In the process of business growth, many times some strategies have to be abandoned and other marketing strategies have to be implemented afresh.
In such a situation, it is justified to ask the question – how to know when to implement which strategy and how to implement it.
The answer to this is in two words – by doing Marketing Analysis.
Marketing Analysis gives you the results that you have predicted for your business. Under this, you have to analyze the data of your marketing activities.
Data Analysis in Marketing gives you different types of Results. For Eg it states that,
- Which people should you target through your Marketing Campaigns?
- Who are your target customers?
- Where should you do Tweaks in your Marketing Efforts?
- What is working for your business and what is not.
- Where should you focus your Marketing Resources?
But the question is how all this is done and what is the meaning of Analysis in Marketing?
So let’s start and understand What is Analysis in Marketing – Guide 2024 – Strategy to Increase Business 10x.
Analysis In Marketing Definition
Marketing Analysis or Marketing Analytics is the process under which data analysis of various marketing activities is done.
Many factors are studied in this Data Analysis, such as – Return On Investment (ROI), Consumer Behavior & Preferences, Conversion, Traffic, Keywords, Etc.
Based on these factors, a digital marketer allocates resources to make their marketing campaigns more effective by understanding various patterns & trends.
Analysis in Marketing or Marketing Research is often implemented in three phases:
Analyzing Present Situation: In this phase all Organic and Inorganic (Paid) Marketing Campaigns are studied.
Here the focus is mainly on Traffic, Engagement, Click Through Rate, Conversion, Keyword Rank etc.
Comparing with Past Campaign Data: Before starting New Campaigns, some Past Campaigns are also studied, and a report is prepared which is often compared with Present Scenarios.
It is seen here that if we get to see the trend like Past Campaigns then can we get our Desired Results.
Factors like Lead Generation, Number of Inquiries and Conversion Rate are analyzed here.
Estimating Future Outcomes: In this last phase of Marketing Analytics, Outcomes Plan is done on the basis of data and its trend, and it is understood that if this trend remains then what will be the results of the campaign after a specific time period.
In this way, these three steps are followed before creating a campaign. Hope you must have understood that what is Analysis In Marketing.
Now let’s go ahead and understand how Marketing Analysis works and how it impacts your business.
Marketing Analysis Working Process
After understanding Marketing Analysis very well, we should also know how it works and which metrics we should track during Marketing Analysis.
Some Metrics are analyzed in Marketing Analytics to increase the ROI of your business, but it is also important to know what these Metrics are.
Before knowing the metrics, let us understand how the Marketing Analysis Process works.
- First of all, the purpose behind running Marketing Campaigns for your business is known. In this, it is seen that what result do you want from your campaign.
- After deciding this, Marketing Activities are performed on the Suitable Platform.
- After this, the tools available for these platforms such as Google Search Console, Google Analytics, Facebook Ad Analytics, ConvertKit Analytics, and Analytics of Other CRM Tools are studied.
- In Analytics Study, you see the data according to your goals, understand and decide where and how much work to do, who to optimize, when to increase or decrease the budget, etc.
Now here the question comes that which data we have to analyze. So let’s understand it as well as what is Marketing Analysis and how it works.
Metrics To Track In Marketing Analysis
To make Marketing Analysis successful, generally three types of Data Track & Analyze are done:
Demographic Data: In Demographic Data, Target Customer’s Age, Gender, Income, Geography, Device Used etc. are seen.
This is Basic Information which helps you to better understand the Target Audience.
Qualitative Data: User Feedback, Opinions, Comments, Queries (Searched Keywords) etc. are seen in this and the Preferences & Behavior of Target Customers are understood.
This data is useful in creating new products and services.
Quantitative Data : Quantitative Data includes Number Of Visitors, Sessions, Page Views, Traffic By Channel & Device, Bounce Rate, Click Through Rate, Conversion Rate, Open Rate, Unsubscribe Rate, Engagement Rate, Follows And Subscriptions, Shares, Shopping Cart Abandonment Rate Factors such as Sales Conversion, Customer Acquisition Cost, Average Order Value, Repeat Customer Rate, etc. are tracked.
This data helps you to improve your campaign and tweaks in marketing strategies.
To get good results from Analysis Of Marketing, it is necessary to track all these data. For this you can use Powerful Tools like Google Analytics, SemRush, MailChimp.
Importance of Marketing Analytics
Marketing analysis is not just limited to analyzing data, it also helps in understanding your customer journey, personalizing outreach and providing better solutions.
All this data is necessary to make your Future Online Marketing Efforts successful.
Apart from these, there are many other advantages of Marketing Analysis, some of which are understood here.
