The Need for Analytics and Reporting for a Media Buy
The art of media buying includes many different variables that all need to come together to make it successful. One of these components is analytics, and although it occurs after the media buy has occurred, it will help determine if you were successful and how to proceed in the future.
The Importance of Marketing Analytics
In the world of marketing, there are many different channels to get the word out about your products, services and business. To the casual observer, it may seem like marketing agencies just blindly throw their clients’ marketing dollars wherever they feel might make a difference, but that is hardly the case. In its essence, marketing is more of a science, and the only way to ensure its accuracy is through analytics.
Without appropriate tracking and testing, marketers have no idea if a media buy should be deemed successful, or if it fell flat. In modern day marketing, you can even drill down to precise elements such as one or two words in a headline that can make a difference in performance.
What Sound Analytics Can Do For You
When a reputable media buying company gets the analytics machine in motion, you are able to answer several very important questions. You’ll know if marketing goals are being reached in real time and over the long term, how your efforts compare with the competition and what the next plan of action should be right away, and over specified time periods.
Use a Balanced Plan of Attack
Analytics and reporting for a media buy should be balanced in order to get a true picture of how your campaigns are performing. It’s important to have accurate reporting of past activities, a sound analysis of the present and the tools required to predict the future. When you have all areas covered, your media buying takes on a new meaning and the right course of action becomes clear.
Make Sure You Take Action
Of course, knowing what to do and doing it are two different things. If a media buying company doesn’t take action on the information learned through the analytics process, then it has no real world value. With detailed analytics and reporting, you can identify deficiencies in your approach and improve on them, optimizing processes along the way.
When you implement sound analytics techniques and then take swift action on what you’ve learned, your media buys will continue to be more productive, and your ROI will grow as a result. Contact Grey Smoke Media today to get started.