Creating An Impactful Marketing Analytics Program
Analytics is one of the most important aspects in marketing today. It is essential as it allows additional visibility, oversight and understanding about marketing performance that executive management needs to justify marketing spends in ways that show top-line growth. Marketers must invest time to develop measurement models that show the importance of their work beyond generic improvements of impressions or brand awareness.
Here are some key strategies to enhance your marketing analytics strategy:
- Understand business goals, not just marketing ones – knowing what your business is trying to achieve is important. Everyone wants growth, but what type of growth does your company want? Is it in a specific area of the business that needs to grow to hit profit goals or are there new targets or opportunities to extend the brand? The more you understand what the organization is trying to achieve the better off your marketing efforts will be.
- Create KPIs that correlate to those objectives – knowing what your business wants allows you to define key performance indicators (KPIs) that tie into them. The more quantitative goals you can make, the more specific you can be – just saying you are going to increase the number of leads isn’t enough anymore. Specify a number and put it down so everyone knows the target they have to hit.
- Go beyond soft metrics – data, such as web traffic numbers, likes and follows on social media, and views of videos historically have been marketing’s way of measuring success. Today it is much more than that. If you want more money for marketing efforts, you have to begin showing how everything marketing is doing moves customers through the pipeline and, ultimately, to sales conversion.
- Buy or build tools systems that support your efforts – the sophistication for today’s marketer to effectively measure and analyze performance requires something more than a spreadsheet and a couple of graphs. If you want to have marketing analytics that are consistent and accurate over time, invest in the tools and systems required to do it. By creating this infrastructure, you can tap into data from IT and accounting that will give your data the heartiness it needs to survive the boardroom.
- Build and partner with measurement in mind – an analytics-oriented team may look different than your current team you have hired historically. Look for people that want results from their marketing efforts. This is an important aspect of marketing’s long-term value – everyone on the team needs to have measurement and return in mind. Your partners should also have this mindset and have the ability to contribute to those goals.
Marketing analytics continue to shift the landscape of what marketers do and will do moving forward. Building a marketing foundation that drives return on investment is important and will continue to be a critical path to success for marketing teams. In the long run, it will help your team and help your business.