What is Reporting and Data Analysis?
Reporting and Data Analysis is the setting up a system to capture and analyse performance data to measure success. Depending on the aim of the project, the analysis can be based on measurements from a brand’s own channels, its current or target audiences, and/or from competitor platforms.
The data is then used to identify key learnings and provide useful insights towards the business goals of the brand. Reporting and Analysis can be conducted on a regular, ongoing basis for generating long-term insights or for a set campaign duration to fulfil specific engagement objectives.
Why is Reporting and Data Analysis Important?
Reporting and data analysis is important to create efficiencies in a brand’s marketing spend.
It is a key way of demonstrating the impact of a particular marketing activity on a brand’s business, and tracking progress towards the specific marketing objectives and against the general business objectives of the brand. The insights obtained from analysis provide ongoing learnings that can inform the wider business direction.
A system of reporting and data analysis can thus enable a brand to continually optimise its marketing activity and maximise the success it is trying to achieve. Besides, reporting makes a brand’s marketing performance visible and provides a trackable record of what marketing investment has achieved.
