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Marketing Analysis

// Marketing Analysis

What is Marketing Analytics?

Marketing analytics can help you improve your strategy to attract more audiences, generate more leads and drive sales. This guide explains how to conduct marketing analytics for your business.

Marketing analytics is a process that helps you understand the various demographics and segments of your target audience, effective engagement strategies, customer journeys, and ways to increase conversion rates. Conducting marketing analytics can help you improve your marketing campaigns, deliver a better return on investment for your marketing budget, build brand awareness and customer loyalty, and drive your lead generation.


What is the importance of marketing analysis in a business plan?

The great thing about marketing analytics is that it shows you how to use your marketing budget in a more targeted and effective way. You’ll better understand where your audience is active and what types of messages resonate with them. By building this information through a comprehensive analysis of your audience (and the shortcomings of your current marketing efforts), you will understand how to improve your marketing ROI.

The more analysis and insights gained, the greater the chance of future funding for the marketing vision and the higher the return on investment.

What insights can marketing analytics provide?

Here are the key insights that marketing analytics can provide to your business to help you optimize your future marketing efforts by understanding what is working and what is not working in your current campaigns.

Understanding Return on Investment

Every aspect of marketing analytics is tied to return on investment. For every dollar you spend on marketing, how many sales are you driving? While not every marketing activity is directly related to sales, it should be related to bringing new prospects into your conversion funnel and driving existing prospects closer to a purchase decision.

The most important ROI for a company is the conversion rate. This depends on the people who engage with the campaign through a pull list, receive or respond to the message through the channel (direct mail, email, social, digital, media) and determine if the strategy leads to the desired conversion or outcome, whether it is a lead, a sale or other criteria.

Know your audience

What you know about your audience – the channels they are most active on, their likes and dislikes, their pain points – should drive all of your marketing efforts. Marketing analytics can help you better understand your audience and its demographics across segments, so you can target customers with more effective brand messaging on the right channels.

What are his/her demographics? What are their interests, needs, wants, needs [and] dreams? Where are they (geographically and online via groups, websites, etc.)? This is how we can strategically target them.

Identify new markets
Your marketing analysis should also identify potential audience segments that you have not previously considered. These individuals may need products or services related to those you already offer, or may need your existing products and services for use cases that you have not considered bringing to market. In addition to identifying new markets, a marketing analysis should determine the potential growth rate of the market.


Identify SEO opportunities

Identify SEO opportunities
As part of your marketing analysis, you should review your website and content to identify areas that you can optimize for search engines. Search engine optimization or SEO is the process of ensuring that your website and social media platform content encourages search engines to crawl your pages and rank them high in search results. Ideally, your website will appear on the first page of Google results when your audience searches for keywords and phrases related to your brand, products and services.

Identify Paid Advertising Opportunities
Marketing analytics should include a review of your paid advertising campaigns, such as pay-per-click advertising. Not only should you look for new ways to expand the reach of your paid advertising, but you should also focus on what you are currently doing and how well it is working. This can reveal opportunities to optimize paid ad spend by tailoring ads to the interests of your target audience and improving engagement and conversion rates.

In addition, if you’re in an emerging market, you may have to conduct a marketing analysis once a year. If you’re in a mature market, you can conduct a marketing analysis every two to three years.”


What should be included in a marketing analysis?

In order for a marketing analysis to be truly comprehensive, it must examine every relevant aspect of the marketing effort. At a minimum, you should include the following elements in your organization’s marketing analysis.

Prospects and leads
Especially important for marketing campaigns designed to drive new business, examining prospects and leads can help you understand where potential new business is coming from and how to keep them engaged with your brand. Marketing analytics can identify better ways to nurture these prospects and move them along your conversion channels to purchase decisions.

A conversion is any decision you want to influence an audience member to make, whether it’s opening an email, clicking on an ad, or interacting with your social media accounts. While “converting” a lead or prospect into a paying customer may be the most common reference, a sale is not the only type of conversion a marketing campaign seeks. Keep your goals and key performance indicators (KPIs) in mind to determine which conversions are most important to you in a given campaign.

What should be included in a marketing analysis?


Marketing analytics should also shed light on the needs of your audience, both in terms of how your products or services meet those needs and how they don’t. The more demographic information you can gather about your audience, the better you can segment your audience and target each segment with the types of content most likely to drive conversions.

The more brands know about the people who are and aren’t interested in a product or service, the better the chances of conversion, and it also ensures that organizations are investing in the right types of customers. Finally, it allows marketers to talk to consumers on their terms and the way they want to.

By understanding your audience, you can customize your brand messages and various marketing campaigns to increase engagement. Marketing analytics examine your audience’s current interactions with your brand through metrics such as open rates, click-through rates, and bounce rates for email campaigns.

Your analytics should also consider how users behave after interacting with your content. For example, when users click on a paid ad that takes them to your target page, what do they do next? Once you understand the reasons behind these metrics, you can improve them by optimizing campaigns to engage a broader audience and encourage further engagement.

Industry Overview and Competitive Landscape

Understanding the situation through a competitive marketing analysis of your industry is essential for you to adjust your strategy to the market. Not only should you understand market growth and other industry trends, but you should also understand how you stack up against your competitors. A competitive marketing analysis allows you to understand where your company stands in comparison to your direct or indirect competitors. A basic overall industry overview [including] size, trends and projected growth, which focuses more on the industry as a whole rather than your business or customers. Is the industry growing, higher/lower demand, more/fewer competitors, new technologies/products/services, etc.?

As you conduct your marketing analysis, give yourself time to gather enough data on these points. Abridged marketing analysis usually provides biased results or, worse, insufficient data to draw meaningful conclusions.

The most common mistake is not having enough time to thoroughly collect and analyze your data and findings, and many people neglect to provide enough time, thus limiting their findings. This limitation so early in the process can affect every future strategy and decision.

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