Analytics in Digital Marketing
Analytics in Digital Marketing
Analytics can provide you with a detailed view of your digital marketing campaign. The data collected from the past helps you see the big picture of your overall marketing strategy, the present results and also helps you predict the future.
In a world with many channels like social media, desktop, mobile, shopfront it is difficult to form a summary on how each channel is performing. Marketing analytics can keep track and form an accurate summary of each channel and tell you what is working and what needs improvement.
Basic marketing analytics steps:
1. Collect data from all channels
Depending on the business goals using a variety of analytics techniques to collect data is the most efficient and accurate way of creating a good marketing campaign.
2. Analyse data results
You need to discover what areas are working and where there are gaps. For example. What channels are bringing in the most traffic and conversions? and which have the least?
3. Take action Action (>test>learn>test>)
The number one advantage of data analytics is the ability to predict the markets next move and how you need to prepare for it. However, this requires the business to take action.
Important KPIs in digital marketing analytics
There is no top KPI that would be the best for all businesses because every business is unique. Therefore, so are the businesses goals.
We need to properly understand what the business needs before any data is collected.
However, if we had to ask a business 3 important digital marketing questions they would be:
How effective is your acquisition strategy?
Every business should have a metric to measure its acquisition strategy. Regardless of what analytics is performed, every business should have at least one of these KPIs. Especially if your business is paying users to visit the site.
KPIs would be CPA, number of users, number of new users
How effective is the customer experience?
Once a user has landed on your site you need to have a KPI that helps you understand customer behaviour on your site. You need to form a strong commitment to learning about customer behaviour on your site.
KPIs would be bounce rate, time on page, page depth, customer retention rates.
Were there good outcomes?
It is vital to have a metric that measures the outcome of a person visiting your site. Analytics can answer this vital question. We need to ask ourselves if we gained anything from this particular visit and if not what has to been done to change that. Did the business profit and was the customer satisfied? All of this is crucial for any business to succeed.
KPIs would be NPS, micro-conversations, average order value, conversion rates, customer satisfaction.
Marketing is more than analytics.
Change your business incentive: ‘Imagine the possibilities’
The future of any business is their ability to change. The ability to imagine and create change will determine who win and those who fall. The incorporated use of analytics within a marketing strategy allows businesses to see what needs to change and what is not working.
Analytics reminds us that possibilities for change always exists and is always required by a business. It’s actually a race to tap into them.
Throughout history, people have thought of the same invention. They were at different places and in different times. But the person or business who gained to most from the invention was the one who took the best action on it.
Many people do not know that Airbnb already existed through another company for more than a decade. It functioned in a very similar way but without e-commerce transaction occurring mainly because that technology didn’t exist. As new technologies came to exist the website still did not upgrade and adjust. Airbnb swiftly and so easily took over this platform. Look at Airbnb now.
The ability to embrace change is often the deciding factor to the destiny of a business. The last 50 years online has shown us that the companies that refuse to stay a few steps ahead are left for bankruptcy and ghost sites.
Technological change occurs a lot faster than ever before and the ability of a company to change quickly is more crucial than ever. A good example of this is Youtube. Many businesses have jumped onboard the Youtube train. There are so many reasons to follow them. We list them below.
Reasons to market on Youtube
- Video and social marketing is a booming area for online users. Youtube marketing can be a very useful way to market a business because the potential market reach and even the ability to go viral on youtube is gigantic.
- Over the last decade, it is evident that advertising on TV is changing to Youtube. The younger generation is not on TV. They are on Youtube and on the internet. So the opportunity on youtube is very unique for the younger target audience.
- Not only can youtube be an advertising platform, but it is also a platform for discussions and alternative advertising methods that lead to consumer participation at a deeper level.
- There is an incredible ability to be creative on youtube. You can have a huge potential to reach people and to form a long-term relationship.