Marketing Analytics Help Define Areas of Strength and Weakness
You can spend a lot of time developing a strategic marketing plan, but without defining ways to determine whether it’s working, you’re likely to waste a lot of time and resources. Utilizing marketing analytics will help you find out where your efforts are resulting in lead generation, as well as where they’re falling flat.
Here are some things you should know about marketing analytics:
You can spot trends over time and use those to set reasonable goals. When you’re watching your social media engagement or click-throughs on emails, it helps you see increases in Facebook likes related to certain types of posts, or what type of wording is most effective in your email subject lines.
Regularly tracking your marketing efforts helps you spot trends and know what’s realistic for goal-setting. For instance, if you’ve seen double-digit growth in Instagram followers with a photo sharing contest, you’ll know that the same kind of growth isn’t going to be possible without strategic campaigns.
There are tools that can help you analyze your analytics so that you can adjust your strategic marketing plan. Social media platforms like Facebook and Twitter offer their own analytics tools, and you can access Google Analytics to get key information on your audience’s activity. If you want more in-depth information, there are services like HubSpot that can provide insights on trends in your audience’s behaviors.
Here’s how you get started with your marketing analytics:
- Identify the data that’s relevant to your goals. If you’re a new business, you may want to track metrics that relate to brand awareness, like Facebook likes or Instagram followers. An established business may want to track conversion rates from email campaigns or participation in an Instagram contest.
- Create measurable goals that can be used to determine your return on investment for marketing.
- Follow up on your metrics on a regular basis to determine trends.
- Refine your marketing efforts based on the results of your analytics.
- Report on your progress in meeting your goals.
- Compare, refine and repeat.
Whatever you do with your marketing analytics, don’t get comfortable. Marketing trends change at a fast pace, and you’ll want to capture the momentum of any new tools available.
If you’re looking for help designing your ideal set of marketing analytics to measure the effectiveness of strategic marketing plan, talk with SJC Marketing. We can help you understand your areas of strength and weakness to develop a more successful marketing strategy.