Marketing analytics is a pathway to determine how well we are getting a return on our marketing initiatives. Generally, it is evaluated by measuring performances like an advertisement in social media vs. channel communication. Marketing analytics uses some business terminology like ROI, attribution model, marketing effectiveness. Marketing metrics already has data points which with the help of analytics can interpret the story or trend behind those metrics.
There are a lot of opportunities for marketing analytics. Suppose, we have launched a marketing campaign (it could be a telemarketing or an email campaign) for specified target groups. Now if we have to track how many leads are getting generated through that campaign, what is their path of buying a product. These questions we can answer with the help of analytics. This information will help us to optimize the campaign even more. We can get to know which are the mediums in which you should promote your product to get more leads. Broadly speaking, any of the marketing analytics programs will help us to
Getting the market trend
Determine which program will fetch greater return on investment and why
Real-time validation of marketing initiatives
Understanding the future well
Steps to Take
With a continuous process of testing and learning things, Marketing Analytics enables one to develop the overall approach towards marketing program performance by-
Identifying channel deficiencies
Amendment to strategies
Optimizing initiatives
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