1. Customer Behavior & Preferences are detected
Are you delivering the product that your potential customer needs?
Have you understood their need? Have you been able to understand their behavior?
When you run a marketing campaign, your target customers see your product or service, understand and visit your different pages.
In such a situation, you can understand their Behavior & Preference by tracking their Activity and can segment them based on this.
By segmenting you get to know that their,
- What are Age Group, Gender, Qualification, Geography.
- Which message of yours do they resonate with the most?
- Which features of your product or service are they liking the most?
- What are the Feedbacks of different Audience regarding your product or service.
In this way, you can tailor your Marketing Initiatives by understanding the Needs, Behaviors & Preferences of your Target Customers.
2. Can predict future outcomes
By predicting future outcome, I mean estimating the goals to be fulfilled in the future by understanding the current trends.
The journey from a stranger to becoming a customer gives you a lot of important information about them, which you can use to predict the results of other campaigns coming after two months, four months, six months.
You can guess how many Leads can be generated in future, what can be the Approximate Conversion Rate, how much Traffic can come, how many Enquiries can come, etc.
If you have an Ecommerce Business and you are running Campaigns for Product Selling, then by doing Marketing Analysis, you can know that how many people added the product to the cart but did not buy, how many bought, how many did something with one of your products. Buy other products also, in which months of the year there was more sale, etc.
With this information, you can create a more accurate Monthly or Quarterly Budget for yourself and plan for Short & Long Term Growth.
3. Can make Marketing Campaigns Effective
What is meant by Effective Marketing Campaigns?
This means achieving all those Sales & Marketing Goals for which these Campaigns were designed.
These goals may include Lead Generation, Traffic Generation, Awareness, Lead Conversion, Sales, etc.
By understanding Marketing Analytics, the right steps are taken towards achieving these goals and the Most Interested Customer is targeted.
In this way, with Marketing Analysis, we are able to run our campaign effectively.
4. Can use marketing resources intelligently
What is meant by Marketing Resource?
Marketing resources often include budget, tools, strategies, staff, technology, graphics and other marketing materials.
Analyzing Marketing Campaign Data, we get many such Results, on the basis of which we are able to use our resources intelligently.
For example, if we have a business of selling products and after doing marketing analysis, we are finding out that maximum sales happen only in a few months of the year, then we can now increase our marketing budget only for those months and more and more. Can reach more customers.
5. Business Revenue Grows
Analysis In Marketing helps you to show your products to the right customers at the right time.
Through this, you get to know when to use which Digital Marketing Strategies and for how long.
In this way, you can easily reach your products and services to new audiences, which increases your sales and ultimately increases business revenue.
I hope you must have understood why Marketing Analysis (Importance Of Analytics In Marketing) is important.
How to do marketing analysis for small business
Brainstorming, planning and setting up Digital Marketing Campaigns is a Challenging Task, but it is equally rewarding.
Once the campaign goes live, you can analyze your Results / Data during that time and after the end of the campaign.
But the question is how all this is done or rather how to conduct marketing analysis for our business.
Let us understand its complete process to know this.
Step 1 Segment all your Campaign Channels
Marketing campaigns often provide so much data that it becomes difficult to understand which factors to track and which not.
Proper Segmentation Of Marketing Channels is necessary in such a situation.
Under this, categorize all the channels through which you market your business.
Generally three types of channels are used: Social Media, Search And Website.
Social Media: This marketing channel is often used to increase the reach of the business and create awareness.
In this, your Target Audience is attracted through Content and Advertisement and your message is conveyed to them.
Search: Organic & Paid Methods are used in Search Channels and various Campaigns are run. Examples of Organic Search Campaigns include the name of SEO and Content Marketing.
On the other hand, in Paid Marketing Campaigns you have the facility to analyze different types of Metrics.
Website: People often ignore the power of the website, they are unable to take advantage of it.
The website is the center of all your marketing efforts, on which visitors interested in your products or services land.
This is the place where New Visitor engages with your business and takes action. Here Traffic, Conversion, Engagement, Bounce Rate, Impressions, etc. Metrics are tracked & analyzed.
Step 2 Analyze your Existing Marketing Strategy
To make your current campaign effective, you have to study the existing or old marketing campaign.
Here you have to see what your objectives at that time were, which tools & strategies were used, what was the result.
You have to ask yourself some questions and analyze the results of that campaign to find answers to those questions.
You can ask yourself the following questions:
- What was the purpose of the campaign? Has that purpose of yours been fulfilled?
- What types of people were included in the target audience?
- Which KPIs were defined to understand Campaign Analytics?
- Through which channels were the marketing activities done?
