/ Four ways tech companies can benefit from marketing analytics
Four ways tech companies can benefit from marketing analytics
As technology continues to evolve, so does the way we collect and analyze data. This data can be used to inform marketing strategies and help companies gain a competitive edge. When a business uses their marketing data to inform their strategies, that’s marketing analytics.
But what exactly is marketing analytics, and how can tech companies benefit from it? And how can marketing analytics help you quantify your marketing efforts?
When tech teams can develop a data-driven marketing strategy, they can better understand what’s working and what’s not. Additionally, they can use this information to make more informed decisions about where to allocate their resources.
When used correctly, marketing analytics can be a powerful tool for tech companies. By understanding how to use data to inform your marketing strategy, you can stay one step ahead of the competition and better serve your customers.
What is marketing analytics?
At its core, marketing analytics is the practice of analyzing data to inform marketing decisions. This data can come from a variety of sources, including website traffic, social media interactions, email engagement, and more.
By taking a closer look at this data, marketing teams can identify patterns and trends that can be used to improve their campaigns.
For tech companies, marketing analytics is especially important. The technology sector is one of the most competitive industries out there, so tech companies must make sure that their marketing efforts are as effective as possible.
Four ways tech companies can benefit from marketing analytics
Here are four ways that your tech company can benefit from marketing analytics:
1. Boost website traffic
One of the main goals of any digital marketing campaign is to drive traffic to your website. Using marketing analytics to track your website traffic, you can see which channels drive the most traffic and adjust your strategy accordingly.
For example, if you notice that most of your website traffic is coming from one particular source, you can focus your efforts on that channel and double down on your efforts to drive even more traffic. Alternatively, if you see that a particular channel isn’t driving as much traffic as you’d like, you can adjust your strategy or try a different approach.
2. Improve lead generation efforts
Lead generation is essential for any tech company looking to grow its customer base. Using marketing analytics to track your lead generation efforts, you can see which campaigns generate the most leads and make necessary adjustments.
However, it’s important to note that not all leads result in sales. In addition to tracking the number of leads generated, you should also track the quality of those leads. This way, you can ensure that you’re generating high-quality leads that are more likely to convert into customers.
With marketing analytics, you can more easily judge the quality of a lead by comparing it to other leads that have converted in the past. This way, you can focus your attention on leads that are likely to convert, and de-prioritize leads that most likely won’t.
By utilizing data from marketing analytics, you can fine-tune your lead generation efforts and generate more qualified leads that have a higher chance of converting into customers.
3. Boost conversion rates
Conversion rates are another important metric to track when evaluating the success of your marketing efforts. Marketing analytics can help you see which campaigns are resulting in conversions and adjust your strategy accordingly.
In addition to tracking conversion rates, you should also track the customer lifetime value (LTV). The LTV is the total value a customer brings to your business over the course of their relationship with your company.
For instance, a SaaS customer might only bring in a few dollars when they first sign up, but they’ll be paying recurring fees as they continue to use the software. These sorts of customers might not bring in a lot of revenue when they first convert, but they have a huge LTV.
By understanding both conversion rates and LTV, you can ensure that you’re not only generating leads but also high-quality leads that are more likely to convert and continue doing business with you in the future.
4. Enhance customer retention
Customer retention is essential for any tech company looking to grow its business. In fact, it’s often said that it costs more to acquire a new customer than it does to retain an existing one.
One of the best ways to enhance customer retention is to focus on delivering a great customer experience. Marketing analytics can help you track customer satisfaction levels and identify areas where you can improve.
By using marketing analytics to enhance your customer retention efforts, you can keep your existing customers happy and reduce customer churn.
Technology companies face a lot of competition, so it’s crucial to make sure that your marketing efforts are as effective as possible.
Practical tips for using marketing analytics
So, how can tech companies actually use marketing analytics to improve their marketing efforts? Here are some practical tips:
1. Start with actionable data
There’s a lot of data out there, and trying to make sense of it all can be overwhelming. When you’re first getting started with marketing analytics, it’s important to focus on data that is actionable and will help you achieve your specific goals.
Actionable data is data that’s been correctly cleaned and transformed and can be used directly for insight without any additional work. It’s important that a business uses actionable data; otherwise, they’ll end up with flawed or outdated analyses.
For most tech companies, data is collected from a variety of sources, including website traffic, social media, email marketing, and lead generation campaigns. Those data sources are then cleaned and transformed within their BI tool.
Much of that process is automated in market-leading BI tools, but users still have the opportunity to give their input and transform their data in more useful ways. Sometimes, the key to making a data source actionable is transforming it in an unconventional way.
2. Identify your key performance metrics
After your data has been cleaned and transformed, and you’re sure it’s actionable, then it’s time to decide what the most important metrics you need to track are. Generally, it’s a good idea to track the metrics that most closely correlate to success. These metrics are called ‘key performance indicators’, or KPIs.
For example, if you’re building a dashboard to track campaign success, you’re going to want to track metrics that show you how your campaigns are performing. These could be things like conversion rates, clickthrough, or form fills, depending on the goal of the campaign. The important thing is to make that connection between your data and your goals.
3. Use data to inform your decisions
Once you’ve collected data and identified key metrics, it’s important to use that data to inform your decisions. Making decisions based on data rather than intuition or guesswork can help you improve your marketing efforts and achieve better results.
For example, if you’re running a lead generation campaign and you see that the number of leads generated is lower than expected, you might decide to tweak the campaign based on the data. Or if you’re tracking customer satisfaction levels and see that they’re dropping, you might decide to take action to improve customer satisfaction.
Using data to inform your decisions can help you make changes that will have a real impact on your business.
4. Use marketing analytics to optimize campaigns
Beyond just making simple decisions, marketing analytics can help you optimize your marketing operations. Marketing analytics can help you determine the most effective campaigns and adjust them accordingly.
For example, if you’re running a paid advertising campaign and the data shows that it’s not generating as many leads as expected, you might decide to tweak the campaign or even pull it altogether if it’s not proving effective.
On the other hand, if a campaign generates a lot of leads but the conversion rate is low, you might focus more on improving the conversion rate rather than generating more leads.
Using marketing analytics to optimize campaigns can help you improve their effectiveness and achieve better results.
5. Use marketing analytics to track progress
In addition to using data to inform your decisions and optimize your campaigns, it’s also important to use marketing analytics to track your progress over time. This can help you gauge the effectiveness of your marketing efforts and ensure that you’re on track to achieve your goals.
If you’re trying to increase website traffic, you might track the number of visitors to your site on a monthly basis. If you’re trying to increase leads, you might track the number of leads generated each month.
Tracking your progress over time can help you identify patterns and make necessary adjustments to improve your marketing efforts.
Start using the power of data now
Marketing analytics is a powerful tool that can help you improve your marketing efforts and achieve better results. By using data to inform your decisions, optimize your campaigns, and track your progress, you can make changes that will have a real impact on your business.
If you’re not already using marketing analytics, now is the time to start. There are a variety of tools available, so choose one that will best meet your needs. Familiarize yourself with the features and start using data to improve your marketing efforts today.
A cloud-based business intelligence platform can deliver actionable insights from all of your data, no matter where it lives. With a BI tool, you can easily connect to any data source, visualize and analyze your data, and share insights across your organization in real time.
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