Understanding the power of marketing analytics is paramount to the success of any business. CMOs have to be able to measure success rates, and analytics makes it possible to discover and implement the best strategies. CMG is here to help you move up and to the right.
Understanding Marketing Analytics
You don't need to be an engineer to use marketing analytics to your advantage. By definition, marketing analytics comprises the processes of using important business metrics, such as ROI, marketing attribution and overall marketing effectiveness. The end state is activating the capability to establish the relative health of your marketing strategies with the added ability to quantify performance and alter course where necessary to obtain the best results possible.
With marketing analytics, you can answer the following questions:
- How are our marketing initiatives performing? How about in the long run?
- How can we improve our marketing efforts to save time and money?
- How do our marketing activities compare with our competitors?
- Are they using channels we aren’t using?
- What should we do next?
Now, more than ever, CMOs are required to be more adaptive to adjust to rapid changes in the marketplace. The agile CMO easily adjusts course based on current results. The objectives have never been more challenging, as quantifying the impact of marketing efforts on core revenue growth continues to be an elusive goal.
As marketing increases brand awareness, improves the public's perception, informs your prospects, and ultimately succeeds in securing new customers, the questions remain: "how many?" or "by how much?" or "how much more do we need?"
The answers to these questions aren't straightforward but analytical discipline will isolate key drivers and inform decision-making to keep your team ahead of the curve.
Why You Need Marketing Analytics
In 2014 six in 10 professionals reported rising pressure from upper management to be more data-driven, with marketers feeling a majority of the pressure.
As a result of rising demand, there are now more tools, technologies and “scores” to help marketers measure their impact.
5 Reasons You Need Marketing Analytics
- You can measure the effectiveness of your website.
- Identify the impact of your content marketing, and see if you could make it more effective.
- Calculated marketing ROI planning will prioritize marketing spend while establishing how much you'll get back.
- You need to keep up with your competitors.
- CEOs are demanding more data to track marketing efforts, and analytics makes it possible to provide this type of specific reporting.
How We Do Marketing Analytics at CMG
At CMG, we’ve developed an approach that has helped clients get more done with the same resources. Our process revolves around the evaluation, assessment, and measurement of marketing initiatives, structures, channels, segmentation, and allocation of resources. The result is an increase in productivity that improves your bottom line in a more effective way.
Contact CMG today. We can help you not only embrace change, but create it. Learn more about our dynamic team of marketing practitioners and explore our impressive client history.