G5 Analytics: Use Data to Make Smarter Marketing Decisions
Maximizing ROI to drive revenue growth is the number one concern for marketers today. Striking a balance between the right spend and the right programs can be incredibly difficult. As a result, marketers need better ways to use data to help them make decisions about their marketing programs. This analytical approach to marketing comes as no surprise since marketing channels generate and capture an enormous amount of data that can tell the true story of the online buying journey.
But having access to more data doesn’t necessarily mean that you’re able to leverage it to drive better business results. In fact, most marketing departments have struggled to keep up and are only just now starting to understand the meaning behind the glut of marketing data available to them. Many teams are trying to build their in-house analytical expertise, hiring data experts who can gather, process, interpret, and make recommendations for getting better results from marketing programs. According to the U.S. Bureau of Labor Statistics, careers in marketing analytics show a stronger potential for growth through 2026.
Marketing Analytics That Matter
Hiring a data analytics team might not be in your immediate future, but with the end of the quarter approaching, you need to be able to use data to prove the value of your marketing efforts to key stakeholders. We’ve put together a few things to keep in mind as you sort through your own campaign performance data.
1. Not All Metrics Matter
You have a lot of data available to you, making it difficult to know what to measure. You should follow metrics that tie directly to your marketing goals. If your goal is to build awareness for your property, then you should closely watch ad impressions and website traffic. However, if lead generation is your goal, then you should measure conversions and leads from your marketing programs.
2. Identify the Goal for Your Data
Based on the data you have available, what can you measure and track that would help you make decisions about your programs? List the metrics you have available to you, the frequency at which you can access the data, and the possible ways you could use data to make decisions about your marketing programs. Once you understand what data is available to you, map out a plan for how you will use those numbers, whether that’s to:
- Provide a channel status
- Measure or report change in performance
- Prove the value of certain efforts
- Identify ways to hone your message
Make this available to key stakeholders on your marketing, sales, and other business teams so they understand your measurement plans. Be sure to show how you will use data to measure the effectiveness of your marketing programs and how that ties directly to your marketing and business goals.
3. See the Big Picture, Then Monitor for Trends
Trends are meaningful over time, so it is important to remember that day-to-day changes in marketing performance may not lead to a significant shift in your business. For example, you might see website traffic drop significantly from Sunday to Monday, but over the entire month, traffic might remain consistent. There are a number of factors that can influence outcomes of your marketing programs. To understand whether fluctuations are part of a larger trend, look at marketing metrics over the previous year. Does there appear to be a pattern (i.e. numbers are trending up or down)? Were patterns a result of seasonality? Did anything new happen at the property in the time period (i.e. new competitors, related news story, new amenities, pricing changes/ promotions)?
4. More Insights, More Personalization
Marketers tend to lean on traffic, reach, engagement, and lead metrics to prove the value of their efforts. Ultimately, this data is useful for determining whether a campaign or program is working. But, these numbers don’t always shed light on why the campaign or program is or is not working. The most effective way to tell if your message is working is to A/B test and measure results. However, if you have access to keyword data, look for keywords and messages that drive the most engagement, then modify your campaigns accordingly.
Measure Performance with G5 Analytics
Processing and interpreting marketing data can be a full-time job. Marketers typically don’t have the time to manually pull data from various sources into monthly reports, check the math, and create charts that can be shared company-wide for their entire portfolio. Most off-the-shelf marketing reporting systems don’t take into account the specific needs of real estate marketers, who often manage marketing campaigns and spend for multiple locations. G5 Analytics does.
We built G5 Analytics to make your life easier. G5 Analytics combines marketing metrics from across channels into a single platform. You only need to log into a single reporting platform to see results across all of your websites and digital advertising campaigns. We give you instant access to performance data – website traffic data, calls tracking and form reports, ad performance and spend insights, conversion metrics, as well as insight into the effectiveness of your spend. G5 Analytics is the performance reporting you need to measure success and make strategy adjustments towards achieving your goals.
Start measuring your marketing performance with our Essential Marketing Metrics Checklist. It breaks down what to measure, the questions to ask, and tactics that can help you achieve your goals.
Download a copy now.
For more information about making better-informed marketing decisions with G5 Analytics, schedule a meeting with us today.