- How much budget was fixed for the campaigns and how much was actually spent?
You have to answer some similar questions to yourself. By doing this, you will get an idea of what changes need to be made in the campaigns you are about to run, when to do A/B testing, how much budget to run, etc.
Step 3 Define your Marketing Campaign Objective
If you have a new business or you have not run any campaign before and have not done marketing analysis, then you can skip Step 2.
You have to come to Step 3 after Step 1 and define your Marketing Campaign Objective to make Analysis In Marketing successful.
When your Objective or Goal is clear, then only you will be able to create the right Marketing Strategy to increase the revenue of your business. Because then you will know what you want from Marketing Analysis.
This activity prepares you to walk on a defined path and it becomes easy for you to take the right decision at the right time.
Step 4 Identify Relevant KPIs And Metrics
The next step in Marketing Analytics is to define Relevant KPIs And Metrics.
Here you have to see which factors (Viz. Net Sales, Clicks, Impressions, Conversion, Customer Acquisition Cost, Customer Lifetime Value) are necessary to be considered for doing Marketing Analysis according to your Goals.
You should know all the factors in advance so that you can work on only those factors or metrics instead of any other factor at the time of analysis.
Step 5 Start the analysis during the campaign itself
After starting the campaign, do not wait for it to end, but keep looking for opportunities for improvements from time to time.
Keep watching how the trend is going, how much Click Through Rate is coming, how many Impressions are coming, what is Open Rate, etcetera.
For example, you have 1000 leads and you are sending two emails a week to all of them. But you noticed that only 20-25 of them open your email.
Now because you observed this during the Live Campaign itself, it will be easier for you to tweak your emails.
In this way you will be able to improve your Campaign Result and complete Business Objectives.
Step 6 Compare Actual Result and Planned Result
Whatever Result you predicted before starting your campaign, now try to compare it with the New Results during the campaign and after the end.
This is a very important step that makes Analysis In Marketing successful and tells you that whatever you had planned is happening exactly as it is.
If this has not happened, then you have to see in which metrics the changes came and why. The lesser the difference between your Predictive and Actual Result, the better the campaign will be.
From here you will start understanding things which will make it easier for you to make tweaks in your strategies and you will be able to increase the ROI of your business.
Hope you have understood Marketing Analysis, why it is important, True Meaning of Analysis, and how to do Marketing Analysis, very well.
Let us go ahead in this blog of Analysis In Marketing and understand that to make Marketing Analysis successful, the help of which tools is to be taken.
Popular Tools Used For Marketing Analysis
Just as a doctor analyzes diseases of the body through various tests, in the same way marketing data is tracked and analyzed through some special tools and correct decisions are taken.
Although there are many tools available for Marketing Analytics, but if we talk about some popular and commonly used tools, then their name comes in them:
- Google Analytics
- Sprout Social
- mix panel
- MailChimp
- SemRush
Google Analytics : This is a free tool offered by Google that provides details of visitors to your website.
It tells how many users are coming to the website, where they are coming from, using which device they are accessing you, for how long they are staying on the website, etc.
This information helps in your SEO campaign and you can work towards better optimizing your website.
Sprout Social : It is a social media management tool that allows you to analyze the performance of all your social media channels.
With its help, you can Track & Analyze your Facebook Page Impressions, Instagram Follower Growth, LinkedIn Engagement, Pinterest Content Performance etc.
Mixpanel : Its job is to track events on your website, application or any product page.
Here we can also call Events as User Activity, that is, you define a Path that the User uses and you can track the User’s Activity on that Path.
With this, you get to know how the user’s behavior is and what exactly he needs.
MailChimp : MailChimp is an All In One Email Automation Tool that lets you Create, Automate and Analyze Email Marketing Campaigns.
A great tool for marketing analysis of your business. With its help, you can also see the Open Rate, Click Through Rate, Unsubscribe Rate of your Automated Mails.
Along with this, A/B Testing Feature is also available which you can use to make your Email Marketing Campaign successful.
SemRush : This is a Marketing Analytics Tool with the help of which you can do Competitor Analysis, Find Keywords, Find Topics, etc.
This tool makes you aware of your competitor’s marketing strategy so that you can get ahead of them.
Thus all these tools help in making your Analysis in Marketing effective.
I sincerely hope that you must have understood that Marketing Analysis Meaning and which tools give better results for this.
The Last Thought:
Marketing strategies have to be made to grow your business and to reach the products or services to the right people. But, just making marketing strategies does not work, you need to analyze some metrics after implementing the strategies.
The analysis of these metrics is called marketing analysis, where you track and analyze various factors. If you like this post please share and comment
