Essential Of Marketing Analytics

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Dana Eckerle Harrison is an Associate Professor of Marketing and Chair for the Department of Management and Marketing at East Tennessee State University. Prior to her work in academia, Dana spent many years assisting software companies in the areas of marketing and sales management. She teaches marketing research, analytics, digital marketing and strategy courses at the undergraduate and graduate level. In 2022, she was the recipient of the College of Business and Technology Research Award and in 2019, received the New Faculty Award recognizing dedication to teaching, research, and service.

Her scholarly research has been published in journals such as the Journal of Business Research, the Journal of Product and Brand Management, and the Journal of Marketing Theory and Practice. Her research focuses on the intersection between customer relationship management, business ethics, data quality and governance, and marketing analytics methods. Dana is a co-author on the Essentials of Marketing Analytics, 1st edition, McGraw Hill/Irwin, 2021. She currently serves as an associate editor for the Journal of Marketing Theory and Practice, as well as on the Editorial Review Board for the Journal of Business Research and Journal of Marketing Education.

Dana continues to be an active member of prominent marketing organizations. She has presented and led panel discussions at conferences such as the Academy of Marketing Science, American Marketing Association, INFORMS Society for Marketing Science, and the Society for Marketing Advances, regarding topics such as artificial intelligence and business ethics, social network analysis, sales management, the impact of analytics techniques and technology on marketing education and practice, the emergence of blockchain in marketing, and information governance. Furthermore, she has offered certificate programs on marketing analytics and currently serves as the Program Chair and President-Elect for the Society of Marketing Advances and the Secretary/Treasurer for the Academy of Marketing Science.

The authors of the pioneering Cutting-Edge Marketing Analytics return to the vital conversation of leveraging big data with Marketing Analytics: Essential Tools for Data-Driven Decisions, which updates and expands on the earlier book as we enter the 2020s. As they illustrate, big data analytics is the engine that drives marketing, providing a forward-looking, predictive perspective for marketing decision-making.

Marketing analytics is the practice of using data to evaluate the effectiveness and success of marketing activities. Marketing analytics allows you to gather deeper consumer insights, optimize your marketing objectives, and get a better return on investment.

Marketing analytics benefits both marketers and consumers. This analysis allows marketers to achieve higher ROI on marketing investments by understanding what is successful in driving either conversions, brand awareness, or both. Analytics also ensures that consumers see a greater number of targeted, personalized ads that speak to their specific needs and interests, rather than mass communications that tend to annoy.

Marketing data can be analyzed using a variety of methods and models depending on the KPIs being measured. For example, analysis of brand awareness relies upon different data and models than analysis of conversions. Some popular analytics models and methods include:

Marketing analytics data helps your business make decisions on everything from ad spend to product updates, branding and more. To give yourself a true 360 degree view of your campaigns and be sure you are making the right decisions, it's important to take data from multiple sources (online and offline). Using this data, your team can gain insights into the following:

Analytics can tell a lot about your consumers. What messaging / creative resonates with them? Which products are they buying and which have they researched in the past? Which ads are leading to conversions and which are ignored?

Data analysis can determine where marketers choose to display messages for particular consumers. This has become especially important due to the sheer number of channels. In addition to traditional marketing channels such as print, television and broadcast, marketers must also know which digital channels and social media networks consumers prefer. Analytics answers these key questions:

The biggest challenge of the analysis process is understanding and utilizing the immense quantity of data marketers. This means that marketers must determine how to best organize the data into a digestible format to derive actionable insights.

Additionally, many platforms including marketing Evolution, leverage unified marketing measurement, to normalize and aggregate marketing data from across various channels and campaigns, simplifying analysis.

Finally, advanced analytics platforms go beyond measuring consumer engagements to offer insights into brand equity and how certain audience segments react to creative elements. This helps marketers better determine brand-building ROI, as well as how to further personalize branded experiences.

There are many aspects to a marketing campaign you can measure: conversion rates, leads captured and brand recognition, to name a few. Understand the problem you are trying to solve or insight you are trying to glean when beginning to analyze your data.

What is your company doing today? What are your weak spots? Whether assessing offline campaign results or identifying media most likely to convert, understanding these weak points can help you strengthen your program.

Marketing analytics tools will increase in importance as consumers become more selective and datasets grow. An advanced platform, such as our Marketing Measurement and Optimization Platform uses unified marketing measurement to help marketers identify the messages that resonate and the types of media that converts. This provides a holistic view of which campaigns are successful and which are underperforming in real time.

Having the right marketing analytics solution in place is key to a successful marketing program. By understanding where your audience is engaging and what is truly driving sales, you can make sure you are putting your money in the right place and improve ROI.

Imagine you launched new in-app tutorials. Do they encourage users to spend more time using the app, or create more projects, or churn less frequently? Mixpanel can show you the relationship between these changes and dozens of different outcomes. Your report would look something like this:

You can use session recordings to see which parts of your pages, apps or platforms are most engaging and which make you lose clicks (and potentially money). And no worries, users remain anonymous (Microsoft Clarity is GDPR- and CCPA-compliant).

This feature has two aspects. The first one is for competitive analysis. It lets you compare brands to see who has a wider reach on the web and who has been mentioned more often in a positive context.

The other aspect is for comparing your performance period over period. So, for example, you can see if your efforts made you more popular on social media this quarter or see if your PR efforts changed how people feel about you.

Klipfolio is a business analytics tool that allows you to gather the most important reports from other marketing analytics tools and put them on one neat dashboard that you can share online or put on a big screen in the office for everyone to see.

ProfitWell Metrics (part of Paddle) is a subscription management and revenue optimization platform designed for SaaS companies and subscription-based businesses. It helps you understand your revenue metrics and improve subscription retention.

VidIQ is a tool for YouTube that provides analytics and optimization features for video content creators and marketers. It helps brands grow their channel, increase views, and improve video performance.

When posting on social media channels, you want your content to reach the widest number of people possible, and social reach tells you exactly how many people viewed it. This number will always be higher than your impressions and lower than your engagement. A typical goal for engagement is approximately 5% of your reach.

Your email open rate is one of the most important digital marketing analytics metrics to track when list building (which should be a part of any campaign). This metric shows the percentage of people who opened your email out of everyone who received it. Marketers can use open rates to determine the effectiveness of their customer segmentation, send time, and subject line.

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