Faye Thomassen, Head of Marketing at Mediahawk, says the data from marketing analytics tools should be used to shape the campaigns while they’re running, not just report at the end.
Marketing campaigns can take many guises, with a mix of channels, objectives, and audiences. But the challenge many marketing teams face every day is how to maximise the effectiveness of their campaigns.
For 84 per cent of marketers, lead generation is their top objective this year, according to a recent survey by Mediahawk, and 79 per cent said revenue growth was also a goal. So it’s no surprise that more and more marketing teams are turning to analytics software, such as GA4 or Adobe Analytics, to do more than just monitor campaign performance.
Although navigating the wealth of data available on these platforms can be daunting, it’s a worthwhile exercise for all marketing teams, whether in-house or agency-side.
The changing state of marketing analytics
With 78 per cent of marketers using web analytics software, according to Mediahawk’s 2023 state of marketing analytics technology survey, it’s clear that there is value being found in these tools. The question is, what are teams using this software for? Is it simply to monitor performance, or are marketers delving deeper into what the tools can offer?
The research found that:
75 per cent are using analytics tools to monitor performance, down from 88 per cent last year
34 per cent use the software to report to management, down from 42 per cent last year
68 per cent use the tools to improve conversion rates, up from 54 per cent on last year
42 per cent use the insights to create campaigns and content, up from 28 per cent in 2022.
It’s clear from these results that analytics tools are starting to be used for far more than just monitoring and reporting – the data and insights are helping marketers to shape campaigns and improve performance.
Without using marketing analytics insights to inform campaigns, there’s a risk of wasting budget and lowering return on investment. Instead, marketers are rightly placing more emphasis this year on using data to deliver more effective campaigns over the short and long terms.
Five ways to use data to make decisions
Given the objectives markers are aiming for this year, namely lead generation and revenue growth, it’s no surprise that marketing teams need their campaigns to perform more than ever before. And this is where using the data in your analytics platforms to drive growth can help. Here’s how.
Understand what you want to get out of your data
To become a more active analytics user, one thing to do before you start examining your data is think about the questions you want answers to. For example, if one of your goals is to increase newsletter sign-ups, you can use your data to look at the types of audiences who are already signing up and the journey they are taking to do so. You can then drill into this data to find ways to reach your goals.
Look at both short-term and long-term strategies
What’s also important is to look at analytics not just in the short-term goals like lead generation, but also use the tools to inform strategy. This can be done with customer research that can help build a long-term pipeline of leads.
Improve personalisation and targeting
Without the right data, campaigns can often end up as a blanket approach with the same message being sent to the same audience. With marketing campaigns based on insights, businesses can understand their customer data to identify segments of their audience and personalise the campaigns to these groups. Allowing the right message to be shared with the right people, which can increase the marketing campaign ROI up to eight times, according to research by McKinsey.
Identify new trends and opportunities
With the right analytics tools, you can find gaps in your content or marketing campaigns that you can leverage. For example, by tracking conversions that come from PPC or display, you can spot new keywords that you can use to create or optimise future campaigns or content.
Invest in tools that give you 100 per cent attribution
To get the most value from your data, it’s important to have a tool that supports attribution – ideally, 100 per cent attribution across both online and offline channels. This is possible with the right marketing technology tools. Mediahawk’s call-tracking software can help marketing teams link impressions, clicks and phone calls to real-world revenue. This can help pinpoint which online and offline channels drive the most value and can make significant improvements to campaign performance.
Tracking performance and driving growth across all channels
Marketing campaigns will often have a mix of channels both online and offline. This can make it difficult for marketing teams to understand what channels are working, what messaging is working, and also whether they need to pivot any of their activity. But this knowledge is vital to shaping a campaign while it’s running and to drive what lead generation and revenue growth marketers are after this year.
With Mediahawk’s software, you can quickly see which sources are delivering you leads across all of your activity. And you can see the entire customer journey from first website visit or call all the way through to conversion. It also integrates with your other marketing technology tools, like GA4, so you can see all your data in one place, saving time that can be better spent understanding the insights rather than hunting for the data in the first place.
Find out how Mediahawk’s Marketing Analytics software can help you make more data-driven decisions, shape your marketing campaigns and support lead generation.