How to use analytics to manage your marketing spend effectively
By our News Team | 2022
Investing in the right marketing analytics tools can set businesses – and their marketing teams – up for immediate success.
The impact of managing your marketing spend effectively can be game-changing. It’s key not only to surviving an economic downturn, but also for driving growth.
The value of data analysis – particularly for the benefit of marketing – is also widely understood. As a result, marketing analytics will continue to grow in importance over the coming years, predicts Natalia Selby, Marketing Executive at Mediahawk, a European-based company specialising in call-tracking and marketing-attribution software.
But with marketing budgets still being limited to a certain degree, what should be prioritised?
As businesses now look to increase focus on spend and customer acquisition, marketers need to look seriously at how investing in the right marketing analytics tools can set them up for success sooner rather than later, Selby advises in a recent blog.
But with a plethora of marketing analytics tools already available, making carefully planned investments in systems and software is key. With that in mind, Selby lists the following four reasons why marketers should be investing in marketing analytics.
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1. Analytics puts your business on the front foot with competitors
In a bidding war, the only winner is Google Ads! It’s an easy trap to fall into. With the right data, though, you can look at alternative ways to gain a significant competitive advantage without blowing your budget on keywords.
For many organisations, this could be the ability to spot common points in the customer lifecycle where brand loyalty starts to falter. To stop customers jumping ship to other brands, your analytics tools can pick up each interaction and help you identify when it’s time to focus marketing attention on those customers and give them a reason to stay.
2. Analytics helps you identify new trends and opportunities
Gaps in your keyword strategy can make or break your paid-search campaigns. By tracking conversions that come from PPC or display, you can spot any new keywords that you can use to create and optimise future campaigns.
Most marketing teams deal with multichannel, multi-touchpoint campaigns, so gathering insights to understand how to most effectively engage with customers is crucial. If you aren’t currently tracking and reporting on offline conversions – through your phone calls, for example – it may be as simple as bringing in call-tracking software.
3. Analytics proves ROI
Wasted spend is the scourge of every marketing campaign. It’s the one thing your bosses look at when it comes time to review the effectiveness of your efforts. And if there’s a hint that the campaign didn’t generate a good enough return, you’ll find your budget stripped.
Luckily, with marketing analytics tools, you can pinpoint the exact campaign characteristics that work best for you, as well as the ones that don’t work so well. You can see the channels, keywords and audience targeting that are most effective. And with advanced marketing-attribution tools, you can prove the return on investment to your bosses too.
4. Analytics helps you better understand customers
With marketing analytics, you’re no longer limited to guesswork and ‘finger in the air’ tactics when it comes to knowing what will resonate with customers. Because with features such as speech analytics, you have the means to directly access and analyse the thoughts, feelings and concerns of real-world customers. In fact, speech analytics helps you better understand customer behaviour, needs and preferences. And, ultimately, you’ll build more profitable marketing campaigns informed by the insights you capture from real-life customer conversations.
Clearly, marketing analytics brings huge benefits for businesses – whether you’re an automotive business, care home, marketing agency, or anything in between.
What’s more, the benefit really is for the entire business, not just the marketing team. Insights from marketing analytics tools can be applied across all departments – including customer service, product development, and more – making the investment even more worthwhile, Selby says.