John Wannamaker famously claimed he wasted 50% of his advertising budget but he didn’t know which 50% was wasted. Well, that might hold for traditional advertising, with few metrics to monitor performance, but it certainly isn’t true for digital marketing. Armed with better metrics to monitor your performance, you can maximize ROI (return on investment) by focusing on those tactics that produce the highest return on investment.
What is Marketing Analytics?
Market analytics involve comprehensive data gathering and study of various marketing strategies to evaluate the strengths and weaknesses of marketing initiatives. Of course, you maximize ROI by focusing on KPIs (key performance indicators) and using them to determine which tactics you should continue and which you should scrap. By gleaning insights from your data, you also maximize ROI by combining the best parts of your tactics together.
For instance, knowing that certain key phrases used in email subject lines help you craft new subject lines that use these phrases in unique and creative ways.
Below are some of the best ways to use marketing analytics to maximize ROI for your business:
1. Take a Look at the Bigger Picture in Marketing Campaigns
Marketing analytics encompasses digital marketing analytics, such as SEO analytics and behavioral analytics, or how customers interact with your business. More often than not, marketers make decisions depending on the data obtained from their website, social media, or other…