Marketing For Profit: Analytics Basics to see if Your Marketing is Worth the Investment

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Credit: Thinkstock

Credit: Thinkstock

You devote a lot of time and energy to marketing your stable, but are the efforts paying off? “Marketing analytics tell any business how their marketing programs are really working,” said Claudette Thornton, a marketing consultant in Upstate New York.

“Marketing analytics use data collected from all marketing channels to help inform strategic and effective decisions for continued revenue and customer growth,” she added.

Analytics allow you to get answers to three basic questions:

  1. How your marketing initiatives (advertising, social media, etc) are working and what you can do to improve them.
  2. How your marketing activities compare with other stables of similar size and discipline? Where are other stables advertising are they using similar or different approaches?
  3. What should your stable do next?

“To get the most out of your analytics, give yourself time to collect, review and make decisions based on all the data at hand,” she suggested.

First, collect the available data from all channels and messages. It’s important to remember that not all marketing plans will be effective at the same time, so instead of looking at one specific moment in time, analyze data over a period of time, Thornton said.

Then, review and compare past marketing messages and campaigns to see how they performed individually and in comparison to each other.

Review what marketing approaches and messages performed best. “(Decide) whether their performance met desired goals and objectives, then use that data to inform future decision making,” she added.

There is a learning curve with understanding marketing analytics. It may be necessary to hire a consultant or a marketing firm to help you uncover the data you’re looking for.

While analytics can be overwhelming, remember, “tracking analytics can allow a company to be nimble in responding to customer needs and wants, and tweaking marketing plans for maximum effectiveness,” Thornton concluded.

Editor's note: Check out the StableManagement.com article Got a Website: Use Analytics to Make it Work Harder.