The Secret of Marketing Analytics in Building Your Brand

How do you know you have achieved the goals set for your brand?  Measuring and evaluating your data.  Knowing the secret embedded in the data, while building your brand, is necessary. It’s something that marketing analytics does. It helps you understand how customers resonate with your brand—how it strikes a chord with them, which allows you to make a more educated decision.

We often hear about analyzing the metrics of our websites, and this is familiar to many Baby Boomer entrepreneurs. However, it is not only evaluating the statistics of your website but also analyzing the data from your marketing efforts to succeed in this digital environment.

Let’s review some of the basics.

What is Marketing Analytics?

It is the method of using metrics to measure, analyze and manage your marketing strategies across multiple data sources; to recognize the efficacy of your marketing campaigns, thus enabling you to control the return on your investment (ROI). For example, Netflix has used data analytics to understand what attracts its subscribers and to boost its rate of subscription. Without analytics, do you think the company would have been able to learn about its subscribers?

“The end has come for making marketing decisions based on gut instincts; everything marketers do in the digital world can now be tracked, from the first click all the way to the deal close. CMOs who do not embrace and accept this concept will likely not be CMOs for very long.”– Kurt Andersen, EVP Marketing and Sales Enablement, Savo

Now, let’s look at how marketing analytics can influence your brand’s decision making.

Three Benefits of Marketing Analytics

Delivering a consistent brand message. If your brand’s message is being delivered through a marketing campaign, depending on the medium you’re using, you’ll notice varying perceptions among different people. With marketing analytics, you will be able to see how your customers respond at each point of the journey from the awareness to the consideration phase, to the purchase-transaction-sales phase to the loyalty phase; this will allow you to modify your message to deliver consistently to meet the needs of your customers.

Managing your budget. There’s a considerable amount of information that marketing analytics provide to help you achieve your budget effectively, so you’re not at a loss with your campaigns. For example, if you drive traffic to your website, you can decipher the data to measure the bounce rate, exit rate, number of engagements, subscription rate, newsletter sign-ups, etc. for your spending decision.

Predicting the future of your brand. Although some businesses struggle to foresee the future, for example, looking at the products that customers are buying, compared to those purchased in the past, analytics can help you recognize the opportunities and strategic threats in that regard. Primarily, this will help you boost your ROI and drive the success of your brand.

Final Thoughts

Have some questions? As a Baby Boomer entrepreneur, once you’re developing your brand, you’ll need to set goals and use metrics to evaluate accurately them for success. You can start with Google Analytics to gain an insight into how data can help you make informed decisions about your brand, and then get deeper insights using a more robust marketing analytics framework if necessary.  In the overall game plan, don’t overlook key performance indicators (KPI).

Need to learn about the importance of  KPI? “KPIs provide small business owners with an immediate snapshot of the overall performance of their business.” 

Please leave any additional comments or thoughts. I’d love to hear them!