Modern marketing teams can have countless marketing strategies to drive expected results, from social platforms, advertising to press releases, email campaigns, and more. Marketers continue experimenting with various channels, content, and tactics to promote significant growth in customer acquisition and marketing ROI optimization. All these efforts are in vain, though, with the absence of modern marketing analytics.
Analyzing every campaign, channel, practice, and strategy provides feedback in numbers to let you know if you’re headed in the right direction. It also helps you understand how effective specific strategies and combinations of strategies are when it comes to reaching your goals.
Here, we will explore what modern marketing analytics is, how it is different from traditional (or outdated) analytics, modern analytics key metrics and how it leads to improved ROI, the role of predictive data in modern analytics, challenges faced by modern marketers, expectations from modern marketers, and more. Let’s start by looking at why modern analytics is crucial to today’s marketers.
Why Modern Marketing Analytics Is a Must-Have
When the Covid-19 pandemic triggered adverse effects for businesses everywhere the marketing world was turned upside-down. Altogether, it highlighted the necessity and value of modern analytics in online marketing. Marketers are more thoughtful of their goals and types of metrics that can derive growth in their marketing efforts, but this isn’t just due to the pandemic. Before that, customer expectations were shifting, and marketers needed advanced tools to meet these new demands.
Complex, interwoven marketing channels are now a necessity for enterprises; and the modernization of technology and marketing approaches and channels is crucial to the success and growth of these. To adapt to today’s complex marketing mix, marketers should understand the modern marketing landscape. Moreover, they should identify the factors influencing their customer expectations.
What Are the Challenges It Addresses?
Marketing channels, their usage, and the complexity of each are dependent on the size of the company – most of which applies to analytics. Here are some of the major reasons analytics can become more complicated:
- Investing in more marketing channels and practices is great, but it can be difficult to see where you should invest and where to hold off.
- Your customer may be present at multiple marketing channels. So, you need to connect with them at every channel with personalized, relevant messaging. Multi-touch attribution will help you to understand the influence of various campaigns.
- Multi-touch attribution is wonderfully useful, but the touchpoints across all devices need to be taken into account for optimal messaging and data. You need to reconcile it as best you can.
The tricks to manage these complexities require head and shoulders above your current marketing analytic system. Modern marketing analytics with future-proof capabilities is the key answer to achieving the goals. So, what does this mean? What are the metrics of modern analytics? Let’s find out.
Significance of “Modern” in “Modern Analytics”?
A few years ago, the choice of marketing analytics and attribution use was dependent on several factors such as –
i) Who is the user? Employees or an expert such as a data scientist?
ii) Whether it matches the theme of the organization or not.
iii) Whether it could be embedded or not.
However, today’s marketing landscape is completely different. In fact, a myriad of cutting-edge technology has been introduced. Also, its capabilities have evolved more than ever before in just a few short years. Now, processes and platforms can be future-proofed with modern functionalities and next-gen technology.
Here are a few points that show how modern analytics serves marketers’ evolving needs better:
1. Multi-Touch Attribution Model
There are numerous ways through which a consumer can reach your sites. For instance, organic search, paid search, web referrals, direct entrance, newsletter, emails, and more. Now, marketers should focus on the customer journey to find out which action led to conversion and which touchpoints are working more effectively. Sometimes, it is difficult to measure marketing performance across multiple conversion points; as a single user may reach you through various sources and devices.
The multi-touch points attribution model can help marketers work effectively with omnichannel marketing campaigns. This is an algorithm-based model that shares the credit across multiple touchpoints in a customer journey. Thus, it helps you to understand how much each channel is influencing consumers.
2. Customer-Centric Approach
The idea of putting customers at the forefront of all efforts is not new. Now, the marketers have unequivocal evidence that fulfilling the customer’s needs and provides a competitive advantage. They must also understand the complexity to achieve customer-centricity; this is not a simple task. Also, it requires commitments at several levels-
i) Design-thinking approach for customer issues and needs;
ii) A centralized platform bringing data from every touchpoint for a unified view of customers;
iii) Predictive analytics from customer journey;
iv) Data about everything a consumer sees and interacts with;
v) And, most importantly hiring individuals capable of using the above information to come up with solutions that resonate with the customer.
Modern marketing analytics unify various channel data into ‘one customer’. Additionally, it addresses the problems of siloed data and siloed experiences. For instance, Adobe based RT-CDP platform provides a holistic and unified view of customer data profiles coming from various channels to deliver a consistent customer experience.
3. Predictive Analytics
Predictive analytics and AI are what keep many marketers ahead of the competition. These tools optimize the targeting capabilities of marketing teams. Moreover, helping them pick and deliver the most appropriate content for each customer. This level of personalization and awareness boosts engagement and improves marketing effort returns.
Customer journeys are not linear. So, predictive analytics, when used appropriately, can save time for teams needing to react accurately and quickly, no matter the direction individual customers take. We’ll never be able to predict buyer actions correctly 100% of the time. However, predictive analytics takes us much closer, allowing for a modern, more precise approach to customer action.
Future With Modern Marketing Analytics
Modern marketing analytics ensures that the expectations of modern consumers are being met. All these efforts are aligned with proven trends and results. For instance, Salesforce Customer 360 combines all interactions with your customers from website to social channels. So, you can effectively approach your customers with more personalized content at the right time and right place. Likewise, the Adobe experience platform helps you build real-time customer profiles, AI-powered insights, improved privacy, and more.
All in all, shifting from older existing models to unified marketing measurements helps marketers to deal with the challenges of an ever-changing marketing landscape and changes in customer trends.
If you would like to know more about modern marketing analytics and platforms, how they can help scale up your business, or how to choose the right tools and implement them into your business process; contact us at +1-847-592-2920 or firstname.lastname@example.org. We are always happy to answer all your queries.