Marketing data is a crucial component across all industries, serving as the backbone of every successful marketing campaign. It is the driving force that marketers tirelessly pursue.
However, how does this translate into practical applications for your business? While discussing marketing data in broad terms is straightforward, understanding its granular details can be more challenging. What specific types of marketing data should you be tracking and analyzing?
There are numerous types of marketing data that your business should consider. This page delves into six key marketing data examples, which are the major types you can benefit from analyzing. These include:
Campaign data
Customer data
Sales and purchase data
Customer satisfaction data
Competitor data
Market data
Continue reading to gain a deeper understanding of each type. Additionally, subscribe to our email newsletter, Revenue Weekly, for more marketing insights delivered straight to your inbox!
One of the most critical types of marketing data is campaign data. This data reveals the performance of your various marketing campaigns.
With campaign data, you can discern the outcomes of each campaign and trace leads and sales back to specific campaigns to determine their effectiveness.
This category includes metrics such as:
Return on investment (ROI)
Cost per lead (CPL)
Click-through rate (CTR)
Conversion rate
Email open rate
These are just a few of the metrics you might track for different marketing campaigns. In reality, there are countless key performance indicators (KPIs) involved with campaign data.
The most crucial step is to establish a tracking system that allows you to attribute specific conversions to specific campaigns. Without this, you won’t be able to identify which campaigns are yielding benefits and which are costing you money.
Another essential marketing data category is customer data. As the name implies, this encompasses information about your customers, including demographics, location, interests, and more.
There are multiple ways to gather this data. One approach is to track the types of individuals visiting your website. Another is to analyze patterns among those who have purchased your products or services.
Regardless of the method, customer data is vital for understanding your buyers and prospects, enabling you to market more effectively to them.
For instance, if you know that the majority of your customers are middle-aged men from Missouri, you can tailor your marketing efforts to target that specific group. And if you understand that they are most interested in the technical aspects of your product, you can emphasize that aspect in your marketing.
Running a business ultimately boils down to sales and revenue. Naturally, this is one of the most critical aspects to track.
Stay informed about the types of sales you’re generating and the revenue you’re earning. This requires asking questions like:
How much of each product are we selling?
Which groups of people are purchasing which products or services?
How much revenue are we generating from each product or service?
Tracking this marketing data category helps you assess the success of your sales efforts, allowing you to revamp your sales process for products or services that aren’t selling well while investing more time and energy into those that are in high demand.
While tracking sales and revenue is crucial, customer satisfaction is equally important. Without happy customers, you won’t secure many sales. That’s why you should also track customer satisfaction data, which provides insights into how your audience perceives your business, products, and services.
You can do this by tracking metrics such as the net promoter score (NPS), which assesses how likely customers are to recommend your business to others. Collect this data by conducting surveys with your customers. Then, use the feedback to improve your business practices.
Earning new customers is challenging enough without competition from other businesses vying for the same audience. You don’t want to risk missing out on effective tactics used by your competitors.
That’s why another top type of marketing data is competitor data. Track your competitors’ campaigns, search rankings, engagement levels, and more.
With this information, conduct a SWOT analysis to analyze your competitors’ strengths, weaknesses, opportunities, and threats. Then, refine your marketing to emulate their strengths while exploiting their weaknesses.
Lastly, while tracking the various marketing data types mentioned above, ensure you also monitor market-related data. This means looking beyond yourself and specific competitors to stay abreast of broader industry trends.
For example, if a new product enters the market and dominates your industry, ensure you have a presence in selling that product to avoid falling behind. And if you notice a shift in customer demographics within your industry, adjust your marketing focus accordingly to target the right groups.
This approach will help you remain relevant and avoid falling behind the times.
While all the marketing data examples on this page are essential for your business to track and analyze, you may face challenges in doing so. Perhaps you’re struggling to extract valuable insights from your data or lack the time or technology to track it all.
Don’t worry — WebFX is here to help. We offer top-notch marketing analytics services to help you uncover vital insights from your data and optimize your business practices accordingly. With us by your side, you’ll be able to drive your revenue to new heights.
Interested in partnering with WebFX? Call 888-601-5359 or contact us online today to get started!
