If you’re familiar with that axiom, you know it applies to marketing. After all, how can you tell if your marketing plan is working if you can’t measure it? How can you identify your most productive marketing initiatives if you’re not tracking them?
If you want to succeed, you’ve got to monitor your analytics. Are you feeling intimidated by this? Don’t be. Many marketers and companies have a difficult time creating and managing analytics, as well as quantifying their analytics in terms of dollars and ROI.
Fortunately, this problem is as fixable as it is common, and InThink is here to help.
How Analytics Work
Did you know that each year, companies waste about $47 million in productivity through inefficient management of data and knowledge? However/But, with the help of artificial intelligence-backed analytics, this wastefulness can become a thing of the past.
Analytics allow you to measure the impact of digital marketing campaigns. Today, 42% of marketers say that proving the ROI of their marketing efforts is one of the biggest challenges they face. As such, many intend to boost their spending on analytics by 75-100% in the coming year.
The question remains, though – how do digital analytics work?
Here’s a brief breakdown:
Your customers drive your marketing journey. By buying from and interacting with your company, they shape your brand and your business. The sticking point is that customers can begin their journey at any phase of the decision-making process.
For example, they can stumble upon a blog post and interact with your brand for months before they buy. Alternately, they can find you on Google and purchase without knowing much about you at all. Your job as a marketer is to anticipate their entrance points and find ways to earn more customers at any given phase. Enter analytics.
Analytics collect, interpret and analyze behavioral data. The interpretations you draw from your analytics will help you make decisions regarding your company’s online marketing and customer acquisition efforts.
3 Big Reasons Analytics
Matter for Your Company
Analytics serve dozens of purposes. No matter how you use them, having access to detailed information can set you apart from your competition. Here are a few of the most significant functions of analytics:
1. Analytics Help You Understand Your Customers
The best customer relationships are voluntary. You can’t chase your customers down and beg, borrow, and plead with them until they decide to work with you. Instead, you’ve got to identify the things that matter to them and find ways to bring more of those relationship-generating points into your marketing. This is where analytics come in. By providing in-depth insight into your customers, analytics help you cater to them.
2. Analytics Help You Make Better Decisions
When you know what your company’s marketing landscape looks like, you can make better decisions about how, when, and where to make changes. They say 50% of all marketing budgets are wasted, but if you don’t know which 50% that is, you’re in trouble. By providing advanced insight into your marketing, analytics help you adjust accordingly and make smarter decisions for your company.
3. Analytics Help You Build a More Profitable Business
By viewing historical sales data, for example, you can predict and plan for your company’s future performance. Additionally, by allowing you to target your marketing dollars, analytics make it possible to cut down on waste and grow your bottom line.
Come to InThink to Improve Your Metrics and Grow Your Business
Whether you want to grow your click-through-rate, decrease your bounce and unsubscribe rates, or increase engagement, InThink is here to help. An advanced marketing agency that utilizes cutting-edge technology to facilitate full-funnel marketing, InThink is here to make your company’s marketing as intelligent and targeted as possible.