Marketing Analytics: Your Customers Are Talking. Can You Hear Them?
By Erik Bunaes
A recent survey determined that marketers overwhelmingly believe that using marketing analytics made their businesses more successful. Additionally, going forward, these marketers said they plan to increase their investments in marketing analytics next year.
These findings show how important marketing analytics, and the insight derived from actual, current data, are in today’s marketing. For smaller organizations, particularly those without dedicated marketing teams, the monitoring and analysis of data is not always as rigorous.
Here are two findings from the ON24 survey we referenced above:
1) Ninety-seven percent of respondents believe that using marketing analytics has made their business more successful.
2) The vast majority of respondents (87 percent) plan to increase their investment in marketing analytics next year.
As we all know, the web offers virtually infinite ability to research solutions, find products and see what others have said about their experience with providers. We can research alternatives, check customer reviews, dissect pricing and learn about the individuals selling us these products and services.
The marketer’s job is the mirror opposite of this picture. Marketers must figure out how to guide prospects through a sales cycle to reach the purchase decision, and do so as efficiently as possible. Today’s digital marketing arsenal features useful information (content) on tools such as websites, blogs, landing pages, social media, email, video and webinars. The trick of course is using the right marketing technology tools to create awareness, interest and demand. This is where the data and digital footprint of traffic patterns on the web come into play.
“Eighty-six percent of marketers are able to measure how customers are interacting with their content” (Source: ON24)
The most widely used analytics on the Internet is Google Analytics.
Google Analytics is a web analytics service offered by Google that tracks and reports website traffic. Google launched the service in November 2005, and it is now the most widely used web analytics service on the Internet. (Source: Wikipedia)
There is a broad range of data available for review and analysis in Google Analytics. Everything from where traffic comes from, how long visitors stay on your website, which pages they visit and where they leave your website. There is also extensive demographic information on your visitors.
Google Analytics Dashboard
What Other Analytics Tools Are Available?
While Google Analytics is a popular choice, there are a wide range of website analytics tools available. A recent Search Engine Journal article, lists ten popular website analytics tools:
Source: Search Engine Journal, March 11, 2014.(2)
As you can see there are a lot of choices of marketing analytics platforms, reflecting the significant attention this important area of marketing deserves.
Marketing Analytics is Just One Tool In Marketing Technology Arsenal
Marketing Technology covers a lot of ground. This means that today’s digital marketers must be able to handle a wide variety of technology platforms as well as performing the analysis and interpretation of data these tools generate.
ON24’s survey results show that today’s marketer s are finding real value in what these tools are telling them, and they are using this insight to find new ways to meet their goals.
A final quote from the ON24 about the results:
“The survey results illustrate that B2B marketers are becoming more sophisticated when it comes to marketing technology.”
2) Chris Sparks, Search Engine Journal, March 11, 2014. www.searchenginejournal.com/10-great-social-web-analytics-tools/90629/
About the Author: Erik Bunaes is president and principal of Endorphin Advisors, an Albany, New York-based marketing and management consulting firm. Learn more at www.EndorphinAdvisors.com.