Marketing analytics in Tableau

1. Marketing analytics in Tableau

Welcome to this course on marketing analytics in Tableau! Let's get started with some high level aspects of marketing analytics.

2. What is marketing analytics?

What is marketing analytics? Marketing analytics is the process of: 1: analyzing data to understand performance 2: designing metrics that reflect that performance 3: tracking performance over time as optimizations are implemented In this way, marketing analytics is very much a cycle of continuous improvement. Why does it matter? A McKinsey article found that leveraging an integrated analytics approach in marketing can free up 15-20% of marketing spend. This can drive significant savings for your business.

3. Marketing analytics: a spectrum of activity

Marketing analytics is also broad in terms of activities. It can refer to descriptive statistics, like what percentage of people who visit a website make a purchase, or complex neural networks that predict items a customer is most likely to buy next. In many companies, marketing teams often focus on one of two main tasks: customer acquisition, or customer retention. Teams do this by reaching customers or potential customers through a number of channels, including email, paid social - ads you see on social media, affiliate marketing, where people or companies are paid to promoted a product, paid search - paying to appear at the top of search results, and TV ads. We'll dive deeper into some of these channels and others in later chapters.

4. Data classifications

One of the most important considerations in any analysis is your data source: where does the data come from? Like primary and secondary resources in historical research, data has classifications as well. First party: data collected on your users directly by your organization, like from your website or app. This data is the most valuable because it is a direct reflection of performance.

5. Data classifications

Second party is data shared by another organization about its customers; this is that organization’s first party data. This may still be valuable to your organization because of overlapping customer populations.

6. Data classifications

Third party data is data collected and sold by organizations with no connection to your company. Third party data is often considered the least valuable, but its volume can be significant. So now we know how data is often classified,

7. Following the cookie trail

how is the data actually generated? Every time a user accesses a website,

8. Following the cookie trail

a cookie is generated

9. Following the cookie trail

that allows for the storage of information like where they are and what they clicked on.

10. Following the cookie trail

When a user returns to that website,

11. Following the cookie trail

the owner can use the cookie to link activity and better understand interests. This isn’t very insightful for a single person, but with thousands of data points, patterns can emerge that are often very useful for business decisions.

12. Marketing campaigns

Marketing analysts typically gather data on campaigns. A marketing campaign is a series of advertisements that share a single idea or theme. For example, a series of different ads appearing in different places – on Instagram, on billboards, and in newspapers – that all encourage you to purchase the same product. That is a single campaign.

13. Marketing goals

Earlier we discussed how marketing is often separated into customer acquisition or customer retention. Each marketing campaign is often given a more targeted goal that ties directly to one of these two broader areas of focus. For example, a campaign might focus on reducing cart abandonment: getting people to check out once they've added products to their cart, which can increase customer acquisition. A campaign could also focus on personalizing product recommendations based on past purchases, which can help increase the rate of customer retention.

14. Let's practice!

Now that we have a good idea of what marketing analytics is, let’s give it a go!

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