Analytics are absolutely critical for your business to better understand the success of its marketing programs, lead generation campaigns, website content and more. There is a wealth of information and insights that can come from analytics, but you must first understand why analytics are important for your inbound marketing strategy, and then you can understand how to leverage analytics for better inbound marketing results.
3 Reasons Why Analytics Are Important For Your Inbound Marketing Strategy
- Identifying Successes and Areas of Opportunity: You can use analytics to identify and understand which strategies are working and which ones aren’t. This provides the ability to learn from your successes and areas of opportunity and better plan for the future. Analytics will help you determine which marketing campaigns are effectively generating the most leads, or which landing pages have the highest conversion rates. Not only does this allow you to see where your leads are coming from, but it gives you potential conversion opportunities that can help drive future business development. From there, you can apply the analytics from these successes to test future campaigns to achieve even better inbound marketing results. Analytics can also help your business better understand its areas for opportunity for better performance. Inbound marketing analytics can tell you exactly which marketing campaigns aren't effectively generating website traffic or leads or which landing pages have the lowest conversion rates. (That's just as important as knowing what is working.) Using analytics to identify these opportunities will help you learn from your mistakes and improve on them to achieve better inbound marketing results.
- Benchmarking: Benchmarking is also very important to making informed inbound marketing decisions. Not only does this include benchmarking your marketing campaigns, but also benchmarking against your competition. Do want to see where your competitors are ranking in terms of website traffic, social media followers and more? Determine where you are ranking against your competition, and where your opportunities are to drive traffic and lead generation based on competitor data. This will give you an idea of where you should focus your efforts based on your own data and competitive intelligence.
- Finding New Business Opportunities: Identifying new business development opportunities is incredibly important for your business. It’s not only important to identify business opportunities, but to also determine which business opportunities are the right ones. For business owners, your time is valuable, so identifying the “diamond in the rough” is even more important to make sure you are focusing on the right potential leads. For example, by using your marketing analytics data, you could find that a significant amount of new leads are being driven by a few particular keywords on your website. You could then focus on these keywords when writing website content and building marketing campaigns to help generate more leads. In addition, you can see which social media channels are driving the most leads, and then maximize your lead generation on those specific channels, or find the right strategy to optimize other social channels. Pro Tip: If you're using HubSpot's Prospects Report, you can even see what companies are visiting your website every day, which gives you a great opportunity to seek those new business opportunities.
You can see there is a wealth of information in data, but sometimes data can be quite overwhelming. You don’t need to spend hours analyzing your data each week, but try to find the right metrics to track for your businesses success. This will help you find the right conversion opportunities for your sales and marketing pipeline.
We invite you to schedule a complimentary inbound marketing consultation where we can discuss your current inbound initiatives, strategy and even the process you have outlined to make sure it's a success.