The dynamic nature of the marketing landscape emphasizes the importance of embracing modern marketing strategies. Marketing is closely related to data, as it depends heavily on content. Utilizing data to derive valuable insights and making informed decisions is crucial for driving successful strategies, and achieving optimal outcomes.
Given the diverse range of campaigns and the vast amount of data they generate, analytics is crucial for making well-informed decisions that are both efficient and effective. To effectively implement a solution that drives decision-making, it is crucial to align with the organization’s goals and strategies for success.
The blog outlines the approach towards marketing analytics.
Requirement Gathering:
For a report to make complete sense, defining the right approach is crucial. A full and clear understanding of the requirements and scope is needed to comprehend the scale of data and the number of data sources to be collated. Based on the requirements stated, we then analyze and decode by using our “Data Literacy”, and suggest the best suited visualization tool that helps in smoother creation and implementation of a report with minimum to no code being used in the development.
Defining the KPIs:
When it comes to data, the conundrum is on picking the right data and the volume itself. How much data is enough data? Since this is a tricky question to tackle, it is always best advised to define the “Key Performance Indicators (KPIs)” at the inception. Now, let’s understand what a KPI is, how they are defined, and what is the value of tracking it?
A KPI is defined as a metric that measures the overall performance over a period of time and gauges whether an objective is being met or not. This can be tracked using our advanced analytical tools by creating custom dashboards as per the requirements defined.
While there are KPIs defined for every department, we will be listing a few important ones used in marketing analytics. Though there are segments within the marketing department, the below KPIs cover the majority of them.
- Referral Traffic
- User Tracking
- Session Tracking
- Visitors Tracking
- Average Engagement Rate
- Conversion Rate
- Website Visitors
- Social Media Engagement
- Campaign Leads and Event Attendance
- Return on Investment (RoI)
- Keywords Ranking
Data Collation:
When it comes to marketing, the platforms used and the type of data generated, decide the approach towards data integration. Our expertise in offering an optimal data engineering solution comes handy in easing the burden by setting up efficient Extract-Transform-Load (ETL) processes for quicker, better, accurate, and seamless data collation.
Data Representation:
The impact and importance of visualization is no longer an enigma. The art of transforming massive volumes of data into illuminating and actionable insights is made easy with visuals. The process of visualizing and transforming atomic data into impactful stories that provide answers to most of the questions is termed as “Data Visualization”. Once a report is created, it can be embedded into any website or platform. Depending on the need for accessibility, the reports can be tailored to be delivered to the desired mode of access, with mobile analytics gaining traction.
In conclusion, while marketing analytics per se, isn’t an age-old practice, the process of breaking down data into smaller and comprehensible summaries with outcomes has always existed. With the emergence of data analytics and modern tools to support the overall process with agility and efficiency being the prime focus, there could not have been a better culmination of two diverse yet similar fields. The result of it is seen and implemented in almost all walks of the marketing life cycle.
Authored by: Suchitra M
