Marketing has many legs to it, analytics being one of the most important. Marketing Analytics is the study and management of metrics to track the performance of business goals, revenue of marketing activities, and optimizing campaigns.
Marketing metrics help marketers alike in describing trends, report findings to key stakeholders, and to even project the results of future campaigns. Every company is different in the types of metrics that they track, however, there are some common metrics across industries such as revenue/return on investment (ROI), cost per acquisition (CPA), and conversion rate.
In simplest terms:
Metrics helps answer data specific questions such as “How much are these leads costing the business?” Analytics helps answer questions such as “Which part of the lead journey can be improved to decrease costs and maximize sales?” See how very different these two questions are?
For companies handling million-dollar budgets, analytics helps justify the spending of every single dollar of it – if done right at least. In all, marketing metrics and analytics go hand in hand. They help marketers in answering questions that influence key business decisions, making it one of the most crucial parts of marketing in today’s world.