategy
The first most essential function of consultants is organizing marketing analytics and data around desired business outcomes. Establishing an analytics plan provides a manageable a clear path by which all the data can be extracted, measured, and presented in a way that you can easily improve outcomes. Some of the strategies consultants use include:
Researching the sources of data and defining the marketing needs that help design an effective process to help analyze, collect, and extract patterns and insights.
- Evaluating unstructured and structured sources of data and defining the analytics platforms needed.
- Identifying the gaps and areas for improvement when it comes to digital marketing strategy.
- Developing an analytics strategy that is based on an organization’s objectives
- Establishing an approach for insights and reporting from the data.
- Help fix the gaps in an organizations data
Most organizations do not know if the data they collect is within the right volume or right time-frame. And, this can make anyone overwhelmed with the numerous amounts of data they collect. A consultant will help organizations have the right strategy. This ensures that the collected data answers all the organization’s questions.
Finding the right metrics helps consultants connect the dots. This in return provides the insights on which actionable tactic changes can be made with confidence.
To analyze, capture, and act on an organization’s data
The objective of using marketing analytics is to help in developing actionable insights from the data they collect. This allows them to continuously learn from the organization and users activity and help improve their results. Marketing analytics requires some essential elements like:
Goals and objectives: This defines what your organization wants to achieve and how to measure performance.
Data management: This allows us to integrate and collect information from different systems.
Reporting and analysis: This enables consultants to create visualizations and dashboards that communicate the results along with insights.
Combining these elements and harnessing the data requires specific expertise. And this is where marketing analytics consultants step in to help. They help establish the processes and framework needed to execute analytics within the data-rich environment.
Marketing analytics consulting covers your team’s knowledge gap
One of the significant roles consultants play is helping your team cover the knowledge gap. This saves you time and money that you would have to invest in staff or training that may not be needed full-time. Using a consultant allows you to advance data maturity and gain the right insights at a fraction of the cost.
Why choose ironFocus?
ironFocus is a marketing analytics consulting firm that provides custom funnel analytic solutions. We focus on offering solutions because many existing companies only provide the tools and not the solution. They offer CMOs the platform to build their marketing analytics, but these implementations fail. The reason why they fail is the lack of understanding on how to implement analytic strategies.
However, with the help of a marketing analytics company like ironFocus, you can rest easy. We use your available tools and software to create funnel insights that increase sales and profitability. It does not matter the type of business; we will help you analyze your data accordingly and you won’t be forced into an existing mold. Our priority is to help companies turn the data they acquire into an advantage.
Growing organizations require a business intelligence solution, and this 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 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.
And with all the benefits marketing analytics offers to your business, hiring a consulting great solution. Having a qualified consultant by your side gives you the answers you require. You can also fill in the gaps when it comes to your marketing strategies.