Marketing data refers to information that’s machine-readable and helpful to marketing departments. The information is garnered from public and private sources and helps identify ideal customers, create compelling content, and develop more efficient campaigns.
Seventy-two percent of marketers base most of their marketing decisions on data in marketing analytics.
Marketing has evolved and experienced a fundamental shift over the years. Gone are the days when marketers used to work on their instincts or gut feeling.
In modern times, marketers resort to analyzing customer data as a reliable source of information. Often, many marketers struggle to adopt this data-driven approach.
They do not know how to use relevant data. Many are not aware of the appropriate tools to collect, analyze and compare data to generate useful insights.
There’s so much data around without the correct marketing tools, it’s like looking for a needle in a haystack.
Modern marketers invest more time and money into data to predict future trends and behavior.
You can identify important trends and capitalize on them to launch new, successful marketing strategies with marketing data analytics.
Data analytics in marketing feeds into almost every marketing activity. Here’s how:
Campaign marketers can devise better marketing campaigns that convert
Content marketers can craft content that truly speaks to a prospect’s pain points
Performance marketers can understand which types of ads resonate and where your target audience is spending their time online
So should everyone incorporate data analytics tools in their marketing campaigns? How does someone do that?
Data Collection of Marketing Efforts
Collecting, normalizing, and standardizing data from multiple sources enables marketers to analyze marketing data and take a scientific approach to their growth strategy by uncovering optimization opportunities and performance insights.
For example, marketers can collect data from various ad platforms to optimize the performance and increase ROAS for each channel.
While some marketers are successfully collecting data and applying insight, many fail to review, learn and improve their marketing strategies.
The problem for most marketers is that they try to measure everything at once.
Once you’ve collected and cleaned your overall dataset and defined your objective, you can begin analyzing your data.
After applying the insights unveiled by this analysis to your marketing strategy, you’ve successfully used data marketing.
As you’ve seen, examining your raw data will do little to inform your strategy.
In this same vein, because marketers are collecting data from so many different sources, they must find a way to normalize it to make it comparable.
It’s incredibly challenging to compare online and offline engagements, as different attribution models measure them.
Benefits of Marketing Data
For marketing leaders, data marketing delivers several key benefits.
It builds trust with business owners and the C-suite and creates a solid foundation for higher investment in the marketing function.
With all this said, there’s one more crucial factor to consider when using data to enhance your marketing strategy: Your data must be compliant.
Data offers the ability to build stronger connections with potential customers. With data, marketers can produce much better connections with their audience.
What’s more, they can do so at a scale too.
Every B2B marketing team working in SaaS faces the same challenge – time. Specifically, not having enough of it to complete every task mandated by the business.
However, a data-driven mindset can improve productivity and time management.
By selecting metrics and KPIs across each marketing role, and tracking them weekly, teams can gain insights into which tasks produce the best results.
Analyzing Data Comes With Challenges
While marketing analytics are critical to marketing performance, the analysis process poses key challenges because of the immense quantity of data marketers can now attain.
This means that marketers must determine how to best organize the data into a digestible format to derive actionable insights.
Common challenges are:
Data silos and lack of coordination between the various datasets within a company
Incomplete, outdated, or even error-full in-house data
A lack of knowledge about modern marketing techniques
Establishing A Marketing Campaign
There are many aspects to a marketing campaign you can measure: conversion rates, leads captured, and brand recognition, to name a few.
Understand the problem you are trying to solve or insight you are trying to glean when beginning to analyze your data. What does a successful campaign look like?
This will determine the types of data and metrics marketers collect. With those answers, you can make decisions in your marketing program based on facts instead of hunches.
For example, suppose the goal is to increase brand awareness.
The success benchmark might be an increased percentage of brand loyalty demonstrated in a customer panel rather than an online click or impression.
The company website is the first customer touchpoint. Any new or potential customer will visit the company website before making a purchase decision.
However, it is essential to track website data to learn about the customer. Useful information includes website visitors, page views, traffic sources, and bounce rates.
This data gives you information about who visits your website, where they come from, and how long they stay on the website.
A good rate for these metrics varies by company and industry.
This is the data your business collects on your customer base. This information is valuable whether social media interactions, email list sign-ups, or buying transactions.
Breaking down internal data silos is crucial to making the most of this data.
