With transformations and the introduction of new technologies taking place at a rapid pace, it’s crucial to note that most businesses haven’t still figured out the best way to maximize their MROI (marketing return on investment), according to an article entitled ‘Everything Marketers Need to Know Before Implementing Marketing Analytics’ from data analytics and advisory firm Quantzig.
However, the company warns that most are unaware of the fact that effective marketing analytics practice can help them collate and analyze data from different marketing platforms. So where should you spend your next dollar? Well, according to Quantzig, there are three key steps toward leveraging more effective Marketing Analytics:
- Devise a robust marketing strategy
For businesses looking to leverage marketing analytics, we suggest it’s essential to start with a robust marketing analytics strategy that focuses on bridging the gaps between processes and the desired outcomes. A powerful marketing strategy that leverages advanced analytics and statistical techniques can also help gauge the success of the marketing initiatives and overall effectiveness of marketing campaigns.
- Collect and analyze marketing data
Businesses across industries have troves of datasets at their disposal, converting these datasets into meaningful insights is crucial from a business perspective. But to do so, one must analyze and consolidate data into a single view. Marketing analytics plays a major role in analyzing and drawing insights from data generated across all marketing platforms.
- Choose the right data visualization tools
Selecting the right data visualization tool which can help you identify patterns and interpret data plays a huge role in the analysis of marketing data. This hints at the fact that businesses must leverage tools that offer the flexibility to customize visualizations rather than using default charts and graphs to interpret data.