ANALYTICS HAVE BECOME AN INDESPENSIBLE ASPECT OF MARKETING
Consider this: spending on marketing analytics—broadly defined as quantitative data about customer behavior and marketplace activities—is expected to skyrocket from 4.6% to 22% of marketing budgets by the year 2020. According to Forbes magazine, marketers say barely a third of available data currently drives the decision-making processes in their companies.
It’s time to learn how to crunch the numbers.
A number of factors prevent marketers from using the analytics at their disposals. The biggest issue is not having the processes or tools in place to measure success through analytics. Wrapping your head around new technologies and capabilities can be challenging. To this end, having the right mindset is key. Embrace the possibilities that come with data analytics and choose to believe they can help your business grow.
Here at Visionworks, we believe that marketing is equal parts art and science. The same could be said about evaluating data, as you need the ability to think analytically and creatively to make the most out of the information. We look at the data for many endeavors—digital newsletters and pay-per-click, to name a couple—and use the results to make modifications to content. We can track what works versus what doesn’t, which makes us more agile. In today’s hypercompetitive marketplace, you need to be able to change directions quickly. Analytics help achieve that.
What do you do with your analytics?