Customer Insights drives growth by leveraging consumer, buyer and market insights. By integrating hard scientific methods, objective facts, and cutting-edge analytics, Insight Solutions helps companies generate a 360° view of their customers. The first metric to monitor and analyze is sales revenue. It’s not always easy to tie your sales revenue to your marketing campaigns, but without it, you have no idea if your digital marketing is paying off.
To measure your sales revenue correctly, use a software program that specializes in measuring sales data and other key performance indicators (KPIs). The goal is to see a clear differentiation and year-to-year increase in your sales that can be associated with your digital marketing initiatives. Many digital marketing campaigns focus heavily on social media. Social media engagement is one of the most important metrics to measure when looking at the longevity of your brand and how people interact with your company over time.
Another important group of metrics is site traffic. You can analyze these through Google Analytics with ease, and they are sure to provide a clear image of where your company is headed and whether or not your marketing is truly helping you to expand your brand. To begin analyzing site traffic, you can monitor your site through Google Analytics, as well as incorporate site traffic data plugins on your site. Using these will give you a clear image of your site traffic and what digital marketing campaigns are doing the most for your company.
Furthermore, analyzing site traffic and choosing to collect the right data from your website visitors can actually help you grow awareness, know who to target in the future, and better hone your buyer persona over time. To measure your ROAS, take the sales revenue data (use only the sales data that can be linked to ads) and then compare this to the money spent on any and all advertisements. By doing this, you can determine if your advertisements are actually leading to a return on your investment and make adjustments accordingly. This will also let you analyze which of your channel strategies is most effective, and help you to determine how and where your money should be spent.
Additionally, many platforms including Marketing Evolution, Leverage, Unified Marketing Measurement, to Normalize and Aggregate Marketing Data from Across Various Channels and Campaigns, Simplifying Analysis. Marketers can also create one dashboard for a specific type of marketing insight report and filter the data to each client.. That’s where the processing power of advanced analytics platforms comes into play, enabling marketers to adjust creative or ad placement as needed before the campaign ends, enhancing potential ROI. Marketers can view their marketing insights via dashboards in near real-time (typically updated daily).
Sales analytics provide marketers with the most important metrics on the sales funnel based on which marketers can evaluate marketing campaign performance. Marketing data insights refer to analyzing marketing data and using retrieved patterns to improve marketing performance so that companies can generate more profits. Marketing insights will get you to understand what drives customer actions, where the marketing budget leaks away, and so on. Marketing insights gained from correlating data from multiple sources will give you the most valuable information on your marketing efforts, so you can make business decisions that really impact your bottom line..
Marketing analytics allows you to gather deeper consumer insights, optimize your marketing objectives, and get a better return on investment. Removing the need for your marketing team to spend hundreds of hours each month gathering data and number crunching it in spreadsheets saves a massive amount of time, which can be better spent on producing valuable marketing insights that influence your marketing strategy and business initiatives.. Today’s marketers rely on multi-channel strategies to carry out marketing campaigns, both online and offline. Plus, the more friction your team has in doing marketing data analysis, the less of it they’ll do, and the less marketing insights they’ll generate.
In the end, data analysis helps product marketers refine their marketing strategy and optimize the return on investment. Marketing analytics tools will increase in importance as consumers become more selective and datasets grow.
- Insights & Analytics | Growth, Marketing & Sales | McKinsey & Company
- From Numbers to Strategy: How to Harness Data Insights for Digital Marketing Success