Define Your Target Audience
Understanding your audience is the best path to success.
When you can tailor the perfect marketing strategy to meet your goals with your intended audience, informed by their preferences and interests, you have a higher chance of success.
That’s where data marketing comes into play. As you’ll see, data marketing adds specificity and efficiency to your strategy that you wouldn’t be able to access otherwise.
Calculate The Total Addressable Market
Marketing can’t begin until you know the market! How many people are available for your product or service? Where are they based? How much revenue do you expect them to bring in?
These are all vital questions to ask. Marketers can find these answers by analyzing marketing data and calculating your total addressable market.
What Is Demographic Data?
This is the most fundamental information that every marketer needs. This is information related to personal and geographic attributes.
It will not give you too much information about the lead’s buying habits or interests, but it can provide insight into whether they fit your ICP (ideal customer profile).
Create A Marketing Dashboard
Marketing analytics and visualization platforms like Adverity allow you to connect to all your data sources in one place.
The dashboard syncs information from various marketing channels we use. And it does so in real-time.
Integrate Your CRM With Marketing Campaigns
A/B testing is another pivotal step in the marketing process, one which generates useful data to study and learn from.
B2B marketing leaders must have a deep understanding and focus on customer marketing data. They also need to transmit that understanding to their junior colleagues.
It can make the difference between a marketing team‘s success or failure.
Google Analytics can tell you where your visitors came from and that a conversion happened because of an ad or campaign, but that’s it.
In isolation, Google Analytics tells you nothing about your visitors once they convert into a lead and are handed over to the sales team.
Create a Google account, add a tracking code on your website, and you are ready to gain valuable insights.
Data from public sources come from anywhere online where data is freely available. If it’s in the public domain and not gated behind forms or paywalls, it’s a public marketing data source.
Examples of public data sources include:
Websites – where the company and business data can be searched for and found online.
Social media profiles – where companies and individuals make data about themselves available to others (in B2B, LinkedIn is the number one social media data source).
What Are Marketing Analytics?
Marketing analytics is a math-based discipline that seeks to find patterns in your marketing data to increase actionable knowledge that you can use in your marketing strategy to improve your marketing performance.
Analytics employs statistics, predictive modeling, and machine learning to reveal insights and answer questions.
Weather predictions, batting averages, and life insurance policies are all the result of analytics.
In the world of digital marketing, analytics is critical to understanding marketing impact and predicting marketing trends.
Are Data Analytics A New Technology?
Marketing data analytics is not a new thing. It has been around for quite some time.
However, when most marketers hear the word analytics, they often think of metrics like bounce rate, sessions, and time on the page which you would usually find in traditional web analytics tools.
But marketing data analytics is more than just reporting the results of your web performance.
Looking Into The Future With Predictive Analytics
Predictive analytics can help you look to the future. These tools use specific data and past trends to determine the results you can expect under different conditions.
You can use predictive analytics to answer questions like:
Would a search engine campaign get better results with more money invested?
Would a search marketing campaign on one platform work well with another?
Would an email campaign translate to Facebook ads, for instance?
Would your Facebook ad work on Instagram?
If you have a thorough understanding of why a campaign worked, you’ll be able to apply that knowledge to future campaigns for increased ROI.
Another use case of data collection is cost aggregation, which reconciles marketing spend across various platforms.
By having a unified and accurate picture of costs, marketers can further optimize their costs and achieve the highest ROI possible.
Implement Closed Loop Attribution
Messaging & Media Data Analysis
Why Do Marketing Analytics Matter?
Analytics is more than just a nice extra. It’s one of the best ways to understand your customer journey and find out what’s working in your campaigns and what isn’t.
And having that information is crucial for your future online marketing efforts.
Marketing analytics software combats these challenges by quickly collecting, organizing, and correlating valuable data, allowing marketers to make real-time campaign optimizations.
Modern marketing platforms are valuable for the speed at which they can store and process massive amounts of data.
What Are Customer Insights Used For?
Customer trends and preferences analytics can tell a lot about your consumers.
Modern marketing teams use customer insights to:
Personalize the customer experience
Target well-defined marketing segments
Get new customers
Tracking customer interactions across multiple channels unlocks powerful insight which you can use to improve your customer experience and marketing efforts.
With the data, brands can also measure and improve their strategies.
Generate High-Quality Leads
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