When it comes to marketing and advertising, everything boils down to the data. Marketing analytics transform raw data into business intelligence that helps companies maximize their marketing initiatives return on investment (ROI).
If businesses want to boost financial return on their marketing, analytics will help them know where to make adjustments to optimize business performance. With data pulled from marketing analytics, companies will have insight into their marketing efforts. This makes it much easier for businesses to identify successes or gaps in their strategy. The importance of marketing analytics should not be overlooked, as they can show just how effective your campaigns can be – and, ultimately, how
What Are Marketing Analytics?
Marketing analytics provide companies with insights from consumer data through methods and technologies such as math, predictive modeling, machine learning and more. Marketing analytics collects accurate and timely consumer data, which is then analyzed to identify market trends and patterns. With this information, companies can better strategize how to achieve business goals.
With measurable consumer data or relevant key performance indicators (KPIs), businesses can monitor current and past performance, making it easier to identify gaps or successes in their marketing strategies.
Companies can evaluate their marketing efforts across multiple channels through established business metrics such as impression, reach, and frequency. Here are the primary metrics used in marketing analytics:
- Impressions: Impressions refer to the number of views your advertisement receives, regardless of their engagement (or lack of) with the ad. Impressions represent how many people are seeing your ad within a particular channel. Impressions also help marketing teams gauge the performance of each advertising channel and make changes accordingly.
- Reach: Reach is the estimated number of potential customers exposed to your advertisement within a given period. Measuring reach will provide insight into how to use your resources more effectively. Knowing how many people you might reach through specific channels will help you decide which channels deserve more funding.
- Frequency: Frequency in marketing is defined as the number of times a person is exposed to your ad or the number of times your ad is displayed on a specific channel within a particular time frame. Higher frequency increases the likelihood of a consumer engaging with the ad or having multiple interactions. A general rule of thumb is that ads must be seen between five to twenty times to be as effective as possible.
Why Are Marketing Analytics Important?
Marketing analytics and consumer data give companies a greater understanding of their targeted consumers’ thoughts and behaviors.
Consistently monitoring analytics helps companies make data-driven decisions that allow them to optimize campaign results and adjust according to their customer’s needs and market demand in general.
Understanding target customers will help businesses know how to serve them better.
Are Marketing Analytics and Advertising Worth the Investment?
Advertising is not just a way of promoting your product, service or brand. Good marketing will help your business stay competitive in its industry and generate leads. A good advertising campaign can attract customers, inform them about your product or service and help you build trust with consumers. Therefore, it’s worth investing in.
High-quality and creative ads with proper placement will bring a considerable ROI in the long run through successful branding and delivery of your marketing messages. Additionally, having a marketing analytics strategy will ensure you have the data you need to maximize the return on your ad campaign.
Expand Your Reach With Out-Of-Home Advertising
If you’re looking to reach a large population in a short time, consider a billboard campaign or out-of-home (OOH) advertising. Billboards come in various formats, including spectaculars, digitals and statics. Other forms of out-of-home advertisements include street furniture, transit and place-based OOH.
Outdoor ads like billboards are more noticeable than modern digital ads. Consumers are bombarded with ads on social media and the internet, making it difficult for ads to stand out and hold a place in the consumer’s memory, also known as brand recall, especially if they pass by it repeatedly.
Billboards aren’t large, blown-up posters anymore. We’re now seeing digital billboards line streets and highways, giving marketers and advertisers more creative room in how to brand themselves. Digital billboards also utilize the latest technology to deliver your message at the time most beneficial to your business.
OOH ads, such as billboards, are also more cost-effective. Since OOH ads are more long-term than digital ads, you can avoid repeated payments to carry out your campaign. For example, if you decide to go with a commercial campaign, you would have to invest for those commercials to run repeatedly.
bMedia: Puerto Rico’s Outdoor Advertising Experts
If you want to grow your business in Puerto Rico, let bMedia help you get your name out there. With over 500 high-impact locations of billboard real estate, we guarantee thousands will see your ad!
Our expert team continuously gathers the marketing analytics you need to make data-driven business decisions. Thanks to Vehicle Analytics, the team at bMedia can collect information on all the vehicles that pass by our billboard. With all this data at our fingertips, we can quantify campaign impact and grow your brand accordingly.
With intelligently designed OOH ads with unbeatable locations, bMedia is Puerto Rico’s leader in OOH media and advertising.