The Importance of Performance Analytics for Your Business
While 60 percent of CMOs think performance analytics are key to good decision making, the vast majority of companies still don’t use them effectively. According to the Harvard Business Review, fewer than 20 percent of senior marketing executives say their companies employ meaningful metrics. Analytics are more powerful and more specific than ever, but most companies fail to realize their full potential.
The companies that do put data first come out on top. A McKinsey study, for example, found that companies that use integrated analytics generate better results on smaller budgets. Analytics can help your company monitor its customer experience, adopt smarter marketing strategies, and understand changing market trends.
Get real answers with integrated analytics
Integrated analytics, which aggregate data from multiple marketing channels, help companies find real answers in the sea of information. These analytics also include data from customer service channels, like call logs, chat logs, and comments sections, that are more difficult to quantify. When companies bridge the gap between marketing and customer service with integrated analytics, a clearer picture of the overall customer experience emerges.
Stay responsive with real-time analytics
By monitoring the real-time sentiment of followers and leads, companies can quickly amplify successful marketing campaigns on the most effective channels and save money by pulling the plug on campaigns that fall flat. While responsiveness is clearly an advantage in business, many companies don’t track real-time sentiment at all. According to eMarketer, just one in three marketers measure customer experience well.
Understand past performance with analytical reports
Analytics reports also help marketers communicate their value to their companies. According to Hubspot, 84 percent of marketers can’t measure or report on any real contributions they make to their companies. Marketers who can’t measure their contributions in traffic, likes, leads, or conversions will find it difficult to sell their ideas to higher ups. Indeed, according to Invoca, less than one in three marketers get credit for the inbound calls they drive.
Predict future performance with informed analysis
There are a number of ways to use analytics to shape your future campaigns. Take, for example, search engine marketing. The keyword data you collect from search engine click throughs is just as valuable as the leads you generate with each click. This data reveals which product features are most important to customers in the long run and which industry trends are driving sales at the moment.
The value of informed decision-making is intuitive, but most companies don’t take advantage of the detailed performance analytics available to them today. Most companies have no idea how to raw data they collect. By turning to integrated analytics for answers, you can increase your company’s responsiveness, unite your team behind measurable achievements, and build successful future campaigns
Here at SignatureResponse, performance analytics are at the heart of our response center and everything we do. If you’re ready to turn your analytics into action, reach out today.