Build Durable,Precise, and Smart Marketing Analytics

With each passing year, the demands for rigorous data, insights, and accurate predictions continue to grow across virtually every industry sector. At the rate of technological advancements currently experienced in our society, the demand for accurate and well-researched insights will only keep growing further. At the forefront of these increasing levels of data demand is marketing in all of its forms, subject-area expertise and organizational structure. Marketers now more than ever before must combine their experience and instincts with actionable insights from internal and external data sources.

We at Analytics Metal are well-equipped, well-versed, and well-experienced across a vast array of industries and business models, and have helped many organizations with all aspects of their marketing analytics strategy. From customer segmentation to market research, our analytics and business intelligence services can help your organization succeed, whether you have in-house support, partner or agency support, or no internal or external support associates or partners.

A Sturdy Framework for Razor-Sharp Marketing Analytics:

Every technological leap forward means a longer look-back window for what society was like prior to innovation. Consider how far we have come based on the fact that, not too long ago, marketers had no idea if their efforts would work. If business volume and profit did increase, and if there was marketing running at any point prior to the rise in business performance, marketers would naturally assign themselves 100% of the attribution, even if there was special promotion running or even if economic conditions were more favorable or even if the business also entered into peak seasonality for their industry. In other words, correlation was implying causation, when, as many learned during their educational pursuits, correlation does not imply causation.

Today, and with the help of Analytics Metal, attribution, cost savings, and incremental lift can be accurately computed for any and all marketing initiatives, whether they are online or offline, digital or physical, in print, image, video, or other form. Our sturdy-framework for marketing analytics is comprised of the following:

A. Baseline: Current State of Your Data, Marketing Programs, and Measurement

Before any heavy lifting can begin, detailed knowledge of the current landscape of available data collection and reporting must be obtained. This, in of itself, could present challenges within your organization, as data is proprietary to your organization and should always be treated sensibly. It’s critical to work with an experienced and trusted team when data and analysis of marketing (customer) data is at the center of a project, especially in the early exploratory phases of a marketing analytics project. Detailed and historical data knowledge and potentially read-only access or temporary access may be needed for some types of analyses, like a marketing mix model (MMM), which require several weeks or months of historical data to conduct.

B. KPI Definition, Outcomes, and Report Planning

Defining key performance indicators (KPIs) and establishing financial outcome metrics like customer acquisition cost (CAC) should be a clear next phase for a marketing analytics project and as a general department practice. It’s possible your organization has these defined already, which saves time and cost. If not, now is the time to define and document how you will measure customer retention and acquisition, what your target return on ad spend (ROAS) will be, and how you will report on overall performance on a per-project and on a continuous basis.

Reporting on impressions, reach, and awareness metrics will always be a part of your overall analysis and report strategy - the above KPI examples represent metrics that will augment the story you will share with your colleagues and executive teams on the outcomes of your efforts.

C. Customer Segmentation and Analysis

Do you know who your best customer is? Could you, without looking it up, answer that question accurately if your VP or CEO walked by and asked you that, on-the-fly? Marketers who know their best customers and know their customer base well will be well-positioned to succeed with execution and measurement of any analytics project or work stream.

Creating personas, customer profiles, market basket analysis, cohort groups and any other first-party data analysis could unlock deep insights for potential future leads, sales, and profit.

D. Competitive and Market Research

Do you know who your top competitors are, and do you know where your market opportunities could be found? Once all internal data analytics has been properly configured and researched, adding in the ever-so-important layer of what the competitive landscape is and what the market gaps are will allow your marketing analytics to be fine tuned for precision insights. Building internal reporting and dashboard on your competitor data, their value propositions and their go-to-market strategies allows your organization to know where it fits - consumers always have choices and are getting better at researching their options.

E. Types of Marketing Analytics Projects

Your marketing analytics project will ultimately involve some combination of a voice-of-customer survey or feedback panel, user-experience testing, ratings & reviews analysis, sentiment and text analytics, brand perception and recall studies and a custom marketing mix model. The types or mix of projects, their scope, and their duration need to be planned carefully for maximum probability of success for your marketing campaigns and initiatives.

F. Adding Advanced Techniques and Deeper Strategies

Customers on the web and in the real world have now come to expect a certain level of personalization from the brands they interact with. You can, and should, precisely refine your marketing analytics with highly-targeted personalization rules and workflows, custom segmentation targeting and continuous learning and development via A/B testing.

G. Predictive Analytics and Statistical Insights

The best marketing analytics project or advertising campaign your organization could conceivably create may never materialize without a sound measurement and insight approach. Being able to accurately measure and predict how your customers and prospects respond to your marketing initiatives will ultimately define your marketing analytics success rate.

Having a robust and thorough marketing analytics strategy can give you the necessary data points and insights to equip your team, your marketing department and your organization for success. With Analytics Metal, you will be able to replace “Will this work?” with “Here’s how this will work”. Let’s have an initial conversation today, so that we can understand your current marketing analytics challenges and provide a solution for how to best partner with you.