In the time of Don Draper, marketing was all about understanding and schmoozing with the customer. Marketing today is still all about the customer, but now we have tools that allow us to test different strategies, measure reactions, and predict what will work best.
Analytics is defined as “the discovery, interpretation, and communication of meaningful patterns in data.” So, therefore, marketing analytics should be the “the discovery, interpretation, and communication of meaningful patterns in marketing data,” right? That’s only half of it; marketing analytics is the strategy of determining what data to measure, prioritize, analyze and synthesize into a story. Here are four data-driven activities that are crucial for any marketer.
Before any marketing analysis takes place, a measurement plan is required to outline your:
- Business objectives/challenges you are solving for
- Marketing campaign objectives
- Key performance indicators (KPIs) indicating campaign success
- Tactical optimization metrics
The measurement plan is your analysis roadmap to insure your findings have business impact, and you have the proper tools in place to measure for success.
Your measurement plan should outline what data you need to measure against your objectives, at what granularity (e.g., site, placement, user) and frequency (e.g., monthly, weekly, daily, hourly). If it’s data you don’t have in-house or is too large to store, this is the stage in which you should write the data requirements. You should make sure you get this sorted before your campaign launches, as you don’t want to lose any data, or not be able to store all of your campaign data.
Your analysis should ladder up to your measurement plan. You should focus on the strategies and tactics that worked (or didn’t) in reaching your objectives. You should make sure to answer the following questions:
- Did you reach your objectives?
- Why or why not?
- What did you learn?
- What are you going to change in your marketing strategy as a result?
The most impactful element of marketing analytics is disseminating your findings, and telling the story to your audience.
You can read more about Level’s marketing analytics program here.