- What is the ROI number on Marketing?
- How can we optimize Marketing Spend?
Objectives and Key Results of Marketing Analytics
Customer Awareness and EngagementMarketing Analytics helps drive customer awareness and engagement. Research shows that organizations demonstrating higher levels of analytical maturity have seen a marked advantage in their customer relationships with stronger engagement. This is because analytics can tell a lot about consumers and analytically mature organizations have their finger on the pulse of consumer preferences and trends. They use more data sources to find out -
Using data from crucial sources namely, customers, vendors, regulators, competitors, and gleaning over a variety of data types such as mobile, social, and public data helps companies increase awareness around customer needs and engage them accordingly to gain a competitive edge over less analytically mature firms. It provides insights related to market intelligence that can prove critical in bagging new customers. For instance:
- Messaging that resonates with diverse segments
- Products they are buying
- Products researched by them in the past
- Ads which are leading to conversions and which are being ignored
- How do your marketing efforts compare to that of your competitors?
- Is your competition benefiting from opportunities that you have missed?
- Which media are driving the most sales?
- What messages are resonating with your target audience?
Customer AcquisitionCustomer Cost Acquisition (CAC) is the true barometer for the efficacy of your customer acquisition strategy. Spiraling Customer Acquisition Costs are indicative of the challenges faced by businesses to prospect and acquire customers. Marketing Analytics provides deep customer insights from data to direct customer acquisition strategies and optimize marketing spend.However, the basis for analysis is quality data related to your target audience available online and offline. This is very critical to understand their needs and wants and plays a huge role in customizing brand messaging and product positioning.To gauge prospect responsiveness and influence your target audience, you must observe their behavior online and offline. Data avenues used for analysis include the following categories -
Quality data sourced and analyzed from these channels among others, help identify the strongest signals of intent and best sources for new customer acquisition.
- prospect’s purchase history
- product usage patterns
- social media engagement
- specific product search on social media platforms
- search data available on e-commerce platforms, product review and pricing comparison sites
- keywords entered in search engines
Customer RetentionCustomer acquisition often tends to grab all the focus and resources, and in wanting to add new customers, organizations don’t pay as much attention to their existing customer base. This is a significant error in judgment because current customers make for a loyal community. Also, it is a well-known fact that acquiring new customers costs a lot more than retaining existing customers. Businesses are more likely to sell to an existing customer than to a new one.Marketing a new product to your core customer base costs less than marketing to a new customer who’s never purchased from you before. Thus investing time in a retention strategy guided by data-driven insights can not only help retain existing customers but also turn them into brand loyalists and engaged communities.
Measure Existing Relationships:Marketing analytics help measure existing relationships and provide insights that -
- uncover purchasing patterns,
- predict customer behavior,
- indicate which marketing partners are contributing to your business
Measure Customer Experience (CX):Analytics are also used to measure the customer experience by seeking customer-related data:
These inputs provide insights into the overall customer experience and help improve customer satisfaction.
- Is there positive feedback from existing customers?
- Are they making referrals?
- Are they renewing their plan?
- Are they consuming the brand’s website content?
- Are they following the brand’s social media pages?
Track Customer Journey:Marketing analytics help track the customer journey to discover aspects of the buying experience that require customer support and could use improvements. If you know which marketing efforts have the most impact, you will know which retention methods are working best.
Srishti Mittal leads Solutions at vPhrase and partners with top executives to deploy analytics that solve complex business problems and help gain competitive advantage with data-driven decisions. She closely tracks innovations at the intersection of advanced analytics, artificial intelligence, machine learning, design thinking, and behavioral decision making. Over the last 14 years, Srishti has worked extensively with CXOs of Fortune 100 companies (Emerging Markets). Through her writing, she wants to help business and technology leaders harness the power of analytics to derive value from data.