We are in 2017.
We are at the elbow in the era of "Big Data".
No matter what marketing aspect you want to measure, there is a tool to help you track it. In fact, "powerful analytics" is probably the most touted feature of most of the tools we use as online marketers. We have access to so much data, so much metrics … that we are drowning.
No more data time for the sake of Big Data. Marketing analytics are as valuable as the information we draw from it and the strategy we build around those ideas. Let's talk about how you will better integrate this wealth of metrics and data into your marketing strategy.
Key Terms of Marketing Analysis to Understand
Before you can put marketing data in context and use it to drive decision-making and strategy, you need to know what you're dealing with. It is difficult to understand the evolution of your conversion rate if you do not really understand the conversion rate measures. We will first dig the meaning of some key marketing analytics. (If you have a good idea, do not hesitate to go to the next section.)
Often when we say "analytics" we think about web analytics – the type of data we find in Google Analytics and other platforms (like the ones we use for e-marketing -mail, for example). These are just a small part of the data related to marketing activities, but they are nonetheless important.
Traffic : In simple terms, traffic measures the number of times that a particular web page is viewed. This is a good indicator of how effectively your marketing efforts drive users to your website.
Commitment : The commitment may encompass multiple data points (bounce rate, time spent on a page, pages per session, etc.), but it's usually a measure of the frequency and the frequency of interaction with your web content.
Open Rate : Of those who received your email, how many clicked and opened the email? This is a good measure of the effectiveness of the subject lines of your e-mail, as well as the engagement of your subscribers with your brand.
Clickthrough Rate (CTR) : When you run a digital ad or include a call to action on a webpage or email, the CTR represents the percentage of those who have click on your CTA. those who saw it.
At the end of the day, the main goal of marketing is to lead prospects – people in your target market who may be interested in what you have to offer. Knowing how many leads you get allows you to understand how effective your marketing is at growing sales opportunities.
The conversion rate is usually defined as the percentage of users who perform the desired action. Specifically in the world of online marketing, it measures the percentage of site visitors who buy something on your site. The conversion rate can help you optimize elements such as web design, copying, incentives to action and other items in order to get the most out of the traffic that you drive there.
Sales growth is the culmination of all marketing. Do your marketing strategy and your business generate more leads, qualifying more sales opportunities and generating more revenue than last month or last year?
Data, meeting with Insights
Since the idea of "Big Data" appeared, we follow all these metrics. I can tell you what was the exact rebound rate of a particular blog post on November 18, 2015 – but what value does it bring to the table? How does this information help me better understand and reach my target market?
What do all these data mean?
The value of marketing analytics lies not in measurement but in contextualization. Translate figures from these numbers into numbers, knowledge and next steps to improve your marketing.
Contextualization of the data
The first step in contextualizing the data is to understand what each of these measures actually means. It's one thing to know that the conversion rate = total number of conversions / total clicks. It's another thing entirely to understand the real side of the analysis.
What does it really mean to have a conversion rate of 3.7%? Well, that means that for every 100 clicks on your ad, between 3 and 4 of these people have become a customer. This means that 3.7% found the product, the design of your site and their copy convincing enough to trust you to solve their problem.
When you place the data in a larger context, a story begins to emerge.
Look at how your conversion rate has changed over the past week, month, and year. What are the marketing actions corresponding to these peaks and valleys? Identifying how specific marketing strategies and campaigns have affected key metrics allows you to translate data into a performance appraisal – did last month's email marketing campaign have a positive impact on growth? Sales?
Having a clear idea of how different tactics affect conversions, sales growth and other key performance indicators (KPIs) allows you to make decisions about how to proceed. If you can link the points to determine that email marketing has boosted sales growth from 3% to 7% month after month, it's easy to see that the campaign was a success. This means that you can make smart decisions about where to invest your time and budget in the future to enable the best returns.
Another way to leverage the data is to go further in the direction of your analysis. You know that the e-mail campaign has improved sales – think of this datapoint as X marking the spot, and dig here. Talk to your subscribers. Test different variants of copy, e-mail design, sending time, and so on. Find out what aspect of the e-mail has made it so effective. Ideas like this go even further, giving you new insights not only to improve your current campaigns, but also to help you build an even better strategy next time.
Creating a strategy around ideas
As notes, many of us limit the potential of our data by using it to support the decisions we have already made, instead of driving actions. We are all familiar with the idea that you can find statistics to save almost any argument you can think of – it's just a question of what statistics you use and how you present them.
It's the same with marketing analysis. If you are looking for data to save your decisions, you will surely find some of them. But to develop a strategy that really makes use of the information available, you need to let the data guide your decision-making and planning.
To build a strategy around your analyzes (instead of the opposite), follow these tips:
Learn to live by being wrong . Part of letting the data drive your strategy is to drop initiatives that simply do not move the needle (or move the needle enough to justify the investment).
Approaches data from a number of angles . Unless you are Beyonce, you are not foolproof. There are probably a number of ways to interpret your marketing data, so use one or more partners to help you understand everything and not miss a key prospect.
Test and test others . The marketing analysis gives you an idea of the situation: to find out how things might go, you will need to test your tactics and theories.
Above all, listen . At the end of the day, the number one mistake you can make is to ignore what all your valuable analyzes tell you. Let the data speak for themselves and listen.
Let Google Analytics drive your marketing strategy
The marketing analysis tools we have access to these days are an incredibly valuable resource. They have the power to generate more revenue than you have ever had and allow your business to grow. Train yourself to draw powerful ideas from the water and use them to improve your marketing, making it more effective than yesterday, last month and last year.
There is an ocean of data waiting.
About the Author: Kiera Abbamonte is the Content Marketing Specialist for Grasshopper . She loves a good baseball game and finds new ways to make the content funky. Catch up with her on Twitter @kieraabbamonte .