Marketing Analytics 101: How to Get Started with Marketing Metrics
If you are just beginning to do in-house marketing for your business, or you want to better understand the analysis being done by your SEO representative, it can be daunting to learn what exactly you need to know. The truth is that marketing analytics is a complex, important part of the modern marketer’s world. This article is designed to introduce you as a new marketer to the basics of analytics and help you understand what to master and why.
The platform most commonly used to track marketing metrics is Google Analytics. It is a powerful tool where you can gain access to information about your web-based marketing and website in general—which pages are getting the most clicks, where you need to improve your load times, how many people convert and where they came from online, which devices are most used by your audience, etc. If you want to get more background on Google Analytics and some of the terminology and breakdown of the site, click here.
The back end of Google Analytics is broken down into eight main sections: Dashboards, Shortcuts, Intelligence Events, Real-Time, Audience, Acquisition, Behavior, and Conversions.
Let’s look at some of the analytics you will want to pay the closest attention to in terms of marketing. HubSpot does a great job conceptualizing the three main aspects of marketing analytics to pay attention to: Leads & Customers, Marketing Campaigns, and Closed Loop Marketing.
Watch Your Leads & Conversions
One of the most important metrics you can possibly look at is your lead close rate. This is because it is important to know how many of your leads are becoming sales, or converting. This metric also helps you know how effective your prospective leads actually are and how you might need to make important changes in your marketing strategy. The basic indicator is that if your lead close rate is high, then that means your current methods are working, but if it is low, you might need to adjust the type of leads you are getting and/or what you are doing to convert them. You should be tracking this at least once a month!
At any given time you are probably going to have multiple different marketing campaigns happening on several different channels and platforms. Google Analytics can help make sure that you’re following the metrics associated with each campaign so you can determine where your marketing budget is best spent. A few campaign options you may be running include:
- Facebook ad campaigns
- Google Ads campaigns.
- Traffic coming from social media
- A YouTube ad campaign
This is a pretty typical spread of marketing campaigns going on at the same time. It is really important for you to pay attention to analytics tied to each campaign you are running, but also, if you are running a campaign on multiple platforms, how those are interacting and working together to produce the results you want to see.
Closed-loop marketing is a form of marketing that relies on data and insights from closed-loop reporting. In closed-loop marketing, the sales teams report directly to the marketing department about what happened to the leads that they received, which helps your business to better understand your lead sources. The reason this is such an incredibly important part of marketing analytics is that it gives you a qualitative understanding of the changes and information that you get from quantitative data. Further, to be the most effective marketer you possibly can be you need to be able to tie every single lead, customer, and financial gain to the marketing initiative that created them. While there are many facets of marketing, closed-loop marketing is one of the first things you can focus attention on to be successful as a beginner. Good luck, you’ll undoubtedly get the hang of these marketing metrics in no time.