To measure the effectiveness of marketing has always been a challenge for many organizations. According to Unica’s 2011 State of Marketing report, nearly 57% marketing analysts identified “Measurement, analysis and learning” as the central IT bottleneck.
All too often, professionals consider marketing analytics and web analytics as the same thing. However, you should take note that there are major differences between the two and both are essential for your business’s marketing success. In a sense, you cannot succeed without the other.
The Main Difference between Web and Marketing Analytics
Most of the marketers associate the word analytics with metrics that are related to web analytics (i.e. Google Analytics), which include elements such as unique page views, number of hits on a page, load time, time-on site and bounce rate.
However, they are all not enough to measure the success of marketing performance. Web analytics is very helpful but do not give us a complete picture of how your marketing is going to pan out.
Web analytics focuses on the data that comes from website tracking and a customer’s general presence online. For example, how a customer interacts with your website and how much time they spend on the website. Though such data is very informative, many other factors are interrelated with your website and marketing success. That is why marketing analytics becomes a more practical route to choose.
Marketing analytics deals with the big data; it includes data not only from your website but also from other sources such as social media, emails, events, and blogs. The use of different marketing analytics techniques increases your company’s marketing return on investment (ROI).
It is also helpful when it comes to analyzing the customer preference and current trends. It helps with advertising sense, search engine optimization, and optimization of advertisements.
Marketing analytics mostly focus on ‘people’ and is thus, customer-centric, giving more emphasis to the prospect, lead or customer while web analytics usually consider the page view as the factor of focus.
Importance of Marketing Analytics
Marketing analytics use different techniques to understand the effectiveness of marketing and not just the effectiveness of a business website. It considers the original result and ROI from all of your marketing efforts. Data is not only collected from your website but also from all the channels currently being used for marketing.
These days, marketing analytics has developed by adopting dozens of techniques into one marketing campaign. To understand the full picture, it is necessary to track all the marketing efforts across different channels. You cannot just focus on social media or web data and think you will be able to collect all the data you need. By considering various channels over a period of time, it enhances a marketer’s ability to make better business decisions.
Marketing analytics helps us to evaluate the overall performance of marketing techniques, how they are going and how we can improve them. It figures out all the small details and analyzes the present and future, such as determining which marketing channel is likely to produce a higher ROI.
In marketing analytics, such campaigns are employed which takes the customer into account for a longer period than only the small ‘website viewing’ factor. It addresses questions such as ‘which strategy will attract customers to your business?’ or ‘what will urge them to make a purchase?’
How marketing analytics is better than web analytics
- Marketing analytics provides integration between different marketing channels and helps to understand the relationship across various channels such as social media, blogs and emails. Through this tracking method, you can easily see the performance of multiple channels together.
- Marketing analytics is customer-centric. This means that it focuses on the customer and not just the page view. The collected data reveals the client’s lifecycle. You will be able to track a customer’s needs. You will also be able to find out how they interacted with your business. Did they find you in a Google search? Via social media? Read one of your blogs?
- Marketing analytics help you understand your customer trends and which marketing activities are necessary at each stage of a sales cycle.
- Closed-loop marketing analytics determines which marketing activities generate more sales and which activities contribute to the bottom line. For example, your blog is efficient in producing the leads, but are those leads generating a sale?
Need help assessing your web and marketing analytics? Contact Edkent Media to see how our data-driven methods can contribute to your business’s success.