If you’re running a business, it’s important to have a handle on your marketing analytics. Marketing data analytics can help you understand how well your marketing campaigns are performing, what kind of return on investment (ROI) you’re getting, and where you can improve. There are a lot of different marketing analytics tools and strategies out there, so it’s understandable if you’re struggling to get started. Don’t worry, though—Beamer has your back!
In this article, we’ll give you an overview of marketing analytics and some key tools and strategies you can use to get started.
Marketing Analytics tips and tools to get you started:
What is Marketing Analytics?
Marketing analytics is the process of measuring, managing, and analyzing marketing data to help inform marketing decisions and improve marketing performance. In other words, it’s all about using data to understand what’s working and what’s not in your marketing campaigns.
Marketing analytics is a vital part of any business’ marketing strategy. By understanding how well your marketing campaigns are performing, you can make more informed decisions about where to allocate your resources and improve your ROI.
Why is it important?
Marketing analytics can help you understand your customers and prospects better, identify areas where you need to improve, and make more informed decisions about your marketing strategy.
When used correctly, analytics can help you:
1. Increase revenue.
The ultimate goal of marketing is to increase revenue, and marketing analytics can help you do just that. By understanding which marketing campaigns are performing well and which ones need improvement, you can allocate your resources more effectively and make sure your marketing budget is going to the right places.
In fact, just by tweaking their positioning (i.e., targeting the right customers) and onboarding, Ghost improved their conversion rate by 1000%, which increased their revenue by $60,000 annually. For lean bootstrapped SaaS businesses, this can be the difference between being unprofitable and having a sustainable business model.
2. Decreased customer churn.
Churn is a big problem for businesses—especially subscription-based businesses. In fact, a 5% increase in customer retention can lead to a 95% increase in turnover.
Marketing analytics can help you identify the warning signs of churn and take action to prevent it. For example, you might notice that customers who start using your product less are more likely to churn. You can then reach out to these customers and offer them personalized support or deals to keep them engaged.
3. Customer journey personalization.
Behind every purchase is a customer journey that consists of distinct touchpoints with your marketing channels. At each one of these touchpoints, your customers will want, need, and expect different information. If you don’t provide it, converting becomes more difficult.
Marketing analytics can help you track each customer’s journey and identify what kind of content or offer is most likely to convert them at each stage. This way, you can personalize the customer journey and make sure you’re always providing the right information at the right time. Effective personalization is what led to Ghost’s improvement in conversion rate, after all.
4. Better understand which channels generate value.
Attribution modeling is the process of assigning credit to different marketing channels for the sales they generate. The goal is to understand which channels are most effective at driving conversions, so you can allocate your resources accordingly and effectively calculate the returns for each channel.
Marketing analytics can help you improve your attribution modeling by giving you visibility into which channels are most effective at driving conversions. With this information, you can adjust your attribution model to give more credit to the channels that are actually driving results.
5. Identify your most profitable cohort segments.
Cohort segmentation is the process of dividing your customers into groups based on shared characteristics. This is important because it allows you to understand how different groups of customers interact with your product or service.
Marketing analytics can help you improve your cohort segmentation by giving you visibility into which cohorts are most valuable and which ones are at risk of churn. With this information, you can make sure you’re always targeting the right groups with your marketing campaigns.
6. Streamlined data management.
Marketing strategies are usually multifaceted endeavors. That means your data is spread out across several different platforms, making it hard to get a complete picture of your marketing performance.
Marketing analytics can help you streamline your data management by collecting it in one place—if you have the right tool, at least!
What are the different types of Marketing Data Analytics?
There are four main types of marketing analytics that businesses can use to track and improve their marketing performance:
- Descriptive analytics: descriptive analytics is the most basic type of analytics. It simply involves the collection and analysis of data to describe what has happened in the past.
- Diagnostic analytics: diagnostic analytics is a step up from descriptive analytics. In addition to describing what has happened in the past, it also seeks to explain why it happened.
- Predictive analytics: predictive analytics is a more advanced and uses historical data to predict future outcomes.
- Prescriptive analytics: prescriptive analytics is the most sophisticated type of marketing analytics. It not only predicts future outcomes, but also provides recommendations on what to do about them or how to bring them about.
Which type of Marketing Analytics should you use?
The type of marketing analytics you use will depend on your business goals and objectives. If you’re just starting out, descriptive analytics may be all you need. As your understanding and goals evolve, you can move on to diagnostic, predictive, and prescriptive analytics.
How do I get started with Marketing Analytics?
To get started with marketing analytics, you’re going to need a tool. There are a lot of different marketing analytics tools on the market, so it’s important to choose one that’s right for your business.
Some things to consider when choosing a marketing analytics tool include:
- The type of data you want to collect and analyze
- The size and scope of your business
- Your budget
- Your technical skills and expertise
Once you’ve selected a tool, you’ll need to set up tracking. This usually involves adding a piece of code to your website or app. Once that’s done, you can start collecting data and generating reports.
If you’re not sure where to start, we’ve put together a list of the best marketing analytics tools for small businesses.
Best Marketing Data Analytics tools.
There are a lot of different marketing analytics tools on the market, so it’s important to choose one that’s right for your business. Here are some of the best options available:
1. Beamer.
Beamer is a full suite of tools that includes marketing analytics features like user feedback, net promoter score surveys (NPS), and segmentation. You can use it to track customer acquisition, conversion rates, and other key marketing metrics that will help you make decisions that improve your marketing performance.
All these features are designed to be intuitive, so users can get started quickly and see results fast. Plus, installation only takes around 5 minutes! Give Beamer a try for free today.
2. Google Analytics.
Google Analytics is a free tool that allows you to collect and analyze data about your website traffic. It’s a great option for small businesses because it’s easy to use and provides a lot of valuable insights.
Want to analyze user engagement with your Beamer announcements? Take advantage of our Google Analytics integration! You can track everything from page views to clicks and use that data to inform your future marketing decisions.
3. Mixpanel.
Mixpanel is a powerful tool that helps businesses understand their customers and track their website and app activity.
It collects data about who is using your product, how they are using it, and what problems they are having. This data can be used to improve customer retention, increase conversion rates, and more.
5. June.
Heap is a paid tool that offers automatic event tracking. This means that you don’t need to code anything in order to start collecting data. It’s a great option for businesses that want to get started with marketing analytics quickly and easily.
No matter which tool you choose, the important thing is to get started and start collecting data. The insights you gain will be invaluable in helping you make better marketing decisions.
What’s next?
Now that you know everything there is to know about marketing analytics, it’s time to get started! If you’re not sure where to begin, check out our guide on how to set up tracking for your website or app.
And if you’re looking for a tool to help you collect and analyze marketing data, be sure to check out Beamer. Beamer offers businesses a suite of tools that can help them collect, segment, and analyze customer feedback. Install Beamer for free and give it a try—it only takes five minutes!
Learn how to use Analytics on Beamer.
