Modern marketing is changing the way organizations compete with each other. Today, it is more important to be informed about all the various metrics that affect your business than ever before. Page load times, page views, bounce rates, or shopping cart abandon rates are only a few metrics that you should be aware of. Web Analytics, as well as Marketing Analytics, are essential to staying on top of all critical data.
In the following, we will not just talk about the important role that analytics play in the world of digital marketing but also explain the differences between Web and Marketing Analytics, as well as discuss how working with the different methods of analytics will matter for your business success.
Why do we need analytics?
Measurability is the power of digital marketing. With most businesses moving online, accessing, and analyzing various information became very easy. Today’s modern marketing is the intersection of what happens between your different channels and its outcome.
In digital marketing, we leverage both analytics and analysis. It drives all essential business decisions by offering insights into customer behavior. While analysis helps to understand what has happened in the past, analytics tries to predict the future. The combination of both can help in identifying your audience, to evaluate marketing efforts as well as plan upcoming incentives.
The various marketing tools can measure every aspect of your marketing efforts, but at the end of the day, what data you measure and how you collect the information needed is up to you and your company. However, for it to remain competitive and to thrive within a fast-moving market, analytics is critical. It combines data to gain an understanding of how different aspects of your business work together.
Web Analytics vs. Marketing Analytics
As mentioned above, we need to have a number of different analytics platforms in place in order to get the necessary insights to optimize performance. Here, we will focus on Web Analytics as well as Marketing Analytics, the differences, and, ultimately, how they complement each other.
In general, Web Analytics measures data that is important for a webmaster, like your page load times, unique page views, and the total time a user spends on the website. It serves as a measurement tool to evaluate the effectiveness of your website.
Web Analytics provides your company with valuable insight and helpful data about the technical performance of your site. Unfortunately, the data Web Analytics provides is simply not enough to make essential business decisions. Web analytics alone can’t give you all the information that is needed to help you understand the performance of your digital marketing efforts, and that is why Marketing Analytics comes into play.
Internet users that are searching for information or answers, connecting with your business via various online channels, or visiting your website leave behind a trail of information for you to analyze. Marketing Analytics are user-centric, which means it focuses on your users, customers, or clients, reports back how well you are doing, for example, with your eCommerce efforts, your social media channels, your company’s email campaigns, or your newest blog post. It concentrates on metrics that can influence whether a new lead becomes a loyal customer.
Since it includes data from your website and other sources like email or unique landing pages, it gives you a much better insight into the actions and opinions of your audience while keeping an eye on how well your company is moving a potential customer through the sales funnel. The experts of 101domain, a full-service domain and hosting provider that specializes in online business development, talks about the importance of email marketing and explains why implementing analytics tools can help you to use the marketing channel with the highest return of investment (ROI) most efficiently.
Capturing this information can help you understand what customers are really looking for, design better products, or offer a more looked-after service. As a result, Marketing Analytics can predict your user’s preferences and allows you to actively display relevant offers to them while they are browsing your website. Using this form of analytics can truly lead to you achieving your business goals by identifying how your activities hold up against one another and determining the ROI of all your incentives.
Furthermore, Marketing Analytics can be separated into descriptive, predictive, and prescriptive analytics, where each one is dependent on the one before. Descriptive Marketing Analytics summarizes your data and trends, and can help make more sense of the data that you have discovered.
Predictive Marketing Analysis, as the name implies, can predict what will happen next by using the information you gathered in the descriptive phase. It will give you a clear idea of how likely a lead is to become a customer.
Prescriptive Marketing Analytics is used to prescribe the course of action to take to become or stay successful. Here you have gone from understanding the data you gathered to understanding why and what your audience will do next.
Advantages of Analytics
Above, we already discussed why the combination of Web and Marketing Analytics is so important for your business. Below you can find even more benefits you will achieve by using the power of analytics:
Using data, you gather from working with the different methods of analytics can help you improve and optimize your brand’s performance. If your company is relying on Web Analytics alone, chances are you are missing out on a lot of compelling insights that can improve your marketing strategy. Analytics are a crucial component of managing your finances.
Marketing Analytics is essential to make data-driven decisions that focus on customer behavior because it measures the integrated marketing effects. Therefore, when you evaluate analytics tools for your company, make sure that you are looking for evidence of the Web as well as Marketing Analytics. For more information on marketing tools, we can recommend a recent article that was published by the team of the online platform, “Market Business News.” It does not just showcase the most important tools; it will also explain them with examples.