Marketers should know the value of robust data analysis. Marketing analytics is a key tool for measuring, managing and analysing marketing performance to see returns on investment and allows for optimisation of the business needs. Marketing analytics allows marketers to become more efficient and more effective. After all, no one wants to see their hard work wasted. Monitoring campaigns is crucial to ensure that money not lost and that the campaign is going as efficiently as it should do. Should the campaign start to lose money, effective analytics will show this and allow you to make the necessary changes for the needs of the business. After all, if a project is losing more than it is making, the hypothetical plug needs to be pulled. No one likes a drain on resources. Invariably, marketing analytics allows you to see where every penny is being spent and where it can be spent more effectively for long term gain.
Unfortunately, if there is going to be a gap within any marketing department, trends show that marketing analytics is proving to be a weak area. What is more, big data is becoming even bigger. Everything is now turning towards data and with the talent gap becoming more apparent this can have quite a negative effect on your business. To manage successful campaigns, there will be an even bigger onus on data analysis. The great thing is that specialist companies, such as Camo, will take on your data analysis needs, should you have a resource gap within your company. By outsourcing your data analysis needs, your business will ultimately prosper.
For rapid growth and change within a company, outsourcing some of your marketing needs is a matter of necessity. The issue is largely that companies simply do not have the time, resources and in-house talent to recruit and train such a niche gap within their own talent pool. Another great reason to outsource some parts of your marketing is that, in short, should you not have the technological resources in house outsourcing marketing analytics could actually prove to be more cost effective in the long run.
The real beauty of marketing analytics is being able to test, develop and retest. The data provided by marketing analytics can be used to test areas of potential growth, or increased conversions and retentions. It can also be used to develop more targeted campaigns that you can deliver to customers, whether that is direct to consumer, or through business to business sales channels. Data may be the key, but it is in the understanding of the data that can really make a positive difference.
As times change, so do marketing functions. What was once a highly creative process is now very much driven by a data process. With this in mind, processes ultimately change internally and knowledge gaps becoming increasingly apparent. Marketing analytics allows the business to see where their gaps are with clients and customers. A strong customer focus can help businesses ultimately grow and prosper further, utilising analytics during the campaign can only strengthen business prospects.
