Marketing professionals face a tough time in measuring their return on investment for online marketing and advertising. In this fast-paced world, the techniques of attracting customers through online marketing and how customers react keeps changing rapidly.
Marketers are inquisitive to know the ROI on the amount, time and efforts they are spending on the online marketing for their brand. Not just that but they also want to understand the touch-points and various aspects that are influencing their customer to make the purchase. However, these understandings and measures will only help if they are data-driven.
In order to have data-driven online marketing analysis, markets have to deal with large data sets from different sections and formats. Manually collating the raw data, making sense out of it and then presenting in a form that would help decision making is a daunting task.
According to Market Reports World, The US marketing analytics market was valued at USD 847.81 million and is anticipated to register a CAGR of 12.9% over the forecast period (2019-2024).
Online marketing analytics are used to get this data in a presentable manner that can be used in different ways.
How Magento BI helps in tracking online marketing analytics?
Magento BI transforms online marketing data into value that helps in taking your E-commerce business to new heights. It captures all the raw data and turns it into vital commerce dashboards that simplifies monitoring your business health.
It is a home for data collated from different types of marketing campaigns stored on a single platform and can be represented easily in various forms of visualizations and tools for better understanding.
Below are key functions on how Magento BI helps in tracking online marketing analytics.
360* Customer View
Customer centric brands are always hungry to know what their customers are up to. Customer analytics helps them to study customer behavior that in turn helps in key business decision making by market segmentation and predictive analysis.
Magento BI helps to gather all the customer data like lifetime value, retention rate, their likes, choices, and preferences. .
Data is the new oil! And what can be more precious than having a better structured and represented data into information.
The profit or loss of any business depends upon the decision making power of the organization’s management. The company’s decision making for planning, organizing, directing and controlling of functions are all directly related to the goals/objectives within the given time and budget.
Magento BI is a perfectly suitable analytics tool that can boost your power of data-driven decision making. All the game-changing marketing decisions like:
- Should we invest in the new marketing campaign?
- Are these the right set of target customers?
- Is this the right time to launch a new product in the market?
- Is this type of marketing well enough for this location?
All such and many more decisions/answers to questions like these can become easy and doubt free task for your management.
Enhances Personalized marketing campaigns
91% of consumers are more likely to shop with brands who recognize, remember, and provide relevant offers and recommendations. The majority of today’s customers tend to engage with brands who personalize their shopping experience.
The personalization bit of online marketing can be a mess if there is no data readily available. More than half of the time and effort are usually wasted in getting the customer information in place.
With the help of Magento BI, all your extra efforts are saved as it keeps a track of the data from all channels and forms. It presents a data-driven view that has been proven to be a key element in online marketing.
Helps in Real-time Customer Engagement
Customer engagement is an important part of businesses today. However, only engaging customers is not enough, but there is a need to recognize and interact in the speed that matters to the customer.
Though Magento BI helps in predicting customer behaviors, actions, and expectations. The need here is to identify the need of the customer and then be contacted using contextually relevant messages.
In such cases, Magento BI plays a vital role in making the right use of the customer data that is stored and organizes it in such a way that helps build strong customer relationships. Not just that but with its data-driven nature, it helps in reacting to the customer’s immediate intentions rather than just predicting them.
If you have invested enough in online marketing, I am sure you must have collected all the data to calculate the returns on it. However to make sense out of the list of numbers and its attributes, without any analytics tool is a pointless and time-consuming task.
Magento BI represents its data-driven results in visual forms like charts, dashboards, graphs, maps, infographics and more with added filters like area-specific, timeline, etc.
The most important benefit of data visualization in Magento BI is that it enhances decision making. This eases out your efforts on decision making that helps you quickly identify:
- Areas that need attention or improvement
- Classify which factors influence customer behavior
- Helps you identify which types of products to place where
- Predict sales and profit volumes
There are many more advantages than just mentioned above. The key to success here is to use the right analytics tool that can enhance your online marketing efforts.
Not just that but also to identify the right solution provider!
How can i95Dev help you?
i95Dev is a professional partner with Magento and no one understands Magento like we do! We have a successful history for more than a decade in implementing Magento solutions to 180+ clients across Retail, Manufacturing, Distribution, and Wholesale Trade and many more.
To know more contact us now and get a free consultation with our analytics and Magento BI experts.