Whether you’ve been in the marketing game for some time or are a start-up looking to get ahead of the competition, marketing data analytics are a valuable way to spice up your advertising campaigns.
With over three-fourths of marketing teams using data analytics to improve their decision-making, we can say that data analytics is becoming a common practice among companies. Large companies have had the chance to utilize big data to increase their revenue for years. In the past few years, technological advancement made data analysis software more accessible.
Whether you’re running a small or medium-sized enterprise, utilizing the basic concepts of data analysis for your advertising campaign will impact your popularity, revenue, or brand awareness.
Before we get started, what are data analytics for marketing?
Data analytics for marketing are the processes used to transform raw data into meaningful insights about customer behavior and preferences. These insights can be used to inform your advertising campaign in terms of which message resonates with customers, what channels should be targeted, and so on.
Often, data analytics is used to measure the effectiveness of a certain campaign or product launch. It can also be used to monitor customer engagement and conversions. Overall, data analytics is a marketing best practice that can be used to shape your advertising strategy for maximum success.
What type of data do marketers use in their analytical tools?
Data-driven marketers typically use qualitative and quantitative data when using analytics. Qualitative data includes insights based on customer surveys, interviews, focus groups, and other subjective feedback. Quantitative data consists of hard facts such as website visits, click-through rates, or sales numbers. See what makes a good click through rate (CTR) here.
Marketers can combine both types of data to help them gain a better understanding of their target audience and develop a successful advertising campaign. We’ll talk more about the correct data to use in the next section.
Now that we’ve got a basic understanding of data analytics, let’s look at eight ways you can use it to create a better advertising campaign.
1. Use the correct type of data
Having too much customer data won’t necessarily harm your advertising process or overall marketing strategy, however, spending too much time on unnecessary data will slow down your operations and cost you time and resources.
To make the most out of the data that you have gathered, you need to prioritize measurable goals for your marketing efforts and then act accordingly. “KPIs” or key performance indicators are the most precise way to set and track your company’s goals.
Essential attributes of KPIs are that they are measurable, they can be tracked over a period of time, and they can be checked and analyzed over and over again. Examples of KPIs include increasing website visits, having more emails opened, getting more conversions, getting more followers, etc.
2. Create a personalized advertising campaign
Analyzing big data will allow you to have a closer insight into your customer base. The majority of customers are attracted to the sense of connection between themselves and the brand. Most importantly, personalized campaigns have a very high return on investment.
Rather than focusing on your audience as a whole, personalized campaigns tailor the presentation of a product according to a particular type of customer. Whether this is achieved through a specific story, a face behind the brand, or a unique solution for a problem, a personalized campaign will give the customer a sense as if the product is made for them only. Defining a buyer persona is a great way to learn more about your target audience, their behavior, and preferences. Learn how to define a buyer persona here.
Personalized campaigns will enhance the bond between your brand and your customers and increase your brand’s likeability for new customers. Although this method isn’t easy to achieve effectively, you should always look for ways to achieve this ideal.
3. Use CPG analytics
Another way to maximize your advertising campaign’s potential is to use geospatial analytics software. Software for analyzing certain types of data, such as consumer packaged goods analytics, will give you access to shopper insights, allowing you to plan your advertising campaigns more accordingly.
CPG analytics tools are helpful for companies that have been operating for years and are looking for new markets to penetrate. Still, they can be just as useful for startups or small and medium enterprises.
From more abstract forms of data such as territory coverage and traffic density from different sources to insight into observational and sales data, CPG analytics is a powerful tool for creating the ideal advertising campaign.
4. Audience segmentation
Audience segmentation is the process of breaking down your target market into smaller groups based on demographics, interests, lifestyle, and more. Segmenting your audience allows you to customize your advertising campaigns and create a more effective strategy. A company that sells beard grooming kits, for example, would find it more effective to target men aged 20-35 than the general public.
Data analytics software allows you to research your customers in a more detailed manner. Thus, it becomes easy to separate your audience into basic categories. Data analytics significantly expands your ability to segment your audience and then target it.
You can create more personalized advertising campaigns and increase your revenue by getting a sense of various groups interested in your product. Audience segmentation can be based on demographics, behavior, or various other characteristics.
Target your audience
After researching your audience, the next step is to target them according to their qualities. You can reach out to your customers through traditional marketing channels such as tv ads or billboards, or you can use more modern ways such as influencer marketing, social media, short videos, and other online forms of marketing.
