Marketing analytics is an integral part of any business’s growth strategy. It can help you understand how to gain and retain customers by identifying the best marketing mix, channels, message, and creativity. Growth marketing agency experts say that you must know what you’re looking for before you start analyzing your data. If customers complain about your product, are they unhappy with the quality? Or did they have an off day? Is there a competitor that has better-quality products on sale at lower prices? Do these customers ever look elsewhere for their next purchase?
Once you’ve answered these questions and learned as much as possible about your business and customers, it’s time to get down into the weeds of analytics—and plenty of tools, as well as SaaS marketing agency experts, are available today, which will help with this process.
Define a hypothesis that can be used as a basis for your marketing analytics efforts
According to growth marketing agency experts, the first step in conducting an analytics project is to define a hypothesis that can be used as a basis for your marketing analytics efforts. The hypothesis should be testable, measurable, specific, and relevant to your business goals. The time-bound nature of the goal or strategy will help you measure whether or not it has been achieved over time (i.e., if there is no change in the outcome after three months). The next step is selecting which data sources are most relevant to your needs and then collecting them into one place where they can be analyzed using tools.
Know what metrics to measure
If you’re new to marketing analytics, it can take time to know where to start. There are a lot of tools and metrics out there. So how do you choose the right ones for your needs? A SaaS marketing agency like Voxturr can help you out! First, you should know what you want to measure. It is essential to any business decision-making process, especially when choosing which metrics will help guide growth efforts.
For example, if all your sales reps were only sending cold emails with no follow-up or content creation behind them, then yes, they would be losing money on each sale. But those losses would matter less if they had better conversion rates because there would still be plenty left after paying rent/salaries, etc.
Make sure your organization is ready for marketing analytics
Before using marketing analytics, your organization needs to be prepared as per the best growth marketing agency experts. The following are some of the steps that will help you ensure your business is ready:
- Have the proper infrastructure in place: You should have an IT team that understands how to implement and use marketing analytics tools. They should also clearly understand the data collected by these tools, as well as what kinds of analyses can be done with it. It means they know which tools are most effective for their needs and how best to use them.
- Have all staff trained on how to use their new toolset: Training employees on new technology takes time; however, it’s crucial if you want them to work together effectively (and get good results). If one person has been trained, but no one else has been given access yet—or vice versa—then make sure everyone knows about this problem so it doesn’t become a bigger problem later down the line!
Use the right infrastructure to support your marketing analytics efforts
The most vital step to marketing analytics work within your organization is to define a process to make it happen as per the best SaaS marketing agency expert. It will require you to create an agile approach and plan for success. It would help if you also had the right infrastructure in place, including the following:
- A data governance framework that ensures all stakeholders are aligned on how they want their data used
Define a process to make marketing analytics work within your organization
Marketing analytics is the use of data-driven insights to improve business performance. It’s not just about looking at numbers or metrics but also about how those numbers and metrics can help businesses grow and evolve. You need a process for collecting data, analyzing it, presenting it understandably so that everyone understands what’s happening with the company, and then making decisions based on those insights.
Develop an agile approach and a plan for marketing analytics success
To start building a plan for success with marketing analytics, think about what results would impress you most about how successful your business has been over the past six months or years. What does success look like? Is it more revenue generated per month than last year’s revenue? How many new customers did we sign up last month compared with the previous year’s numbers? Instead of focusing solely on revenue increases/decreases, we should look at things like bounce rate reduction (how many times people leave our site), time spent on site versus the number of visitors, etc.
Marketing analytics is an integral part of any business’s growth strategy. It provides the information needed to track and measure customer interactions, improve customer satisfaction and retain current customers. Marketing analytics used by growth marketing agency experts can also help you gain new customers by identifying the best marketing mix, channels, messages, and creativity. By implementing effective marketing analytics processes within your organization, you will reduce waste in marketing spending. At the same time, increasing profits through a better understanding of what works and why it works so well for your company’s needs.
Let your business grow with the best SaaS marketing agency: Voxturr! Our goal at Voxturr is to assist B2B SaaS startups in reaching the market and quickly scale. You can learn more about outsourcing your SaaS marketing role by scheduling a meeting with us. We’d be thrilled to learn more about your business and support its growth.