Generally, the term analytics is used in the proper context by marketers. However, it’s sometimes used as a catchall term by others. Marketing professionals, however, understand the importance of making sure a web analytics component is set up and monitored by a staff member with the skill set to work with data and analytical reports. It allows business owners to better determine how their websites are performing in a wide variety of areas and how that is tied to ROI.
But is web analytics enough? What about all of the other marketing components that need to be measured? It will allow business owners to have a better understanding of the results from their marketing efforts. If this is of importance to you, then below is more information about marketing analytics and how it can impact your bottom line.
What Is Marketing Analytics
Often misunderstood, the term marketing analytics is associated with measuring and optimizing all marketing related activities. Rather than just zeroing in on the performance of websites, marketing analytics allows business owners to zero in on their overall marketing efforts. It allows them to monitor the performance of each marketing activity and make adjustments accordingly. It also provides key indicators and typically relies on the use of other tools to work as efficiently as possible.
Marketing analytics has more of a holistic approach whereby it takes the measurement of all marketing activities as opposed to just one.
Many marketers limit their marketing analytics to just a few web analytics tools such as Omniture and Google Analytics, but then that’s it. But there’s so much more to examine in terms of getting a true picture of the performance of your overall marketing efforts. For example, business owners can have marketing campaigns analyzed as well as things such as the time of day ads were run, the type of ads that were used, the results of promotional activities and so forth.
When digging a little deeper, business owners can find ways to readjust and re-prioritize their highest performing marketing efforts.
To conclude, implementing marketing analytics is one of the best ways to invest time and money into only those marketing areas that yield the greatest results.