According to Aberdeen Group, 80% of companies outperforming their revenue competitors rely on data to drive their marketing strategy.
But how do we measure and use this data effectively? Let’s see it…
Marketing and Navigation with Vision
Imagine marketing as a car journey. Navigating without metrics is like driving with your eyes closed. In my chapter on data in “Selling More in 7 Steps,” we explored the information a gym can collect to improve the customer experience. This analogy extends to any business seeking to improve its performance.
Data are not just numbers; they reflect interactions, preferences, and behaviors. They provide a powerful narrative about our performance against competitors or industry benchmarks when used comparatively.
The Annual Objectives Anecdote
I remember a negotiation with a large hotel chain. Their request to double social media targets seemed exorbitant. With data in hand, we demonstrated that their expectations were unrealistic based on the best performance in the industry. It was a clear lesson: data is the ultimate argument.
A basic principle
Any marketing strategy must include measurement as a fundamental pillar. This ranges from web analytics to ad evaluation and customer interaction through a CRM.
Essential Tools for Measuring Your Success
- Google Analytics: It is the free tool par excellence to analyze web traffic. It provides deep insight into user behavior and interaction with your website.
- Google Campaign URL Builder: Allows you to “tag” your links to track the effectiveness of your campaigns in Google Analytics. It is a simple and effective way to understand the origin of your traffic and its behavior.
- Ad Analytics: It’s not just about counting clicks and conversions. Ad analytics allows us to understand the CTR, CPC, CPM, CPA, ROI and ROAS of our campaigns. Platforms such as Google Ads and Facebook Ads offer robust tools for this analysis.
- CRM Analytics: Key to measuring your customer relationships. Retention, sales conversion, customer lifetime value (LTV) and churn are crucial metrics…
Include these references in your toolbox
- Google Analytics: https://analytics.google.com/
- Google Data Studio: https://lookerstudio.google.com/
- Google Campaign URL Builder: https://ga-dev-tools.appspot.com/campaign-url-builder/
- WelovROI: https://welov.io/
- Tableau: https://www.tableau.com/es-es
- Microsoft Power BI: https://powerbi.microsoft.com/
- QlikView: https://www.qlik.com/es-es/products/qlikview
- Klipfolio: https://www.klipfolio.com/
These tools not only measure but also provide insights to make informed decisions. Whether running a hotel, a gym, or any other business, detailed analytics will allow you to understand your customers better, optimize your campaigns, and ultimately boost your sales.
AI in marketing measurement
With its ability to process and analyze large volumes of data at unprecedented speed and accuracy, AI enables marketers to discover deeper and more predictive insights. This translates into more informed decision making and more dynamic and personalized strategies.
Tools such as Google Analytics are already using machine learning to provide predictions about audience trends and potential customer behaviors. In addition, platforms such as IBM Watson and Salesforce Einstein provide predictive and prescriptive analytics capabilities that can anticipate market trends and optimize campaigns in real-time. The promise of AI in marketing is vast, promoting not only efficiency but also a new era of personalization and relevance at scale.
Have a good week!