Why is Marketing Analytics Important?
In the past, the only way to tell how your marketing efforts were doing was through measuring profit margins and seeing how many more customers showed up in stores than usual. Today, businesses have expanded to new marketing categories thanks to the wealth of new technologies available to support, manage, and organize them.
Marketing analytics are important because they offer a holistic view of your business’ marketing efforts and their subsequent success rates. For many companies, having many different marketing technologies can get overwhelming and out of hand. Marketers may make decisions based on just one vein of data from one channel (such as digital marketing or social media), and miss out on the bigger marketing picture.
Instead of looking at just one area of the picture, marketing analytics give you the whole picture, allowing you to make better decisions for your business. For example, without marketing analytics, you run the risk of spending more money than you need to on marketing campaigns and other efforts.
Marketing analytics would make a difference here because they would be able to show you, clearly, if a certain campaign or marketing strategy is costing you more than it is returning. Such a scenario is obviously not sustainable, and only looking at one marketing channel could cause you to miss this huge, money-wasting problem.
When you can see all marketing efforts across all channels, you gain a better idea of what is working, what’s not working, and how to make things better. In business, one bad decision can be detrimental to the whole operation. With this in mind, you want to be as safe and informed as possible. Marketing analytics gives you this safety and much more.