Four Ways Marketing Analytics Tools Drive Business Growth
Marketing analytics tools continue to change the way we advertise businesses.
Before digital marketing, brands and agencies were spending far more on their advertising campaigns in exchange for very little feedback. Smaller businesses with less budget to work with could not benefit from the additional exposure to help business growth.
With the advent of digital marketing tools and techniques, brands can now approach a level playing field. Even a small, local company can reliably drive business growth with the help of marketing analytics tools.
Here are four ways that analytics can help your business grow successfully.
1. Marketing Analytics Tools Improve Your ROI with Direct Feedback
Free-to-use platforms such as Google Analytics have effectively taken all of the guesswork out of digital advertising. Even paid ad platforms like Google Ads or Facebook Ads support all of your work with constant analytical feedback.
Whether you’re choosing the right image for an ad, working on the perfect headline, or writing copy for your home page, marketing analytics tools can help you improve.
These digital advertising platforms allow you to keep track of vital metrics including page visits, bounce rate, average session duration, click-through rate, and much more. You can even leverage marketing heat maps to see where on the page users tend to look and which areas they’re skipping.
Even when you are unable to precisely pinpoint an issue, your analytics will provide enough feedback to help you construct a better marketing product. You can and should A/B test several versions of an ad or website page to see which performs better with your target audience. You’ll be able to actively study what visitors enjoy and what they don’t want to see from your brand.
Provided that you actively monitor and engage with your analytics, improvements to your ROI are virtually assured. Even if your early campaigns do not boast huge sales numbers, the feedback you’re purchasing is a sound investment in your business’s future growth.
2. The Ability to Create Personalized Advertisements
One drawback to the accessibility of digital marketing is that audiences are inundated with advertisements daily. If you simply hit publish on a generic ad and landing page for your campaign, you shouldn’t expect to see many conversions.
However, one of the many benefits of analytics tools is the ability to discern more vital information from your target audience. As you gather enough data, you can begin to segment your target audience into specific groups. This allows your company to create highly-personalized advertisements to increase your CTR and CVR.
This is vital as each individual in your target audience is at a different stage of the buyer’s journey. Some may be uneasy at the idea of spending cash and simply want to gather information. Meanwhile, others may be on the verge of checkout, but abandon the process for some undefined reason. You wouldn’t approach these two individuals with the same sales tactics in real life, so your marketing should also reflect this.
With marketing analytics tools, you can create content to help consumers make smart purchasing decisions. You can meet undecided buyers at their level and send follow-up emails personalized with their name and email. Your company can also publish email marketing lists that are exclusive to recurring customers.
When the customer feels a personal connection with your brand, there’s a far greater chance of achieving a conversion. The more conversions you obtain, the more data you have to drive future marketing decisions, which drive business growth to new levels.
3. Marketing Analytics Make It Easier to Find New Leads
As a customer moves from the discovery stage to the buying stage, your brand can gather a wealth of information. When you obtain a satisfying number of customers, you’ll have enough of a sample size to draw meaningful conclusions about your marketing as well as your customer interests.
With this analytical data, you can utilize digital marketing platforms to rapidly discover and connect with new leads. In the paid ads world, this is sometimes referred to as targeting “lookalike audiences.”
These new potential leads share similar attributes to previous or existing customers. Because your marketing analytics already helped you curate an effective strategy, you can reuse similar techniques to reach new customers with little additional effort. Your previous investment is rewarded by allowing you to spend less on new customer acquisition.
Typically, it can cost as much as five times more to obtain new customers than it is to retain existing ones. However, your business cannot grow without expanding its customer base. By utilizing your marketing analytics tools, you can achieve this growth while keeping your expenses low.
4. Achieve Growth by Keeping Tabs on Competitors
Your analytics not only provide personal company insights but can help you see the latest activities from your closest competitors online. Your marketing analytics tools will help you with this in a variety of ways.
First, you can look at competitor websites that rank higher than yours for the same targeted keywords. This helps you focus your vision on the specific sites and web pages that are utilizing more effective copy, graphics, or techniques.
You can use this study to take note of what you can change or implement within your website or advertisements. Alternatively, you can rule out specific keyword targets that are victims of a bidding war and seek new routes for obtaining qualified traffic. Oftentimes, the strategy is not to simply burn your budget by outbidding the competition, but by capitalizing on unique angles that suit your business and differentiate you from other results.
Companies can also utilize their marketing analytics to see the exact number of clicks and average estimated ROI competitors are getting for the same keywords. This will assist in gaining a better understanding of marketing costs so that you can modify your strategy according to your budget.
As a final note, know that all of your competitors are already taking advantage of marketing analytics tools for these same reasons. You must adapt to new technologies and expand your knowledge if you want your brand to survive and remain competitive for the years to come.
Business Growth is Achievable for Any Brand with Marketing Analytics
The benefits of marketing analytical tools cannot be ignored. Not only are the insights imperative for creating effective ads, but they also make digital marketing far more cost-effective than any traditional advertising method.
With these marketing analytics tools, you never waste your budget simply for the hopes of potential exposure. The constant feedback loop will serve as your blueprint of what to do and what to avoid when creating your new web pages, paid ad campaigns, or even social media posts. Everything a visitor does or does not do is recorded for your observation.
However, while these digital marketing platforms do the heavy lifting of collecting the data, you still need to remain active. With a capable digital marketing manager at the helm, you can turn your investment in analytics into your key for dependable business growth.