Marketing Analytics

For this blog post in particular we will take a look at the importance of Data Analytics. As you look at the world today you will notice how businesses are not what they used to be much has grown and evolved over the years. The best way to describe it is that business have become very concerned with how the results of success over other things. Consumers mostly care about getting as much information as possible cause in this day and age data has become just as important as resources like oil used to be. This is where data analytics enter the picture. These allow you to track analyze the results of your own business allowing a more comprehensive view of said business’s marketing strategy. This can help to give a clear perceptive of what works about your strategy and what dose not. For many people this is very helpful because it allows them to see where their business is going and if all your hard work is worthwhile. (SHERMAN, 2019)

So, as we all know analytics are used to evaluate the effectiveness of marketing. But one question is how we evaluate our marketing effectiveness. This is where Key Performance Indicators these are used to judge marketing campaigns. One of these KPIs is customer acquisition, this includes all program and marketing costs that are associated with the leading customer. By calculating the acquisition cost, you will have a better understanding of your efforts. Another good Customer Lifetime value. This KPI is one of the most important because it can cost money to find new customers Therefor the revenue from existing customers is important to maintain. Not only dose this save cost expenses but the marketing budget can be spent on better quality prospects. One final KPI is Return of marketing investments. Calculating the return of any kind of investments is important to assess your annual performance. Anyone who wishes to increase their budget for ineffective marketing would not be wise cause these can cost your company large amounts of money. Regardless of what activity your company is using the returning in vestments will play a large part in your company’s future. (Edgecomb, 2021)

Edgecomb, C. (2021). The 10 Marketing KPIs You Should Be Tracking (Updated for 2021). [online] www.impactplus.com. Available at: https://www.impactplus.com/blog/the-10-marketing-kpis-you-should-be-tracking.

SHERMAN (2019). Understanding the Importance of Digital Marketing Analytics. [online] Digital Marketing Blog. Available at: https://www.lyfemarketing.com/blog/digital-marketing-analytics/ [Accessed 19 Apr. 2022].