3 Core Pillars of a Successful Marketing Analytics Strategy

Having a dedicated marketing team and specialized marketing campaigns are important assets for companies looking for an edge over the competition, but those assets alone are not enough. To maximize the effectiveness of your marketing efforts, your business requires a robust marketing analytics strategy.

Marketing analytics is all about ensuring your budget produces a positive return on investment (ROI) and putting resources where they make the most impact. We’ll take a closer look at marketing analytics below and examine a hypothetical scenario wherein a SaaS company uses the process to its advantage.

What is Marketing Analytics, and Why Does it Matter?

Marketing analytics refers to the resources and processes required to collect, organize, and act upon useful marketing data. Companies have unique marketing concerns, strengths, and weaknesses, and therefore need personalized marketing analytics strategies to maximize their digital outreach efforts. 

Without a digital marketing analytics strategy, you can’t be sure your company’s marketing budget is being used effectively. Once you begin measuring the effectiveness of your marketing campaigns, your company can concentrate its efforts and resources on the most effective channels.

The 3 Core Pillars of Any Marketing Analytics Strategy

No matter how comprehensive you want your company’s digital marketing strategy and analytics to be, plan for it to have three foundational pillars. 

1. Data Collection & Integration

The first order of business for your company is to decide which metrics you wish to measure. You might want to gauge the average cost of acquisition for new clients, the number of impressions your sponsored social media posts get, the bounce rate of first-time website visitors, or the client lifetime value. Those are just four of many metrics that may be important to your company. 

2. Data Analysis

Now that your entire RevOps (revenue operations) team has relevant marketing data, you need to transform and model it to produce actionable insights. Choosing the best visualizations for data modeling helps ensure that company leadership has access to neat, clear information.

3. Reporting and Optimizing

Getting the relevant data models to the right people might seem like a given, but companies that haven’t broken down unnecessary silos between RevOps departments often find that sales representatives aren’t sharing information with marketing personnel. Or, they might find that customer service staff don’t receive insights from sales and marketing team members. 

After ensuring RevOps is working from the same data, you can then begin measuring data against desired or expected benchmarks. Which marketing campaigns aren’t working? Which ads are getting the most traction? Once you’ve answered those questions, you can double down on the things that are actually working.

Marketing Analytics Strategy Example: Optimizing Customer Acquisition

One marketing metric commonly analyzed by RevOps teams is cost per acquisition (CPA), or cost per client (not to be confused with cost per click). For our example, let’s consider a fictional SaaS company that provides cybersecurity services. The CEO wants to gauge the CPA efficiency and make necessary adjustments.

Collecting the Data

One way the company wants to measure CPA efficiency is by identifying which marketing channels yield high-value customers. The marketing team obtains data from its Facebook, Google, and LinkedIn advertising campaigns to determine how high-value clients initially reached the company’s website. The RevOps-integrated CRM (customer relationship management) system provides information to help calculate the average customer lifetime value from channel-specific clients. 

Marketing Analytics Framework

In this phase, the SaaS company sets up the framework for data analysis. The marketing team ranks touchpoints by their effectiveness in moving the client journey forward through multi-touch attribution modeling. At the same time, it determines which touchpoints produce the highest percentage of lead drop-offs. All data is usable in some way, but the cybersecurity company figures out which data is most important for future marketing efforts.

Reporting Vital Insights

After collecting data and putting together the marketing analytics framework, the RevOps departments determine the most lucrative channels. It also sets up A/B testing for underperforming channels for insights into client behavior. Establishing dashboards for ongoing monitoring ensures RevOps has access to the latest actionable marketing data.

How PowerChord Makes Measuring Marketing Success a Breeze

Having multiple marketing channels is important for most businesses in the digital age, but knowing which channels are the most effective is arguably more important. PowerChord understands that multi-location companies need clear, concise, and relevant data to fine-tune their marketing efforts and maximize ROI. 

Our team will work with your RevOps departments to determine which metrics and customer behaviors you’d like to focus on. From there, you can easily access and monitor important data from our software’s intuitive dashboards. Let’s get together, discuss marketing analytics solutions, and set you up for sustained success.