Christophe Kuhner[Posted by , Senior Prod­uct Man­ager, Neolane]

In order to get a bet­ter under­stand­ing of how mar­ket­ing ana­lyt­ics can be used to ben­e­fit cam­paigns, we have dis­sected the process into 3 steps – under­stand, exe­cute, and mon­i­tor. The goal of mar­ket­ing ana­lyt­ics is lever­age cus­tomer data for insights into cus­tomer behav­ior, which can then be turned into action­able cam­paign strate­gies. Fail­ure to rou­tinely read and ana­lyze this ever-changing cus­tomer data can pre­vent mar­keters from devel­op­ing and main­tain­ing cam­paigns and mes­sages that are rel­e­vant to tar­get audiences.

As part of our ongo­ing series “A 3-Step Approach to Mar­ket­ing Ana­lyt­ics,” we will con­clude with step 3 – monitor.

What to “Monitor”

Depend­ing on the goal of a mar­ket­ing cam­paign, there are mul­ti­ple areas of cus­tomer behav­ior that can be mon­i­tored to track cam­paign effec­tive­ness and glean use­ful insights can be used to make smarter mar­ket­ing deci­sions. Mar­keters should be con­tin­u­ously mon­i­tor­ing a stan­dard set of KPIs; some of the most widely mon­i­tored include the following:

  • Site traf­ficMarketing Analitycs
  • Time spent on site
  • Inbound links
  • Social inter­ac­tion
  • Open and click-through rates
  • Con­ver­sion rate
  • Rev­enue per subscriber
  • Cam­paign ROI

 

Com­mon Asked Ques­tions in the “Mon­i­tor” Phase

At this point, mar­keters are largely try­ing to answer ques­tions that revolve around cam­paign per­for­mance issues such as:

  • Which offers have been the most effec­tive over the last three days?
  • What was my daily turnover in Paris in June 2010?
  • How did dif­fer­ent seg­ments react to the last campaign?

 

Enabling the “Mon­i­tor” Step with Technology

Mar­keters have sev­eral plat­form options to choose from when imple­ment­ing a mar­ket­ing ana­lyt­ics sys­tem. The best choice is one that can be eas­ily inte­grated into the cur­rent busi­ness cul­ture, is easy to learn, and doesn’t require a spe­cial­ist to deci­pher the data. The fol­low­ing are var­i­ous tech­nol­ogy plat­forms used to mon­i­tor mar­ket­ing analytics:

  • Data visu­al­iza­tion: Mar­keters tend to be cre­ative and visual learn­ers who are more capa­ble of under­stand­ing infor­ma­tion through charts, fig­ures, and info­graph­ics, rather than a spread­sheet or table. By using visu­als as opposed to text or num­bers, mar­keters can ana­lyze and iso­late trends in large vol­umes of data.
  • Pre­dic­tive analy­sis: A pro­gram for pre­dic­tive analy­sis incor­po­rates data from past cam­paigns and pro­vides users with access to mod­els, sta­tis­tics, and data about spe­cific aspects of mar­ket­ing. This is espe­cially effec­tive in the mon­i­tor­ing step as it allows mar­keters to com­pare past and present cus­tomer data to deter­mine what may hap­pen in the future and why.
  • Sim­u­la­tion: Simulation-based per­for­mance ana­lyt­ics pro­vide alter­na­tive out­comes and results for cam­paigns based on a vari­ety of sce­nar­ios and out­comes. Mar­keters can com­pare sim­u­la­tion ana­lyt­ics to the actual data points for a broader look at pos­si­ble out­comes; both sets of data can be imple­mented in future cam­paign decisions.

 

What to Do with These Metrics

Mon­i­tor­ing mar­ket­ing ana­lyt­ics is only use­ful when applied to busi­ness objec­tives and out­comes. The data from cus­tomer insights should be com­pared to these two ele­ments in order to deter­mine the lead­ing indi­ca­tors of busi­ness per­for­mance. For exam­ple, a mar­keter who is mon­i­tor­ing the mar­ket­ing ana­lyt­ics of a retail brand should be con­sis­tently mon­i­tor­ing KPIs of site traf­fic, down­loads, ROI, and pur­chases to be eval­u­ated for suc­cess, effi­ciency, and effec­tive­ness. If there is an area that has seen a spike or drop, the mar­keter is respon­si­ble for locat­ing the cause and apply­ing it to future cam­paign deci­sions. If there is a spike in cus­tomer data in a spe­cific KPI, the strat­egy being used in that area of suc­cess may also be use­ful in improv­ing another area. If there is a drop in cus­tomer data, it can indi­cate the prob­lem that needs to be addressed.

 

Inte­grat­ing the “Mon­i­tor” Step with Con­ver­sa­tional Marketing

Mon­i­tor­ing mar­ket­ing ana­lyt­ics opens the door for mar­keters to turn quan­ti­ta­tive data into qual­i­ta­tive data. Qual­i­ta­tive data is infor­ma­tion that can be digested and given char­ac­ter­is­tics and sub­jec­tiv­ity beyond the num­bers, and then applied to the mar­ket­ing cam­paign cycle. Mon­i­tor­ing mar­ket­ing ana­lyt­ics in con­ver­sa­tional mar­ket­ing requires mar­keters to con­cen­trate on the out­come of their efforts and jus­tify those efforts through cus­tomer behav­ior and data.

 

The “mon­i­tor” step closes the mar­ket­ing ana­lyt­ics cir­cle and pro­vides mar­keters with insight into how to bet­ter serve cus­tomers to sus­tain engage­ment, inter­ac­tion, and loy­alty. By rou­tinely con­duct­ing all three steps of mar­ket­ing ana­lyt­ics, mar­keters are bet­ter equipped to fully har­ness “big data” and apply it to improv­ing cam­paign success.