What is Marketing Performance Analytics? Let’s start the conversation
Marketing activities have become more measurable now than ever before which means CEOs, CMOs, and the board are demanding to see what exact results are being derived from marketing. This is the essential idea behind marketing performance. Simply put marketing performance analytics shows the true impact of marketing on the business.
“Marketing Performance is marketing’s results or output compared against the set objectives” – Allocadia
It is no longer enough to show metrics like website clicks, social media page followers, online content engagement, mailing list subscribers or even sales figures. The business wants to know how these are impacting the bottom line and how these metrics help strategize future business decisions.
Marketing performance analysis, if done well, can give a business great insight into its sales, marketing, public relations, customer relationship management, and budgeting. As marketers, we know that marketing strategies encompass all aspects of the business and have the power to positively or negatively impact the overall business as well. Therefore, with the correct performance analysis, we can have a clear insight into how each area of the business is being impacted by marketing.
Some of the key metrics which are applicable to all levels of the performance analytics are:
- Acquisition – What percentage of the audience being targeted are actually responding to your marketing efforts?
- Return visitors – It’s more likely that you need to convince a lead or prospect through more than one communication touchpoint before they convert to a customer. This metric measures what percentage of visitors are returning to view or engage with your content.
- Retention – Once you’ve successfully converted a lead into a sale, what is the retention rate of your new and existing customers?
- Revenue – The bottom line is what we are all striving for. There is a plethora of reports and analytics that are relevant to the measurement of marketing performance when it comes to revenue.
- Referral – Electronic word of mouth is one of the best and most cost-effective ways of acquiring new customers and keeping existing customers satisfied. Referrals can also be from partners in the market which help your business grow laterally.
All these metrics are relevant to each level of management, however, each level of management needs to have reports which are most relevant to them. At MADTRIX, we have divided marketing performance analytics into three separate reports. We know the requirement for an Ad/Campaign, CMO, and CEO level is not the same. Our customers will have access to three levels of reporting:
- Ad/Campaign – Operative Level
- CMO – Brand Level
- CEO/Board Members – Strategic Level
Next, let’s have a look at what reports we suggest are most relevant to Ad/Campaign – Operative Level. Stay tuned…
Are you currently using marketing performance analytics? Share your experiences, ideas, and insights with us.
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Author: Amelia Dash
A bit about me. I’m the Marketing Technologist at MADTRIX. My background is in digital marketing and I’ve continued my passion by embarking on my Ph.D. thesis on online consumer psychology. Working in Australia, China and now Finland I’ve acquired a pool of knowledge about digital marketing.
If you want to speak directly to me, you can find me on LinkedIn