Online Marketing Analytics (OMA) is the practice of using data and analytics to optimize marketing performance. Most organizations implement some form of OMA, but not all of them do it adequately. In particular, many companies ignore the important aspects of building a solid foundation within the program and fail to integrate key components of digital marketing and performance marketing.
For years, marketing departments have been the exclusive domain of market research and analysis, planning, and execution. In a perfect world, these functions would happen seamlessly and in a coordinated fashion. However, in practice, they don’t always work in harmony, resulting in a hodgepodge of marketing tactics that lack a unifying theory of action.
OMA bridges this gap by providing a theoretical framework for understanding and optimizing online marketing performance. Additionally, this program serves as a hub for data collection, analysis, and research that can be used to formulate strategic marketing plans.
What is performance marketing?
Traditional marketing, which is mostly offline, involves spending money on radio ads, billboards, magazine spreads, and other forms of advertising. Marketers measure the success of these traditional marketing tactics by tracking brand awareness, engagement, or sentiment toward the brand.
Performance marketing, also known as digital marketing, is all about getting the right message in front of the right audience at the right time. The primary goals of performance marketing are to drive leads to the top of the funnel, increase revenue, and prove the value of the marketing investment.
Performance marketing is a broad category that includes email marketing, social media marketing, search engine marketing, and more.
Why should you implement OMA at your organization?
The need for OMA at your organization is dependent on your strategy and the phases of the buying cycle you’re in.
If you’re still in the discovery phase of the buying cycle, you don’t need an OMA program. You need to focus on educating the people in your organization about the value of your product and gaining initial interest in your brand. In this phase, you might want to consider using social media to spread the word about your organization and find potential collaborators and supporters.
However, as you move through the buying cycle and into the action phase, you’ll want to implement an OMA program to track the results of your marketing efforts and make course corrections as necessary. For instance, if you notice your organic search rankings declining, you can adjust your SEO strategy to improve your rankings or engage with your audience more effectively through content marketing.
When you move through the action phase, you want to consider investing in a CRM to keep track of your leads, automate interactions, and gain a better understanding of the funnel. At this point, you can also opt to build an inbound marketing program to attract customers and create lifelong advocates.
Lastly, if you’re in the sustain phase and you want to continue to see growth in your organization, you might consider looking into how to measure brand loyalty and growth. For example, if you notice that one of your products is performing exceptionally well, you can determine the reasons behind its popularity and see if there’s a market for more products like it. You can also look into whether or not the consumer who likes your product is likely to become a customer of yours in the future.
The need for OMA at your organization is dependent on your strategy and the phases of the buying cycle you’re in. To determine whether or not this program is right for your organization, you must consider your goals and the path you want to take to reach them.