What Is Marketing Analytics Anyway?
Marketing analytics is the practice of gathering data from campaigns and touchpoints to analyze patterns such as campaign contribution to conversions, buyer behavior, geographical preferences and creative choices. Marketing analytics lets users study these patterns and findings to optimize future campaigns and engagement based on what was successful. (Or maybe what didn’t work.)
The power of analytics takes the load off marketers when it comes to:
- Measuring campaigns
- Real-time reporting
- Optimizing for ROI
Both brands and buyers benefit from marketing analytics. B2B marketers deliver more value to buyers by understanding what they want. This leads to conversions and brand awareness. Analytics also ensure that customers see targeted, personalized content and ads that talk to their interests, rather than mass communications that annoy.
The Importance of Marketing Analytics
In modern B2B marketing, detailed, timely, reliable analytics rule.
Today’s buyers are selective in choosing the branded content they interact with and what they ignore. If a brand wants an ideal client’s attention, they must provide an ideal content experience. This is impossible to do at the scale needed for B2B campaigns, so marketers rely on analytics to create personalized ads and other touches to target. The data-driven relevance improves buyer conversions and retention.
How Organizations Use Marketing Analytics
Marketing analytics help B2B brands make smart decisions on matters such as product launches, content production and messaging. They deliver much-needed insights into brand reputation and how certain audiences react to creative elements. This helps marketers better understand how to personalize experiences further. But modern analytics platforms offer more than just measuring client engagements.
This data gives insights into many other areas, such as:
- Customer Trends
- Product Trends
- Product Intelligence
- Customer Support
- Media and Messaging
- Marketing Competition
- Future Results
Marketing Analytics: Techniques and Models
Marketing data can be analyzed using various techniques and models, depending on your KPIs and resources. For example, brand awareness analysis is measured using different data and models than that of conversion analysis.
Some well-known analytics models and techniques include:
- Media Mix Models (MMM): This model aims to uncover the causal effects of paid media channels on a particular metric such as sales.
- Multi-Touch Attribution (MTA): This attribution model provides personalized data across each stage of the buyer’s journey.
- Unified Marketing Measurement (UMM): This a form of analysis that combines multiple attribution techniques, including MMM and MTA, into complete engagement metrics.
Multiple Data Sources Enrich Marketing Analytics
Brands want data from multiple sources to counter fragmented views of buyers, and the analytics must be robust enough to handle it. Then, accurate, actionable data, all in one place will let you make better resourcing and campaign decisions. Sales teams will know more about the accounts they are working, and marketing teams will know when and how accounts engage.
The True Influence Marketing Cloud Platform uses advanced analytics, natural language processing and artificial intelligence to analyze contact lists, identify buying groups and prioritize the best accounts to prospect.
A proprietary intent process gathers and analyzes data from multiple channels, identifies members of a buying group and shows when users are engaged. This makes orchestrating across channels simpler and gives you the confidence to execute programs at scale.
The Time Is Right for Buyer Data and Marketing Analytics
Sales and marketing teams must constantly identify buyers, find out what they care about, and engage with them no matter where they are or what device they are using. It’s a lot to ask, but analytics, artificial intelligence and big data have made much more possible.
Marketing platforms are valued for the speeds at which they stack and process enormous amounts of data. Marketing analysis helps marketers make sense of so much data for real-time optimization. On top of that, various platforms now use unified marketing measurement to collate marketing data across multiple channels & campaigns, simplifying analysis.
All said, marketing analytics make it a great time to be a B2B marketer in a data-driven world. Here’s more on using marketing analytics and a marketing cloud to drive revenue.