Updated: Feb 17
How To Use Marketing Statistics In Your Business Marketing Plans To Get Results?:
Marketing is a huge component of the business. It’s the way you get your product out there in the world and reach the people you want to buy it from. Marketing is one of those things that can make or break your company. If your marketing plan isn’t successful, it can mean the end of you and your company.
If you have a key focus area or need to understand how marketing affects your business, marketing statistics or its insights can help you figure out what aspect of marketing will work best for your business.
Marketing is the act of promoting a product or service to potential customers. It's about finding out what people want and how you can get it to them.
This main goal helps in measuring the total amount of money spent on marketing and advertising to acquire new customers. This also includes relying on information that helps to understand on how people are using platforms, buying trends, engagement trends, how other competitors are engaged in the industry and alike.
Importance of Marketing Statistics:
To be successful in your business, you need to understand how marketing affects your company. Marketing statistics are a great way to do that. They provide you with an overview of how much people are spending on certain products and services. With this information, you can better understand the trends happening in your market and what is working for other businesses in similar markets.
Marketing statistics also show the percentage of people who say they will use a product or service. This statistic helps you get a sense of how well your marketing is reaching the right people at the right time. For example, if 35-40% percent of people say they plan to purchase something from your company soon after seeing your marketing campaign, then your marketing is effective enough that it’s worth continuing to invest in it.
Conversely, if 70% percent of people don’t plan on using anything from your company soon after seeing it, then maybe it’s not worth continuing to invest in that particular marketing campaign.
Types of Marketing Statistics:
There are many different types of marketing statistics you can use to market your business. Here are some of the most common ones:
Number of email subscribers
Number of website visitors
Number of social media followers
Average time spent on website per visit
Average time spent browsing site
Revenue generated from mobile apps
Total cost-per-click (CPC)
Influencer marketing stats
Social Media Platforms stats and trends
Affiliate Program stats
Freelancing stats and
Blogging/Content Marketing stats and alike.
How To Interpret Marketing Statistics?:
Marketing statistics can be very confusing, especially if you don’t know what they mean.
The first thing to do is identify the goal of a particular marketing campaign. This will help you determine what type of marketing statistic to look for and make sure it has the right context when it comes to your company's strategies.
For example, if your goal was to get people who had visited your website before to come back again, then an average visit time is a good metric for you because it will help determine what activities are successful at keeping people on your site longer.
Another Example: You send out a drip email series to prospects. It has five emails in it, and each one has a goal of getting recipients to sign up for a sales demo. Your first email goes out to 3,500 people and gets 50 signups. By the fifth email in the series, there are 1,200 recipients—the rest either converted or unsubscribed. Of those, nine sign up for the demo. The first email has a conversion rate of 1.4%. The fifth has a conversion rate of 0.75%. [Source: Demand Curve Blog]
An example from social media platforms stats perspective:
Another example from Content Marketing perspective:
Similarly, there are numerous stats and interpretations that a business or marketer can investigate in order to make an informed decision on how to organize a marketing campaign and create targets based on the same.
You can receive such statistics from trustworthy marketing newsletters, and you can subscribe to a couple of them that are relevant to your business area to help you stay on top of trends and make informed decisions about your marketing strategies.
Marketing Statistics is an important tool for business owners and marketers to use in their marketing plans because they help to figure out the strategies that work best and to make the most of the marketing and advertising spend to generate revenue as per the business goals.
All the best....
P.S: If you think this blog post will benefit you or others in your network/community, please share it, so that those in need can benefit from your tiny efforts! Also, don’t forget to see other value-packed blog posts from this blog that might help you/your business.