Marketing analytics can help you boost your marketing performance, convert more leads, and drive revenue growth for your company. With numerous marketing channels and tactics to manage, it’s important to understand what’s working, what could be better, and what should be eliminated to help your budget and objectives remain effective.
Like many businesses, I am part of a marketing team where time is valuable. Without using analytics to track success, I could end up wasting my time on strategies that would slow growth and limit performance. Marketing analytics and tracking allow me to allocate my dollars where they’re most effective, ensure I’m spending money appropriately, and be confident I’m contributing to business objectives. Here’s how you can do the same:
Categorize Your Marketing Goals
Obviously, every business wants marketing to increase their revenue, but the marketing goals which will generate revenue are going to vary by channel or campaign. Different objectives might include:
- Awareness of brand
- Generating demand
- Marketing Qualified Leads (MQLs)
- Engagement with content
- Launching a new product
- Nurturing leads
- Increased customer satisfaction
Each of these goals can best be measured using different metrics. I advise defining a Marketing Goal while setting up each campaign. This will help you establish your Call to Action at each stage of the funnel.
Focus on Metrics, Benchmarks, and Analytics
Due to increasing availability of data, market saturation, and evolving marketing tactics, metrics are more important today than a few years ago. Being able to measure benchmarks is critical for every marketing team because it provides insight into the effectiveness of your marketing with your audience.
A few metrics you should be measuring and analyzing include:
- Unique visitors and views
- Average duration of sessions
- Pages per visit
- Events and conversions
If your marketing team is small and has limited resources, you should ensure you’re utilizing free resources when available. Google Analytics is a fantastic free reporting tool that I highly recommend. It lets you automate reports and deliver them into your inbox so you can focus on whichever metrics are most important for you.
Analyze and Modify Tactics Frequently
Timeliness is critical for making the best use of your metrics. I recommend tracking analytics for each of your campaigns and using them to modify your strategy as needed. For overall website effectiveness, I like to analyze metrics each month so I can clearly spot spikes or dips in traffic and investigate the cause. This allows me to be proactive rather than reacting to problems after it’s too late.
Additionally, you should track your marketing efforts for the full year. This is critical to effectively plan your marketing initiatives for the upcoming year. Increase your efforts in marketing channels that are more effective for you while reducing the time you put into less successful areas.
As you analyze the entire year, you should compare STLY metrics and the ROI of your marketing tech stack. Marketing technology constantly evolves, and you might realize functionality which was previously available in multiple programs can be condensed into one. If you’re like me, your tech stack has an enormous effect on your budget, which means optimizing can help you gain the resources to add new initiatives.
Better Strategies for Increased Revenue
Marketing metrics allow you to create with a purpose in mind, rather than ambiguously hoping for success. With so much marketing content already available to the buyer, analytics and tracking will let you clearly see where you fit. You can confidently spend marketing dollars for initiatives that you know are working, and you can quantify ROI. If you’d like to learn more about solutions to help you boost your marketing results, check out our online resource portal or contact us any time.