Strategic marketing relies on a heavy helping of data analysis and reporting. Analysis is the process of exploring data in order to extract meaningful insights, which is used to better understand a company’s customers and their user experience. Reporting distributes these meaningful insights to a company’s departments and teams in order to evaluate and improve their marketing efforts.
Why is Analysis and Reporting Important?
In a busy workplace environment, finding time to analyze successes and failures can be hard. Analyzing and Reporting are important parts of a business’ marketing efforts but owners and key stakeholders often struggle with them.
As challenging as it may be, it’s no surprise that insightful analysis along with effective reporting can make a tangible impact on ROI. The greatest opportunity to increase revenue comes from being able to identify what you are doing well and what you are not. To get this type of insight, we need data and reports, which allow companies to accurately measure their performance, thereby giving them a competitive edge.
How Do We Use It to Benefit You?
Branding and marketing, to some, sound like things that are ethereal and unmeasurable. But if we dig down deeeeeep, we have found we can measure most anything. There used to be only a few marketing “measurables” like impressions, purchases, appointments, dollars spent, etc. But now we have even more valuable categories like affinity, intent, CPL (cost per lead), CLV (customer lifetime value),….and finally KPI (key performance indicators).
While not everything needs to be measured, analyzed, and reported, we find it super important to identify, benchmark, and report on goals for our clients. How else do you get better? Let’s know and honor it when something in the plan isn’t working and then make the next sprint to improve. Websites and marketing should always be making incremental improvements, and proper analysis and reporting will get us there.
Most of our clients are super busy folks who work hard to get their jobs done, so reporting allows us to get on the same page, share KPIs, plan next steps. Then we can all get back to work!