Every time somebody visits a website, they become a potential customer to that business.
Knowing what they looked at, what pages they visited, how long they stayed on the page and what they ended up buying (or not) is hugely valuable information.
The same goes for any marketing campaign, be it over email, web, an app or social media.
Companies that can tap into that information set themselves up to better reach those customers, to better serve their needs, and to better tailor their messaging to the right people.
Marketing analytics has seen the fastest growth within the retail sector, for obvious reasons, but can be used in just about any business to identify what potential customers are doing and what they are looking for.
The analytics can also help a company asses the overall effectiveness of its own website. Do their customers go where the website has been designed to lead them? Are they reading the sections that the company thinks are most important? How do they end their search? With a request for more information, or by heading to a competitor?
According to a recent article in FORTUNE:
“One fast-growing area of marketing software investment is analytics, as companies search for the missing link between specific campaigns and revenue growth. The February 2016 edition of a biennial survey of chief marketing officers predicts a 66% increase in spending for this category over the next three years.”
Essentially, marketing analytics comes in three parts:
1. Capturing the data
2. Using the right analytical tools
3. Transferring that knowledge into the strategy of the business.
All three must be integrated in order to full take advantage of this technology.
For example, analysing the results of an email campaign to customers is critical in order to improve the performance of the next campaign.
Marketing analytics requires investment, but it’s a measurable investment: companies can track exactly where sales have generated.
What skills are needed?
More and more companies are bringing this skillset in-house. They are looking for insight analysts, data planners, and campaign managers.
“Often the marketing analytics team will come from a marketing background,” explains Dwayne Wakil, Business Manager Progressive Recruitment.
“They’ll be extrovert, enjoy working part of a team, and will have picked up their technology skills along the way.”
“There’s definitely a shortage of people, especially within the permanent sector. A lot of the time, companies have to bring contractors in to work on project-specific roles.”
“It should be well-embedded in most companies now, but as our channels of communication with customers change and evolve, companies have to keep on top of that. They need to know whether it’s an email campaign, a Facebook or Twitter campaign that will reach their customers in the most effective way.”
“Without doubt, in today’s rush to capture and keep customers, those that use marketing analytics to its full advantage will maintain their competitive edge.”