Marketing data analysts are experts in quantitative and qualitative market analysis. They excel in identifying key market statistics, interpreting findings, and helping marketing managers understand the numbers behind their marketing strategies.
Marketing data analysis is a technique where the business will take all the available information regarding the market and come up with a marketing plan. It is a very vital piece of activity for any sort of business. It also shows you how well you have done in the market using your current marketing techniques.
Return on marketing investment (ROMI) is the contribution to profit attributable to marketing (net of marketing spending), divided by the marketing ‘invested’ or risked. ROMI is not like the other ‘return-on-investment’ (ROI) metrics because marketing is not the same kind of investment.
Marketers must have the technology and infrastructure in place to record meaningful information about various touch points that contribute to lead generation and customer acquisition. Good examples include online registration forms from freely available data on your website that might capture names, emails, position and phone number. In most cases, a marketing automation platform such as hubspot is used to supplement prospect-provided data.
From unique visitors to social media followers, , data is floating all around us. Senior management may be confused and overwhelmed about how marketing analytics relates to ROI, but setting clear, long-term objectives is just the beginning of improving profits and resource allocation.
Rev up your ROI by recognising distractions and executing differently. Here are five tips to help marketing data analysts better impact marketing ROI:
- Build a model to quantify the expected outcomes
Value exists in quantifying the forecasted outcomes from your marketing investments. Learn what to measure, when to measure and how to measure. In order to achieve your goals, establish specific steps to move the process along.
At my agency we’ve found that most digital marketing teams desire every campaign measured, but less than a third can effectively place ROI at the channel level. Mapping the impact of your marketing campaign to results hardens your ability to prove value – you should be tracking impressions and conversions, but also less-easily identifiable metrics such as how the activity halos in to brand and builds a holistic marketing strategy.
- Avoid Vanity Metrics
Avoid setting KPI’s that don’t directly result in some form of conversion value, like for example measuring your ability to rank number one for keyword X. These metrics distract your team from the business goal.
- Sales, Sales & More Sales
The Information Age has produced a new type of consumer—an informed buyer. People now make purchases based on blogs and review sites. The good news for your business is that you have access to the same information. The bad news: your team doesn’t know how to translate that data into revenue.
- Experiment Frequently
A/B testing offers opportunities for your business to accelerate growth. Testing should not only offer insight, but also alternatives. Furthermore, it doesn’t have to be a cumbersome process; simple business experiments work well.
Try the test-and-learn approach. Take one action with one targeted group, take a different action (or no action) with a control group, and then compare the results. This method keeps the process simple, and outcomes become apparent without the hassle.
In SEO, very quickly you’ll see whether or not the results of your tests are yielding results.
- Make An Informed Decision
Reporting your marketing analytics is necessary for your business’s success. More importantly, your team should focus on making an informed decision from those reports. So, what’s stopping management from taking action? They may have a case of analysis paralysis.
A study conducted by Princeton and Stanford University psychologists found that we are sometimes so obsessed with filling information gaps that we may choose the wrong path. Your business may want to create one more report or consult with one more business analyst. Our challenge is to make a good decision without accumulating more data.