To measure the effectiveness of marketing has always been a challenge for many organizations. According to the Unica’s State of Marketing in 2011 report, about 57% marketing analysts identified “Measurement, analysis and learning” as the main IT bottleneck.
All too often professionals consider that “marketing analytics” and “web analytics” are one in the same. However, you should take note that there is a huge difference between the two and both are essential for your business’ marketing success. In a sense, you can’t move without the other.
Main difference between web and marketing analytics
Most of the marketers associate the word “Analytic” with the metrics that are related to web analytics, i.e., Google Analytics which includes things such as unique page viewers, number of hits on a page, load time, time-on site and bounce rate.
However, they are all not enough to measure the success of marketing performance. Web analytics which is best described by Google Analytics is still very helpful but doesn’t give us a complete picture of how your marketing is going to pan out.
Web analytics focuses on the data that comes from website tracking and a customer’s general presence online. For example, how a customer interacts with your website, how much time they spend on it, etc. Though such data is very informative, there are many other factors that are interrelated with your website and marketing success. That’s why marketing analytics becomes a more practical route to opt.
Marketing analytics deals with the big data; it includes data not only from your website but also from other sources like social media, emails, events, and blogs. Different marketing analytics techniques are used for increasing the marketing ROI of the organization.
It is also helpful when it comes to analyzing the customer preference and current trends. It helps with Ad sense, SEO, and optimization of advertisements.
Marketing analytics mostly focus on ‘people’ and is thus, customer-centric, giving more emphasis to the prospect, lead or customer while web analytics usually consider the page view as the factor of focus.
Importance of Marketing Analytics
In marketing analytics, different techniques are used which are helpful for understanding the effectiveness of marketing and not just the effectiveness of a business website. It considers the original result and ROI from all of your marketing efforts. Data is not only collected from your website but also from all the channels currently being used for marketing.
These days, marketing analytics has developed by adopting dozens of techniques into one marketing campaign. To understand the full picture it is necessary to track all the marketing efforts across different channels. You can’t just focus on social media or web data and think you’ll be able to collect all the data you need. By considering various channels over a period of time of time enhances the marketers’ ability to make much better business decisions.
Marketing analytics helps us to evaluate the overall performance of marketing techniques, how they are going and how we can improve them. It figures out all the small details and better analyzes the present and future such as determining which marketing channel is likely to produce more ROI.
In marketing analytics, such campaigns are employed which takes into account customer for a longer period than only the small ‘website viewing’ factor. It addresses questions such as ‘which strategy will attract customers to your business?’ ‘What will urge them to make a purchase?’ etc.
How marketing analytics is better than web analytics
- Marketing Analytics provide integration between different marketing channels, and it helps to understand the relationship across these different channels, e.g., social media, blogs, emails, etc. In this way, you can easily see the performance of multiple channels together.
- Marketing analytics is person centric. This means that it focuses on the customer and not just the page view. The collected data reveals the client’s lifecycle. You’ll be able to track a client’s needs. You’ll also find out how they interacted with your business. Did they find you in a Google search? Via social media? Read one of your blogs? Or more.
- Marketing analytics help you understand your customer trends and which marketing activities are required at which stage of a sales cycle.
- Closed loop marketing analytics are useful for determining which marketing activities generate more sales and which activities are contributing to the bottom line. For example, your blog is efficient in producing the leads but are those leads generating a sale?
To wrap up this little guide to marketing, to adopt an effective marketing strategy, you need to rely on both web and marketing analytics.