Why companies are spending so much on marketing analytics
The report says that both B2B and B2C companies are going to spend 73% to 100% on marketing analytics over the next three years. There are various tools of marketing analytics that includes Ad effectiveness, CRO, SEO/SEM analytics, Big Data, and Ecommerce analytics. The companies are spending over 1/3rd of their budget on analytics for capturing, processing, and leveraging the customer data.
It is a crucial area for any marketing genre, especially for the digital marketing as maintaining the huge amount of data becomes quite a difficult task without marketing analytics tools. It is important to identify the best analytical approaches. It has been found that higher quality leads for the sales team. Marketing analytics provides critical insights that influence the campaigns and the revenue. Converting leads successfully into sale improves the quality and speed of decision making which eventually leads to the company’s success. Data analytics rate has gone up to 65% from 55% in 2014. And 42% are still planning on data implementation in their business.
There are diverse types of statistics that are required to support different zones of online marketing.
As a data analytics provider, we make sure to get strong and streamlined information for your industry. From Big data to mobile data, from performance data to campaign and product data, the idea of data analytics assists you to gain profit, develop your metrics, and enlarge your business reach. Effortlessly data management to advanced metrics, data analytics forms the nucleus process to guide your business towards a superior achievement.
And here are the reasons as to why the companies are spending hefty amount of their in marketing analytics:
The strategies & its implementation
It figures out the total number of visitors on the company’s website, the average amount of time that they are spending, and the bounce rate. This enables the companies to keep a track of the number of visitors that are showing up at your site and how long they are spending the time at the website. ROI (Return on Investment) notifies you which campaigns are running successfully and contributing in your industry to produce thereby registering the profit ratio on your investment.
Sales and campaigns
Incremental sales are very important as it informs you how and which ones of your marketing strategies are giving sales. To monitor Incremental Sales create a sales baseline and then check the changing trends of the market. It demonstrates the effectiveness of your campaigns.
Conversions by campaign show which promotion campaigns have reached the maximum number of leads or sales. This assists the businesses to isolate the performing campaigns from the non-performing ones.
A visitor to buyer ratio measures the actual number of buyers from the visitors that come to your site. This provides a plain portrait of your customer base. Sales by lead source illustrate accurately which leads are generating the most number of sales. It would include search engine traffic, pay per click, social media, etc. In this way, the companies get know their most valuable sources of leads and invest at the right platform for ads.
Social Media & SEO
By monitoring the social media interactions such as Facebook likes and shares, tweeting, etc. You can search out an idea of which advertising efforts are being effectual and appealing with the audience. Searching the correct set of keyword phrases for your website, especially the first page can be very profitable. You can track your site’s rankings and check which search engine optimization campaigns being fruitful.
So it is very clear from the above-mentioned points that marketing analytics is playing a major role in the corporate world today.
We at Infinity Intellectuals we provide you with the same service to bring about the rapid growth in your business. We follow these simple and effective rules that prove to be very important for online marketing.