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.