You should use the research that you’ve done in a way that will help you reach the largest amount of people. If your company is targeting younger audiences, using TikTok or Instagram ads might be a better option than Facebook.
5. Use data analytics for email campaigns
Email marketing has one of the highest ROIs (returns on investment) in the world of marketing and advertising. With every email being a direct one-on-one communication between the brand and the consumer, it is a great way to reach out to potential and existing customers.
Emails are commonly used for promotions, deals, or valuable info about the brand or the company. On top of this, newsletters can be used to keep in touch with your customers and increase their loyalty to your brand.
Data analytics can be used to monitor the effectiveness of your email campaigns. Email marketing tools will allow you to track measurable information, such as the bounce rate of your emails, whether they are opened, and time spent viewing the email. These might differ depending on the platform that you are using for this.
6. Improve social media advertising
As mentioned before, not all social media platforms are made the same. Each of them has a different audience, and they often have different types of content they support. Facebook supports multiple formats of content, such as long-form posts, videos, and, lately, short videos. Instagram focuses on pictures and video content, while TikTok only supports short-form videos.
Each one of these platforms has a different audience. As mentioned before, the age group of the audience is a significant factor that should contribute to your choice of social media channel.
Other advantages of data analytics, such as having insight into the customers’ behavior and their geolocation, will allow you to tailor the content posted on your social media channels more precisely.
7. Monitor your results
Even after you’ve followed all the ways that are on this list, the improvement of your advertising campaign doesn’t stop there. No matter whether you are receiving positive or negative results, you need to continue to monitor your results and constantly make improvements.
Even after a short time, unexpected events can significantly impact the market, and they can have a consequential effect on your company. Unfortunate events such as wars or the Covid-19 pandemic impacted basically all industries. Marketing trends drastically changed because of this, and it is essential to keep up with them.
By keeping up with the data you are gathering using your sources and analytics tools, you will be able to constantly improve your advertising campaigns and the image of your company.
Does marketing data analytics improve advertising campaigns?
Although they aren’t successful in every situation, data analytics will allow you to improve almost every aspect of your advertising campaigns. By having better insight into your audience’s demographics, behavior, and preferences, you will be able to create content that is more tailored to their needs.
Data analytics can also help you identify which sources and channels will be most effective in reaching your target audience. Additionally, it can help you monitor the effectiveness of your campaigns and track how well they are performing.
Overall, data analytics can substantially improve the results of your advertising campaigns if used correctly. With the right tools and sources, you can gain valuable insights that will help your business reach its goals.
But wait! Be sure you know the difference between data analytics and other methodologies like business intelligence by clicking here!
Frequently Asked Questions
What is big data analytics, and why is it important for marketing?
“Big data analytics” is a term that refers to an advanced process of analyzing big data to obtain data from it and make assumptions based on it. “Big data” is large, complex sets of data that are generated by digital interactions such as website visits and social media posts. Its importance for marketing comes from the fact that it can give marketers insight into their target markets and help them create better, more effective campaigns.
How is data used in a digital marketing campaign?
From having a direct impact on increasing the number of sales or revenue to influencing more abstract things such as brand awareness, data has a significant role in marketing campaigns. Data can be used to create more effective and targeted campaigns, as well as optimize existing ones. Additionally, data can help marketers track the effectiveness of a campaign and understand the customer journey.
What is the goal of analytics in marketing?
The goal of analytics in marketing is to make the marketing campaign more effective and improve its return on investment. There are many ways in which analytics can impact the marketing campaign of your company, and they all lead to the increased effectiveness of the marketing or advertising campaign itself.
What are the three main components of marketing analytics?
When it comes to marketing analytics, there are three main components:
Analyzing the present
Reporting on the past
Predicting the future
With various uses of data in marketing, by examining these three main components of your company, you should come up with solutions and improvements for various aspects of your company.
What is a marketing analytics solution?
A marketing analytics solution is a platform that helps businesses analyze their data to gain insights and make decisions. It enables companies to collect, store, visualize and analyze data from various sources such as websites, social media platforms, and mobile apps. A good analytics solution will allow you to identify trends in your data, track the performance of campaigns, optimize spending, and measure the ROI of marketing campaigns.
It is essential for a company to have an effective marketing analytics solution in order to gain valuable insights and make decisions that will help it reach its goals. Having data-driven decision-making capabilities will allow your company to stay ahead of the competition and remain competitive in today’s digital economy.
