10 Informative Marketing Analytics Statistics to Know
Statistics about analytics to improve your marketing functions
When you run a marketing campaign, you don’t throw out some ads and wait for them to drive results. On the contrary, you should be constantly assessing your campaigns and gathering insight from the results they drive.
That’s the idea behind marketing analytics. Your marketing will encourage certain customer behaviors and provide you with insightful data about your audience, allowing you to further improve your marketing down the road.
But what makes marketing analytics so valuable?
Below, we’ll look at some useful statistics about analytics to help you see how it can benefit your marketing. Keep reading to find out more.
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10 marketing analytics stats for your business to know
Analytics is all about gaining insight from the data you collect. And we have some data on hand about marketing analytics — data that can help you see the value in analyzing your current marketing campaigns.
Here are 10 marketing analytics facts to know!
1. 44% of marketers say that the data they have on their target audience is high-quality.
The first stat on our list indicates the importance of high-quality data. 44% of marketers say that their audience data is high-quality, and your competitors are probably among those businesses. If you want to stay ahead of the curve, you need to make sure your data is equally high in quality.
So, how do you ensure that your marketing data is high-quality? Firstly, make sure you’re acquiring it via trustworthy tools and sources. Secondly, be sure to filter through all of the data you collect and weed out any inaccuracies or repeated data points.
2. 20% of business-to-business (B2B) marketers use predictive analytics.
The next marketing analytics statistic on our list relates to predictive analytics. That refers to a type of analytics that focuses on predicting what will happen with your marketing down the road. It allows you to plan more effectively for things like your campaign direction and budget.
A sizable chunk of B2B companies use predictive analytics, but still a minority. That represents an opportunity for your business to get ahead of all those other companies by using predictive analytics for your own marketing.
3. 87% of marketers identify data as the most underutilized asset at their companies.
According to 87% of marketers, their most underutilized asset is marketing data. In other words, these marketers have access to data on their customers and campaigns, but the vast majority fail to take full advantage of that data.
You can learn from this by avoiding the same mistake. There’s so much you can find out about your campaigns by simply examining the data they generate. Take advantage of that opportunity to learn about your marketing and improve it as a result!
4. 40% of marketers say that demonstrating their marketing return on investment (ROI) is their top challenge.
Many businesses struggle to find out the ROI of their marketing. That means it’s hard for them to find out how much their marketing is benefiting them.
Of course, the solution to this problem is to use marketing analytics to calculate the ROI. But as some of the other marketing analytics stats on this list have shown, a lot of companies fail to do that.
Make sure that doesn’t happen to you! You can get a clear picture of your marketing ROI by simply analyzing the available data.
5. Marketing analytics only influence 53% of companies’ marketing decisions.
Despite the fact that the whole point of marketing analytics is to help you understand how to better optimize your campaigns, a narrow majority of businesses don’t factor it into their marketing decisions. Once again, this represents an opportunity for your business.
By using marketing analytics to influence your own campaigns, you can help ensure that your marketing is more effective than that of your competitors.
6. 26% of marketers say that decision-makers at their companies don’t review data provided by the marketing analytics team.
Building off the previous marketing analytics statistic, the decision-makers at many companies (26%, to be precise) don’t even bother to look at the data provided by their analytics teams. As a result, the companies waste valuable time and effort generating data that could help them, only to ignore it.
Don’t be like those businesses! If you’re a decision-maker at your company, be sure to value the analytics data your team provides. And if you’re not a decision-maker, look for ways to communicate the importance of analytics to the people at your company who are.
7. 53% of companies formally evaluate the quality of their marketing analytics data.
In contrast to the last stat, the majority of businesses do look at their marketing analytics data. In fact, most of them take the time to formally assess the overall quality of that data. This takes us back to the same idea that was communicated in the very first stat on this list: Data quality matters.
You should invest the necessary time to comb through your data and make sure there aren’t any errors. Even a small mistake could potentially throw off your calculations in a big way.
8. 76% of companies report seeing a major boost to business and customer satisfaction after implementing marketing analytics.
Using marketing analytics has a tangible effect on your company. In fact, 76% of businesses say that their customer satisfaction rates went up immensely after they started incorporating analytics into their marketing strategy.
Needless to say, customer satisfaction is something you definitely want. When customers are satisfied, they make more purchases over time, leading to more revenue for your business. That goes to show that analytics directly contribute to your large-scale business goals.
9. 44% of marketers have a good qualitative idea of the impact of their marketing, but not a good quantitative idea.
This stat shows us that while a lot of marketers may have a general understanding of the impact their marketing has on their business, they don’t all have the hard numbers to back it up. 44% of businesses lack any quantitative idea of their marketing’s impact, making it hard to justify it to decision-makers.
That’s yet another problem that marketing analytics can easily solve. By simply tracking and organizing important marketing data, you’ll have plenty of hard metrics to demonstrate the precise impact that your marketing has on the success of your company.
10. Companies are six times more likely to be profitable if they use data-driven marketing.
We saw a moment ago that marketing analytics help to increase customer satisfaction. But more than that, analytics directly boost profits. When companies use data to fuel their marketing, basing their decisions on the insights they gain from that data, they’re six times more likely to drive a profit.
Given that statistic, it should be clear just how much your business can benefit from integrating analytics into your marketing strategy. Otherwise, you’re just hurting your ability to drive a profit, which defeats the entire purpose of your company.
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Ready to use what you’ve learned from these marketing analytics statistics to propel your marketing campaigns forward? WebFX would love to help you! We’ve earned over 1,100 client testimonials over the years from the businesses we’ve partnered with, proving that we know how to craft campaigns our clients love.
When you partner with us for our marketing analytics services, your marketing will receive a major boost. Additionally, you’ll receive a dedicated account representative to keep you in the loop about everything we do for you.
To get started with us, just call 888-601-5359 or contact us online today!