How to Effectively Analyze Marketing Data
The world is full of data. If you’re not analyzing your marketing data, you’re missing out on some crucial insights. But to make sense of it all, we need to be strategic in our approach, and know how to analyze marketing data effectively.
The Importance of Analyzing Marketing Data
Analyzing marketing data is one of the most essential tools you have in your marketing arsenal. By analyzing your data, you’ll find the best time to send your emails or what content to share on social media.
You’ll also find insights into your target audience and what works and what doesn’t. The better you understand your market, the more effective your marketing strategy will be.
How to Analyze Marketing Data
Marketing analytics is a powerful tool that every marketer should use. But some basics are easy to overlook. The good news? Learning how to analyze marketing data doesn’t have to be complicated.
What You Should Be Tracking
The first step in learning how to analyze marketing data is knowing what to track. As a marketing professional, there are dozens of key performance indicators (KPIs) available to you, depending on the programs you’re using. These indicators/metrics are designed to help give you a complete look into your marketing performance.
With so many KPIs at your disposal, it’s easy to get overwhelmed. When learning how to analyze marketing data, you’ll want to make sure you are analyzing the following metrics:
- Click-Through Rates (CTRs)
- Cost-Per-Click (CPC)
- Web sessions
- Sales (unit/dollar volume)
- Pricing Promotions
- Cost Per Acquisition
- Return On Advertising Spend (ROAS)
- Return on Investment (ROI)
How Often Should You Be Tracking Your Marketing Data?
The frequency with which you track your marketing data depends on your goals. Ideally, you should be tracking your data every week. With so much information at your disposal, tracking too often can get quite tedious. However, if you don’t stay on top of it, you can quickly find yourself drowning in a sea of data and not knowing what to make of it all.
Now, if you’re currently using an analytics/insights system that only provides you with monthly data, then you’ll want to manually break those figures down into weekly figures to give you a more accurate look at overall trends. Generally speaking, you can do this by simply taking each monthly figure and dividing it by four.
How Often You Should Be Analyzing and Reporting Your Marketing Data
When tracking your metrics, you’ll also want to take the time to analyze them to make sure you’re getting the most out of your marketing efforts. You should be able to see trends in your data and make adjustments as needed.
Initial analysis of your data should happen at the time of tracking. However, when it comes time to report your findings, you’ll want to report your findings monthly. That way, you have time to see how things change from week to week, and you can make your changes accordingly. If you make all your changes at the time of analysis, you run the risk of jumping the gun and misinterpreting your results.
Finally, data aggregation should be completed quarterly. This will give you a big picture of your overall marketing performance.
Marketing Analysis Done Right with E29 Marketing
Learning how to analyze marketing data is one of the most important aspects of running a successful business. However, it can be a time-consuming task. At E29 Marketing, we understand the importance of ensuring our clients get the most out of their marketing data. That’s why we offer a full suite of services that will help you get the most out of your data.
Ready to see what E29 Marketing can do for you? Contact us today to get started!