What is The Marketing Technology Alert?
The Marketing Technology Alert, created each weekday, summarizes the 12-20 best marketing automation-related articles, presentations, videos, infographics, etc., published by analysts, bloggers, journalists and other marketing experts. We go through 500-600 articles each day…so that you don’t have to!
Go here to review The Marketing Technology Alert!
- Your Must-Read MarTech Digest™, for Tuesday 5/10/16 #MarTech #DigitalMarketing
- 4 tips to help switch marketing automation systems – CIO
- Gartner for Marketing Leaders: Gartner’s 2015-2016 CMO Spend Survey
- How Inbox Providers Identify Bad Senders – Litmus
- 7 Conversion Rate Optimization Mistakes You Don’t Know You’re Making – CrazyEgg
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Tag Archives: marketing analytics
Demonstrating the impact of marketing when performance is the result of cross-functional efforts requires three elements:
- Show performance of shared impact metrics. Whether the goal is increased deal velocity, better renewal rates or improved customer loyalty, you need to demonstrate that the impact metrics marketing invests in are, in fact, improving.
- Provide proof of marketing participation. You need to prove that when marketing tactics are accepted by target audiences, impact metrics improve. If marketing isn’t involved, it will be uncomfortably difficult to assert any type of marketing influence over that performance improvement.
- Present evidence that performance metrics change as marketing participation changes. Evidence of marketing impact requires a comparison. Some deal cycles may have light levels of marketing interaction, some may have heavy levels, and some may have no marketing interaction at all. When you compare what improvements take place when marketing is present to what happens when marketing is not, you can develop reasonable proof that marketing is making a difference.
“With great marketing technology spending comes great ROI responsibility.”
1. Define your reports clearly
2. Validate across departments
3. Audit your reporting tools
4. Designate an owner
5. Eliminate bias
6. Consider outsourcing
Not hard at all.
Mistake 1: Marketing analytics aren’t mapped to the KPIs that your company and board care about most
Mistake 2: Analytics are focused on the wrong questions
The only thing worse than the wrong answer is the right answer to the wrong question. We often see marketers that are married to their theories and hunches, using analytics to confirm biases rather than to explore alternatives.
Mistake 3: Expect the data to do all the work
All too often, the data is expected to do all the work. As a result, the full exploration of data is often cut short before the best insights are allowed to surface. Early marketing analysis is often very different from the analysis that ultimately leads to a winning strategy.
How do you measure the success of an email campaign?
While your email service provider is full of great metrics like open, click, and spam rates, there’s likely a gap in subscriber engagement. What do your subscribers do after they’ve clicked through to your website? What pages are they visiting on your site? Do they spend time on a particular page, or do they bounce immediately? Are they purchasing anything?
By adding tracking to your links you can answer these questions—and more—for a full picture of your email campaign success.
A step by step guide.
“Today’s marketing analyst uses too many tools. We have to: it’s just the way that it is. These can be divided into five basic types:
- Web and Mobile Analytics — measuring engagement with sites and mobile apps (which themselves often need a different tool)
- Social Analytics — applying text analytics, counting and graph methods to posts
- Media Analytics — attribution and marketing mix modeling (either separately or combined) for measuring the impact of paid media
- Customer Journey Analytics — using CRM and marketing system data to track known individuals over time
- Voice of the Customer Analytics — mining customers’ perceptions and opinions using surveys, text analytics and feedback cues
“Customer Journey Analytics: What is this? It’s actually an interesting and relatively early-stage set of methods and tools that grew out of CRM. Leaders in the space include Thunderhead (“It’s Not Your Journey, It’s Theirs”) and Clickfox, names little known in digital marketing departments. And there’s some promising start-up activity (see Pointillist). These tools build a customer profile based on known attributes — value, loyalty, product preferences, locations — and layer on how they behave over time in digital channels or stores. Any data scientist will see the value of such information, gathered from enough individuals, to marketings’ efforts to improve offers, messages, timing and sales.”
Another Holy Grail?
Make sure your sales team is aligned with your strategy and effectively following your leads through the funnel. Your platforms, such as social media management software, should be flawlessly integrated with your marketing automation and your CRM platform, such as Salesforce.
Analytics are driving so many marketing strategies as of late, it’s surprising companies got by without them. While all marketing automation platforms have some form of analytics, you can also have a separate program to strengthen your comprehension of what works and what doesn’t. Having a proper analysis platform can take a statistics-driven plan to the next level. Some statistics hold more weight than others and can have a positive impact on aiming content to your audience or understanding customer needs. Engagement is a huge part of this, so make sure to look for an analytics program that includes numbers about user interaction.”I sco
I scooped only these two factors (CT for others). Here’s the critical factor that’s missing: what ties everything together so that proper attribution can take place?