Marketing intelligence solutions have embraced artificial intelligence (AI) and machine learning (ML) advancements. Therefore, corporations can acquire better insights into business problems. Organizations want to reduce the gap between marketing intelligence and performance by collaborating with experienced marketers. This post focuses on how marketing analytics consulting firms help companies meet their business objectives.
What is
Marketing Analytics?
Marketing
analytics involves extracting insights into advertisement statistics, customer
behavior, product design, and online brand presence to maximize the effectiveness
of promotional campaigns and strategies. Marketing
analytics consulting firms use modern methods of collecting, storing, reporting, and updating
the required performance data.
Intelligence
solutions used for market trends and sales analytics affect how you measure and
adjust the performance of a promotional strategy. For example, a company can
inspect the following business queries leveraging marketing analytics.
- Do Facebook Ads help the
company reach, nourish, and convert more consumers?
- What is the difference between
the organic social engagement of two tweets, one containing three hashtags
and another without?
- Why might many users exit the
company’s apps or websites at a specific scroll depth?
- Should you increase paid social
budget or social posting frequency?
- Do influencer collaborations
that you tracked through tagged links yield impressive results?
Insights
related to such questions allow businesses to learn about their audience.
Later, they can communicate how some marketing strategies contribute to
increased sales and specific techniques perform poorly.
What Are
the Services Offered by Marketing Analytics Consulting Firms?
1 |
Social Media Analytics
When brand
accounts generate content on social networking sites (SNS), they get
visualized user statistics. Marketing professionals observe them in the
Facebook/Meta business suite, Twitter analytics, and Pinterest overview
reports. Additionally, reputable marketing
intelligence solutions allow importing social analytics data to create custom reporting
views or “data visualization dashboards.”
Similarly,
LinkedIn provides organizations with user engagement data and content reach
statistics. Today, the value of marketing analytics metrics such as the number
of followers and likes has declined due to fake accounts, according to the top
consulting firms helping companies meet business objectives.
However,
market intelligence solutions will gather data on the location, age, gender,
profession, and related interests of your engaged customers over social media
platforms. Later, you can identify actual consumer engagement events.
Companies
use the identified user interaction patterns to improve their design of social
media posts to build an online presence. For example, Instagram allows ten
images in one carousel post. Corporations can use this facility to repurpose their
consumer education slideshows.
2 |
E-Commerce Analytics
An
enterprise might deliver consultation, commodities, or other services via its
business website, proprietary app, or third-party platforms. Still, it requires
the visitors’ engagement and retention data to understand how consumers
interact with a navigational or payment feature.
Cart items,
offer codes, billing methods, and customers’ personally identifiable
information (PII) reveal upselling opportunities. So, businesses must
study their customer data in an e-commerce context. Marketing analytics
consulting firms can optimize retention models to help online stores thrive and
surpass their competitors.
Consider
how market intelligence solutions depict the popularity or irritability linked
to user interface (UI) elements. They support interaction monitoring
tools to tell you how many users engage with the offers, pop-ups, and cart
buttons on your e-commerce shop. Moreover, you will learn how many customers
left products in their carts, i.e., the abandonment rate.
Some buyers
have a habit of creating wish lists first. They revisit your product pages to
purchase products on certain days, like during a festival season or at a
memorable life event. Marketing analytics consulting firms examine these behaviors
and develop unique engagement strategies.
3 |
Advertisement Analytics
Businesses
know the importance of content marketing that leverages web connectivity.
Besides, advertisement ensures the web stays open and accessible to everyone
globally. A company cannot launch a marketing campaign without the methods
necessary for tracking its performance.
It must
include user engagement data and visibility statistics to analyze the
campaign’s effectiveness. So, online ad networks employ technologies like scripts,
cookies, tags, and web beacons to help managers develop reports. These reports
go beyond customer views and ad clicks.
Marketing
analytics consulting firms utilize advanced tags and customer tracking tools to
unlock detailed insight into ad performance that helps meet a business
objective. If an ad performs poorly, its analytics data will reflect this
situation. Therefore, the organization can stop wasting money on less
satisfactory marketing campaigns.
4 |
Search Engine Optimization Audits
A business
website will have your brand name on three essential top-level domains. i.e.,
.com, .org, .net. Moreover, companies use subdomains to manage different sites
optimized for geolocation, country, languages, or unique user experiences.
Still, you
cannot be sure if your site will appear in the online search result of your
ideal clients. As such, search engine optimization (SEO), a technical
skill of customizing your content and website structure, becomes vital.
Market
intelligence solutions will capture data on which user queries and related
keywords can bring your website to rank 1 on the search engine results page
(SERP). You can also improve your return on ad spend (ROAS) by enhancing
keyword targeting in online ad networks.
5 | News
and Media Monitoring
Many TV
channels and magazine publications differ in their popularity. Corporations
want to avoid being associated with questionable broadcasting networks and
media platforms that might harm their brand’s reputation.
Still, they
want to maximize brand awareness using minimum expenditure to achieve economy.
Marketing analytics consulting firms will pay attention to your online and
offline brand presence. They analyze brand mentions to track how various news
sources, magazines, and other forums describe your business and its commercial
offerings.
Through
media and press coverage monitoring, managers wish to safeguard their brands
from negative marketing attempts by competitors. They must also get a reliable
estimate of how positive or negative media coverage affects the company’s
long-term financial performance.
Marketing
Analytics Consulting Firms Help Meet These Business Objectives
Goal
determination enables enterprises to coordinate their operations. The companies
have a set of goals for each business unit. So, market intelligence solutions
offer assistance in accomplishing the following business goals.
Objective
1 – Increase Brand Awareness
Your
company might be famous in one country. But it must expand to other markets.
However, penetrating new markets is a daunting task. You will require strategic
brand awareness efforts to familiarize potential customers in the new territory
with your company.
Brand
awareness and value association can affect the relationship between a company
and its consumer base in the long run. Therefore, marketing analytics
consulting firms study the impressions and brand mentions reports. They will
help you experiment with multiple brand awareness strategies and select the
best-performing one.
Objective
2 – Grow Conversions and Sales Revenue
Gathering
market intelligence using various IT solutions allows you to adjust your
marketing campaigns for each customer segment. Also, the insights obtained from
analytics facilitate consumer experience personalization that increases the
conversion rate.
The private
sector organizations require highly-engaging marketing materials and maintain a
healthy rapport with existing clients. Marketing analytics and intelligence let
them identify the best approach to improve customer relations and boost sales.
Objective
4 – Identify New Market Opportunities
Businesses
revise their strategies to prepare for better market penetration and service
differentiation opportunities. Marketing analytics consulting firms track new
market opportunities and help companies benefit from the latest industry trend
adoption.
Each
enterprise willing to innovate its products and services to attract another
market segment must conduct thorough research to inspect financial feasibility.
If it does not create a functioning market entry strategy, its newly-launched
products and services can fail to perform well.
Conclusion
Market
intelligence solutions allow corporations to grow fast, get customers, and
enter new markets. You can start a promotional campaign today and let the
marketing consultant increase the company’s brand recognition. A successful
marketing strategy requires qualitative analytics tools and experienced
professionals’ guidance.
A leader
among marketing analytics consulting firms, SG Analytics empowers enterprises
to collect and process all categories of campaign performance and consumer
interaction data. Contact us today to leverage our multi-channel attribution
and learn how to increase client retention.