5. 7 Best Practices to enhance marketing analytics
It’s not a simple task to track marketing analytics. Companies need to have a strategy/roadmap to boost their marketing eﬀectiveness. With the right marketing analytics plan, they can see which programs are successful and make future eﬀorts more impactful.
Here are some best practices to improve the eﬀectiveness of marketing analytics:
1. Set Eﬀective KPIs to evaluate Marketing Eﬀorts against Objectives
Companies should set Key Performance Indicators that can help them understand whether their marketing campaign collaterals impact the target audience and contribute to ROMI. Before diving into marketing analytics, it is important to define specific marketing objectives and goals. Some of the most common KPIs include cost per lead acquisitions, sales revenue, customer lifetime value, traﬀic-to-lead ratio, and organic searches. Once KPIs are determined, marketing teams can ensure correct tools are implemented to collect and analyze data to facilitate actionable marketing decisions.
2. Leverage AI across the marketing value chain
AI enables marketers to discover insights and make informed marketing decisions to achieve brand objectives eﬀectively. By integrating data from ERP systems, CRM, Retailer data, Google Analytics, Social Media and 3rd party data providers, AI enables businesses to develop targeted, data-driven marketing strategies to boost their ROMI. Throughout the purchase journey AI can improve the way brands attract, engage and convert prospects by delivering across use cases such as Media buying, Ad Optimization, Lead evaluation, Personalized recommendations, Marketing automation, CLTV improvement.
3. Create easy-to-read marketing dashboards with a high refresh rate
A complicated marketing dashboard can hamper the way companies track their marketing KPIs. That’s why user-friendly dashboards are essential to the success of every marketing team. Such dashboards help the team to review market trends and derive insights from their campaigns easily. An ideal marketing dashboard should have a near-real-time view of all marketing activities, including KPI tracking, showcase all the relevant analytics from data sources, and be customizable in real-time.
4. Integrate Attribution Models
Several attribution models have been introduced over the recent years, enabling marketers to try diﬀerent models and find the one that is perfect for them. However, it should be noted that no single attribution model can provide a holistic view of today’s omnichannel marketing landscape. Therefore marketers should experiment with diﬀerent attribution models and combine them as part of an omnichannel attribution strategy to understand the touchpoints that drive ROMI. With this, marketers will have insights from each attribution model allowing them to select the most constructive ones toward achieving the company’s objectives.
5. Regularly Review Marketing Measurement
Instead of reviewing marketing analytics eﬀorts at the end of a month or end of the campaign, CMOs should make reviewing analytics an integral component of their daily objectives. It will allow them to change or adjust their active campaigns in real-time. By regularly monitoring metrics and evaluating trending data, marketing teams can make real-time changes to their campaigns and make them more eﬀective.
6. Forge strong analytics partnerships
It is imperative for marketing analytics teams to conduct quality analyses that result in more engaging, profitable campaigns. Therefore, they either need to be trained or engage with data experts to evaluate huge datasets in order to derive insights, understand consumer and MarTech trends, and leverage various data automation and analytics tools. Companies should also consider adding more analytical power to their teams.
7. Foster a culture of data led decision making
It is imperative for marketing analytics teams to conduct quality analyses that result in more engaging, profitable campaigns. Therefore, they need to be trained to evaluate huge datasets to derive insights, understand consumer and MarTech trends, and work on various data automation and analytics tools. Companies should also consider adding more analytical power to their teams.