People in the corporate world understand that marketing plays an important role in the survival and growth of a company. Whether your business is new or old, large or small, marketing is vital to success. The days when a company could rely on print advertisements and personal selling to bring in customers are gone. Today, businesses need to use data and analytics to understand what customers want and how they can be reached.
According to Tommy Shek, marketing analytics is the process of measuring, managing, and analyzing marketing performance to optimize outcomes. It’s no secret that marketing analytics can be complex and confusing. But, that doesn’t mean companies should avoid using them altogether. In fact, many businesses make common mistakes when it comes to marketing analytics that can be easily avoided.
Common Errors Businesses Make In Marketing Analytics –
1. Not Defining Goals and Objectives
One of the most common mistakes businesses make is not defining their goals and objectives from the start. Without a clear understanding of what you want to achieve, it will be difficult to set up an effective analytics program. Take the time to sit down and determine what your specific goals and objectives are. Once you have a good understanding of what you want to achieve, you can develop a plan to get there.
2. Not Collecting Enough Data
Another common mistake is not collecting enough data. Marketing analytics relies on data to be effective. If you don’t have enough data, you won’t be able to make the necessary calculations, and you won’t be able to get an accurate picture of what’s going on. Make sure you are collecting data from all sources, including social media, website traffic, email campaigns, and more.
3. Not Cleaning the Data
Once you have collected the data, it’s important to clean it up before you start analyzing it. Data that is not clean can lead to inaccurate results. There are a number of ways to clean data, including removing duplicate entries, standardizing formats, and more. If you don’t clean your data, you run the risk of making decisions based on inaccurate information.
4. Not Analyzing the Data
After you have collected and cleaned your data, it’s time to start analyzing it. Tommy Shek points out that this is where many businesses make a mistake. They either don’t analyze the data at all, or they don’t do it properly. When analyzing data, you need to look at the big picture and identify trends and patterns. This will help you make better decisions about your marketing efforts.
5. Not Acting on the Data
Once you have analyzed the data, it’s important to take action based on what you find. Many businesses make the mistake of collecting and analyzing data but never taking any action. The whole point of marketing analytics is to use the data to improve your marketing efforts. If you don’t take action, you won’t see any results.
6. Not Measuring Results
Another common mistake is not measuring results. Once you have implemented changes based on your data, you need to measure the results to see if they are working. This will help you fine-tune your efforts and make sure you are on the right track. Without measurement, it will be difficult to know if your marketing analytics program is successful.
7. Not Updating Data Regularly
Marketing analytics is an ongoing process. It’s not something that you set up once and then forget about. You need to update your Data regularly to ensure that it is accurate and up-to-date. Marketing campaigns and strategies change all the time, and your Data needs to reflect that.
Bottom Line
Tommy Shek points out that avoiding these common mistakes will help you set up a successful marketing analytics program that will improve your marketing efforts and help you achieve your goals.