The success of any business or marketing campaign launched by them can only be determined when it can be measured. It is the measuring part where market monitoring and analytics comes into the picture. Scalability directly impacts the way your company grows. With the help of data, marketers can analyze their performance and decide how to change their strategy, allocate the budget well, and optimize the effectiveness of the campaigns. On digital platforms, these are measured in metrics such as clicks, traffic, engagement, views, etc.
Biggest Growth Drivers in An Industry
What drives the growth of the business depends on the size of the business and the industry it belongs to. The difference between small and big businesses is that smaller ones need awareness while the bigger ones require a better conversion rate. Data plays a crucial role in both scenarios. Data enables you to analyze the exact market position of your company and how it is perceived in your customer’s minds. WebDataGuru is one of the leading companies providing market monitoring and analytics software. But first, let us understand what is market analytics.
What is Marketing Analytics?
Marketing monitoring and analytics make use of data for evaluating the success of your marketing activities. With the integration of marketing AI and your business strategy, you can get an insight into consumer behavior, optimize the marketing strategy, and receive better ROI. The analytics help marketers fetch higher returns by identifying what is driving conversions and brand awareness. Analytics also helps consumers by enabling them to see more targeted and personalized ads which meet their needs or interest instead of mass communication which can be annoying and irrelevant.
The marketing data can be analyzed with help of various models and methods based on the KPIs in question. The analysis of brand awareness depends on different data as compared to the analysis of conversions.
Significance of Marketing Analytics
In the modern marketing arena, the accuracy of data has become all the more important. Consumers are particular choosing the media they engage in and interact with. If marketers and brands wish to grab the attention of potential buyers, they should depend only on accurate data for designing targeted ads catering personal interests of target customers. This enables marketers to display the right ads at the right time on right channel for driving more traffic in the sales funnel.
The whole exercise of market monitoring is about measuring, analyzing and managing the complete data. Gathering early insights helps you understand consumer behavior in detail.
For instance, marketing monitoring may help you identify that the service industry may not get loans easily as the manufacturing companies do. This will help you create a perceptual map for the gap in the market and come up with a good solution that caters to this particular pain point.
So, let us deep-dive into the benefits of using market monitoring.
How Businesses Can Use Marketing Analytics?
Companies can use market monitoring and analytics to make decisions on branding, product update, etc. To get a 360-degree view of your campaigns and make sure that you have made the right decisions, you should gather data from various sources, both online and offline. The data analytics can be used for the following:
- Customer Preferences and Trends
Analytics can help in getting insight into customer preferences. You can get information on what type of messaging or creative they relate with. What type of products they are buying or they have researched later? You can find out which ads are performing and leading to conversions and which ads are being ignored. For example, market monitoring may reveal that shoppers are coming to your website and leaving items in the cart but not buying, and there are customers who want better deals. So, with this analysis, you can offer them individual deals and push them toward that final step of the purchase. Now, it is easier said than done. But there are many services for market monitoring and even platforms like WebDataGuru which can help you in doing this in an automated manner without any kind of hurdles. It is worth a try!
- Product Intelligence
Product intelligence is all about exploring in-depth any brand’s products along with analyzing how the products are performing in the market. This is done usually with methods such as speaking directly to consumers, conducting pools amongst the target audience or performing surveys. This enables organizations in understanding the competitive advantage of their products over others. Further, they can align the products in a better way catering to unique customer interests and issues which can drive conversions.
- Insight on Product Development Trends
Market monitoring and analytics can help in getting an insight into different types of product features that consumers are looking for. The marketing teams can gather this information and pass it on to the product development department for taking action.
In today’s highly competitive market, being innovative is not enough. You also need to communicate that you stand out from the crowd. And doing that effectively enough to drive sales is more difficult. Here market monitoring can play a very vital role. Market analysis can help you know the keywords that are searched by the customers online. From this data, you can identify the type of products or services people search for. And grabbing this opportunity to fill the gap, can help you become a market leader in your industry.
- Improved Customer Support
Analytics can also help in identifying the areas of your buyer’s journey which can be further simplified for their convenience. It helps in finding out where your customers struggle the most in their buying journey. You will be able to find out ways to simplify products as well as make the check-out process easy.
- Choosing Right Media
Market monitoring and analytics can help you determine where to display a particular message for your specific audience. This has become important due to the increasing number of channels. Apart from conventional marketing channels such as print, broadcast, and television, marketers also get to decide which social media network or digital channels the consumers prefer. Analytics help in answering the following questions:
- What media should they buy?
- Which channel brings the most sales?
- The audience identifies with what message
A business must know where its marketing efforts stand in comparison to its competitors. If there is a gap, how can you bridge them? The data analytics will help in finding if there are opportunities that competitors are capitalizing on and if you have missed them.
Let us elaborate. Competition is present everywhere. Now, knowing which companies to follow or compete with is significant as you can’t compete with every company or else you might get into long and exhausting pricing wars. And that may be a futile effort. Directing your company towards the most relevant and obvious competition is what market monitoring can help you achieve.
- Predict Future Trends
The analytics will help you in understanding why a campaign of yours was more successful than others. This will help you in implementing the knowledge and strategy to your future campaigns to fetch higher ROI. When we say future trends it comprises of all kinds of uncertainties as well. You might want your company to be prepared for the very obvious gaps in the market. For instance, digitization in business operations is common now. Yet, many industries are not adapting to this. Have you wondered; many companies make transformations that don’t seem relevant in the current scenario but later on can be seen as quite normal practice? Well, they have a vision for the future and probably a very good market monitoring and analytics tool.
How to Start Marketing Analytics Process?
- Decide What to Measure
You can measure different aspects of the marketing campaign such as leads, conversion rate, brand recognition, and more. You must know what issue you are trying to resolve or what insight you are trying to get when starting the analytics.
- Set a benchmark
The end results or goal that you set helps in determining the type of data marketers collect. If the goal is to improve brand awareness, the benchmark will be an increase in brand loyalty.
- Evaluate Current Capabilities
You should assess what your company is doing today and what are the weak spots. Understanding the weak spots will help in working on them.
- Invest in a Marketing Analytics Tool
A business needs to invest in market monitoring and analytics tool owing to the increase in consumers becoming selective day by day. Analytics will help in identifying campaigns that are successful and the ones that are underperforming. Having the right marketing analytics solution is the key to a successful marketing campaign and boosting your sales and revenue.
Boost Performance With Market Monitoring Tool
Unlike many tools available in the market, WebDataGuru has one of the most prominent tools delivering effective results for your business. You have to understand that, just gathering data is never enough. Optimizing the most relevant information for your business is significant. So, contact us today to know more about the best market monitoring tool.