Introduction
Today, businesses are producing multiple types of data than before. From the credit card transaction to GPS pinpoint or every click of the mouse a user makes online, it contributes to an increasingly vast and distinct set of data.
From the past few years, marketing has been transformed because of data analytics strategy. It allows the brands to deliver more messaging and assists them in measuring their Return Of Investment (ROI).
Marketing analytics for agencies are considered as one the best ways to start, maintain and expand productive relationships with clients. With developing ways to produce valuables, rare insights, and detailed reporting, agencies should also prevent their competitive position by following the ways we have shared in this blog.
Keep up with it to understand the marketing analytics for agencies appropriately.
Why Do Agencies Require Marketing Analytics Strategies?
Improves Client Retention
Clients expect to receive updates related to the progression of their campaigns monthly or quarterly. However, it is not sufficient anymore. Today, daily reporting is taking the place in the client-agency relationship.
Agencies are now expected to adopt immediate reporting methods to increase their value in front of their clients. Reporting provides the agency with the power to re-improve their strategies when the performance of the campaign is not considerable or increase it when there is a substantial rise in the campaign’s performance. However, it is not possible when the reports are not ready even after the campaign has been over.
Thus, it is advisable to produce the reports immediately. Report building is very time-consuming when the data is drawn manually from Facebook, Google Analytics, etc., and then putting them together in Excel or Google sheets. If you are new to analytic strategies, it is advisable to invest in reporting automation to share your reports regularly in the updated marketing dashboards.
Assists You In Acquiring New Clients
Having a Marketing Analytics Strategy that has the capability of providing sophisticated insights and recommendations tends to differentiate your agency from that of the competitors.
Multiple agencies build a marketing analytics strategy team and utilize the knowledge while starting a new business or agency. However, there are also some agencies that hesitate to launch a marketing analytics strategy because of the minimal availability of staffing and technology. It is true that to leverage marketing analytics, considerable investment and efforts are required in resources.
However, an agency can minimize the cost burden of an offering by utilizing ways like marketing analytics strategy or service providers. It also allows them to work more with a few full-time employees.
Enables Client Growth
Marketing analytics boost up the relationship between the agency and the clients and the work they will be provided by them.
Let’s consider it with the help of an example. When an agency increases the speed and value of reporting, it acts as proof that their team is capable of doing more than just preparing spreadsheets together. They also offer you channels, like social media or PR, with which your agency is not yet dealing.
Moreover, agencies do not have to wait for clients to ask for help. Several clients can grow their analytics by creating “analytics” products. These are the different sets of deliverables that are in the form of a dashboard or suite of dashboards. These dashboards, on the other hand, provide different levels of insight at different price points. While the first level provides a casual report on paid media, the second level might focus on predictive analytics.
Following a leveled approach helps you to find each client, their budget, and the latest challenges, thereby allowing them to upsell as the interest and capacity of the client grows.
Conclusion
An agency that invests in marketing analytics should treat it as an integral part of the business strategy. It should be looked at as something they continuously invest in to promote and consult while making a business decision.
A lot of agencies purchase marketing analytics software and ask junior analysts to create a dashboard. However, they should understand that analytics for agencies is more than just building a dashboard. When taking it seriously, it can become the most valuable part of your business.
