Even the best marketing plan may provide little benefit to marketers if you cannot measure its success and apply the results in future campaigns. Marketing data and analytics provide important insights that helps you understand your customer base better, create more reliable forecasts and anticipate future market developments. Tracking the data you need is the first important step. Reporting and analyzing needs to utilize the correct questions to ask. There are many available tools that will enable you to set up the framework that will work for you.
- Sometimes in marketing it’s not a lack of metrics that stymies so much as a lack of knowledge as to how best to use those metrics.
- As a first step, it’s important to develop a QIA model, this informs you as to the question you need information on to thereby inform you as to the required action.
- When the answers you are getting from your metric are not capable of informing you as to the next required action then that is called a vanity metric.
“You’ll also learn how to plan and build systems that deliver key insights so you can effectively forecast and optimize your marketing efforts.”