Predictive data helps you determine where to focus ad spend. It identifies the advertising channels and times that warrant increased spending and resources, and it provides useful insights so you know when to reduce investments. Use your forecasts to pinpoint where adjustments need to be made and how you can allocate your budget more efficiently. Marketing spend analysis supports spend optimization.
It helps businesses develop the marketing plans that will deliver the most value. Firms can’t take customer loyalty for granted, while newer technologies like email marketing have seen their popularity soaring as companies redirect their marketing efforts online in an attempt to simplify the buyer’s journey. But you definitely don’t want to do a half-baked analytic exercise and put the whole marketing department’s budget at stake. Data-driven marketing is when marketing teams build their strategies based on the analysis of big data
Using the right analytics tools lets you track your marketing campaign performance in real-time, which helps your company to be nimbler at refining strategies and optimizing campaigns. Predictive analytics can help you make better marketing predictions so you can start to achieve real growth. This analysis allows marketers to achieve higher ROI on marketing investments by understanding what is successful in driving either conversions, brand awareness, or both. A Google marketing survey found that 90% of professional marketers attributed personalized marketing to greater business profits
To plan, manage and optimize their marketing campaigns, professional marketers use three types of analytic models. Today’s marketers rely on multi-channel strategies to carry out marketing campaigns, both online and offline. Learn how to allocate marketing budgets and how to avoid common pitfalls that misalign the marketing plan and the business strategy. Marketers have been analyzing their methods and techniques since the mid-19th century, but today’s data analytics bears no resemblance to those early marketing efforts used to maximize profits
From a marketing perspective, the reams of consumer data being accumulated every day helps to optimize marketing spend provided it’s accessed and interpreted properly. The marketing budget can be determined by estimating the expenses needed to accomplish specific marketing objectives. Marketing spend is the amount a marketing department spends on content marketing, paid advertising, social media, SEO solutions, and trade shows. Analyzing marketing spend data is crucial for any business, as procurement professionals and marketing teams can derive key benefits from understanding how much they spend on advertising and marketing
Additionally, many platforms including Marketing Evolution, leverage unified marketing measurement, to normalize and aggregate marketing data from across various channels and campaigns, simplifying analysis.
- How to Conduct Marketing Spend Analysis — and Its 4 Benefits
- What is Marketing Analytics? Definition, Tools & Why It Matters | Marketing Evolution