Making Friends With Numbers - Data Is Sexy
Understanding marketing analytics allows marketers to be more efficient at their jobs and minimize wasted web marketing dollars.
Beyond the obvious sales and lead generation applications, marketing analytics can offer profound insights into customer preferences and trends. Despite these compelling benefits, a majority of organizations fail to ever realize the promises of marketing analytics. According to a survey of senior marketing executives published in the Harvard Business Review, "more than 80% of respondents were dissatisfied with their ability to measure marketing ROI."
Data Is Sexy..!!
“The importance of marketing analytics is obvious: if something costs more than it returns, it's not a good long-term business strategy.”
The Web is clearly the only game in town. Statistics show that almost 90% of the entire North American population is online. The quickest and easiest way to reach out to this huge market is through paid search marketing, for example, advertising on Google AdWords or through other search engines.
Reports and information received from search marketing help in all areas of your business, including offline revenue and product development.
The trouble is, when most marketers hear "digital analytics," they tend to think of the metrics you'd typically associate with a simple web analytics tool like Google Analytics — traffic, bounce rate, unique visitors, etc.
However, web analytics is only part of what encompasses digital analytics.
While web analytics can provide you with a wealth of insight into the performance of your website, marketers need richer data to understand the impact of their marketing campaigns on conversion rates and a buyer's journey. Looking at top-level web analytics metrics like traffic is only the first piece of the puzzle.
In the modern marketing landscape, accurate analytics is more important than ever. Consumers have become highly selective in choosing the branded media they engage with and the media they ignore. If brands want to catch the ideal buyer’s attention, they must rely on analytics to create targeted personal ads based on individual interests, rather than broader demographic associations. This will allow marketing teams to serve the right ad, at the right time, on the right channel to move consumers down the sales funnel.
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