Marketing analytics is the process of analysing the data your marketing efforts generate. The insights gained from this analysis helps[MC1] organisations to create new campaigns and tweak existing ones. The goal is to use these insights to improve the customer experience while crafting campaigns that deliver an improved return on investment (ROI).
Data is critical to the success of your digital transformation.
According to a report from PricewaterhouseCoopers, companies that leverage marketing data are three times more likely to make intelligent business decisions than those that don’t.
By becoming more familiar with marketing analytics, you gain access to the knowledge and insights that drive business growth.
These insights come from multiple sources:
- Data your business collects about its campaigns and customers
- Industry insights that other organisations share about their work and clients
- Independent data created by external organisations
By combining the data from these sources, your business can take a data-driven approach to its digital transformation. You will equip yourself with the knowledge and tools required to better serve your audience.
Work with an agency that understands both the risks and the rewards of data analytics.
What does marketing data analytics tell you?
With the right data, you can answer critical questions about your business, its customers, and your approach to digital transformation.
Those questions may include:
- How are your marketing campaigns performing today, and what do you need to tweak to make them effective in the long run?
- How are customers responding to your marketing, and what can you do to improve those responses?
- Where are you spending your valuable marketing dollars?
- What channels do your competitors use, and why?
- Which customer segments are the most profitable?
And perhaps the most important question of all:
- What should your business do next?
Without data analytics, your business is like a ship lacking navigational equipment. It will keep moving, but you will have no idea if it’s going in the right direction. Data is the key to understanding your customers and developing digital marketing strategies that take prospects from awareness to purchasing.
What does 'the Bot' say?
Understand the role of AI in Data Analytics.
To demonstrate what’s possible with new and emerging technology, Webbuzz produced this video with 100% by Artificial Intelligence (A.I). Contact us to learn how we did it.
There are two types of marketing data analytics you can leverage as part of your company’s digital transformation:
- Quantitative Data
- Qualitative Data
Each plays a different role and requires varying tools for you to make the most out of your data.
Quantitative Data
Quantitative data is any data that you collect that comes in a measurable form. Numerical data is the best example of this type of data.
For example, the numbers Google Analytics delivers tell you how many people visit your website, your bounce rate, and many other useful pieces of measurable data that you can use to develop key performance indicators (KPIs).
Quantitative datatells you what is happening, when it’s happening, and to some extent how it’s happening.
Your business can use such ‘hard data’ to make informed decisions relating to strategies and tactics currently employed. There are plenty of sources of quantitative data:
- Google Analytics and the Google Search Console
- Surveys
- Official statistics
- Smartlook
- Data from your company accounts
Qualitative Data
Qualitative data isn’t number-based, making it more difficult to collate and track. However it can be incredibly valuable, because it often provides insights that are simply not possible to draw from quantitative data. Specifically, it is better able to explain why customers are behaving a certain way.
Qualitative data incorporates information, including opinions, motivations, and pain points that relate to your ideal customer. Words, pictures, photographs, video and many actions fall under this banner.
The lack of statistics means a data analytics agency must structure this type of data into usable groups and themes. Qualitative data tends to come from the following sources:
- Interviews with customers
- Website heat maps
- Behavioural analytics tools
- Secondary data, such as reports
- Observations your company makes
- Focus groups
Webbuzz leverages several useful tools when using qualitative data for marketing data analytics. These tools include Hotjar, which provides product experience insights, behaviour analytics, and feedback to help you understand your customers.
Why should I care about data analytics?
Data analytics can provide valuable insights into various aspects of your business, including customer behaviour, market trends, and business performance.
By analysing data, you can make informed decisions, identify areas for improvement, and optimise your operations.
Here are a few reasons why data analytics can be important for your business:
Improved decision making: Data analytics can provide you with a clear understanding of your business operations, allowing you to make data-driven decisions that are based on facts rather than intuition or guesswork.
Increased efficiency: By analysing data, you can identify inefficiencies in your operations and optimise processes to improve efficiency and reduce costs.
Better customer understanding: Data analytics can help you gain a deeper understanding of your customers, including their behaviour, preferences, and pain points. This can inform your marketing and product development strategies, leading to better engagement and customer satisfaction.
Enhanced competitive advantage: By using data to inform your decision-making, you can gain a competitive advantage over other businesses that are relying on intuition or gut instincts.
In short, data analytics is an important tool for businesses to improve decision making, gain insights into customer behaviour, and increase efficiency, ultimately leading to better results and improved bottom-line performance.
What is an analytics agency?
An analytics agency is a company that specialises in helping businesses collect, process, analyse, and interpret data.
The goal of an analytics agency is to provide businesses with valuable insights and information to inform decision making, improve operations, and achieve better outcomes.
An analytics agency can provide a wide range of services, including data collection, data processing, data analysis, data visualization, and reporting.
They may use a variety of tools and technologies to help businesses analyse data, such as business intelligence platforms, data warehousing, data mining, machine learning algorithms, and others.
An analytics agency can help businesses across a variety of industries, including finance, healthcare, retail, technology, and more.
They can help businesses of all sizes, from small startups to large corporations, and can provide customised solutions to meet the specific needs of each business.
Overall, an analytics agency can be a valuable resource for businesses looking to leverage the power of data to make informed decisions and drive growth.
Why Use an Agency to Set Up Google Analytics?
The quality of your website data feeds directly feeds into the effectiveness of any digital campaign.
Yet poorly configured Google Analytics installations are a common problem in business websites across all industries in Australia.
Setting up and optimising Google analytics to track the right type of data can be tricky.
It requires focus, experience and a good understanding of the commercial objectives of the business.
An agency with specialist analytics expertise can help you get it right fast, saving you a lot of time and money.
How Does an Agency Use Google Analytics (GA)?
Ideally, an agency should proactively work with the business owners to help them setup and optimise web analytics data. Here are the typical steps we follow at Webbuzz:
Conduct a comprehensive audit of your Google analytics to establish a ‘baseline’ of traffic flows, and identify any problems.
Consult with the business to establish the most important metrics, before setting up goals that map the step-by-step conversion funnels.
Integration of any other key web apps and customised campaigns into GA.
Use Google Analytics to provide clients with regular, ongoing reporting.
(The data insights drawn from analytics reports help track online agency and campaign performance, as well as identify new marketing opportunities).
