Analytics can help a business predict consumer behavior, improve decision-making across the board and determine the ROI of its marketing efforts. By addressing these aspects adequately, the company would be able to protect its market share and expand into new territories. Learn more about how analytics can be used in marketing by reading this blog.
Do you know the importance of analytics for marketing strategies?
We live immersed in the era of Big Data, which allows us to access billions of data to work with this. In this scenario, the most important thing is to determine what information to collect, how to group it, the techniques to use it, and, above all, the mechanisms to measure it.
It doesn't matter in which sector you move to. If you are immersed in the digital world, you will be able to measure everything you propose. Betting on using analytics for marketing strategies is one of the best decisions you can make.
Why is it necessary for marketers to have this ally?
Online marketing professionals use web analytics to know the status and natural evolution of the marketing campaigns. To enhance and improve the positioning of the web pages that we manage and thus be able to evaluate whether the actions contemplated within them have had the expected effect.
And it is that without this information, the decisions and strategies that are formulated will not have any support and can make severe mistakes.Therefore, I will tell you what web analytics is and how you can use it for your marketing strategies and thus obtain the results you want.
What is digital analytics?
Web analytics is how we collect data from users' interactions in our digital channels, be it a website, an app, or social networks. We seek to draw conclusions that help us decide the strategy we have implemented through the data obtained.
Thanks to this analytics, we can calculate the return on investment (ROI) for the company that these actions have achieved. It is not about knowing how many visits we have but about interpreting what users like on our website or the most engaging content. That is the interests that motivate them to visit our social or web profiles.
And this added value that numbers give us is what allows us. For example, to redesign a web page's usability or know which social network we should pay more attention to. But, above all, it helps us to optimize the defined online strategy.
Well, now that you know its importance and what it consists of, let's go on to explain how you can implement it.
1. The first thing you should do is understand what metrics you will analyze on your website and implement analytical techniques that help you know. Understand what? The past, present, and predict a little the future in the behavior of users or consumers.
The most common KPIs are:
- Page views.
- Unique visitors.
- Length of stay.
- Open emails.
- Click on emails.
- Completed forms.
- Bounce, open and low rates.
- Pages per visit.
- Forwarded emails.
- Cost per lead.
- New leads generated.
- Production cost.
- Conversion ratio.
- Distribution cost.
Based on this, you will create analytical reports that allow you to understand some questions like:
- Which elements of the campaign generated the most revenue last quarter?
- How did the email campaign perform compared to the direct mail campaign?
- How many leads do we generate with blogging versus social media campaigns?
- How do our clients relate to us?
- What channels do our most profitable customers prefer?
- Who talks about our brand on social media sites, and what do they say?
- How can we turn short-term wins into loyalty and sustained relationships?
- How will adding ten sales reps in underperforming regions affect revenue?
- What cities should we focus on next using our current portfolio?
2. Surely, you are wondering where you are going to get all that data. In this second step, you will use tools that allow you to generate what we talked about previously. The tools that you can use to obtain good digital analytics can be divided into two large groups:
Tools to measure social networks: Accounts with those of each social network seem evident. Many times we look outside of them for something that seems magical and brings us new values . The truth is that each one of them provides us with essential data that we should not overlook. Facebook Insights, Twitter Analytics, or Pinterest Analytics provide extensive information that can help you make those strategic decisions that your project hopes to be better.
Instagram is perhaps the social network that offers the most difficulties to obtain good analytics. Tools such as Iconosquare,or SumAll will undoubtedly help you get the data you need from the social network.
Tools for web analytics: Without a doubt, Google Analytics is the queen of web meters. It is powerful and intuitive. With it, you can create labels, events, filters, measure conversions, objectives, and, of course, all the variables that you have within the distance of a click. Possibly Webtrends is the tool that makes the most competition to Google in the measurement of webs. But, in my opinion, it is not that intuitive.
3. Finally, what are you going to do with the analysis of all that data? I tell you, there is no real value in all the information that marketing analytics can provide you - unless you act on it. In other words, you must work based on what you learned.
What? You will then implement a constant process of testing and learning since marketing analytics allows you to improve the overall performance of your marketing strategy. If you identified deficiencies in the channels, start to adjust design and tactics as needed. It also begins to optimize processes that allow evaluating the success of these marketing actions. Suppose you use marketing analytics to evaluate success, but you do nothing with that insight. What is the point of all this?
Marketing analytics can lead to better lead promotion and management, leading to higher revenue and higher profitability. You will be able to see what specific marketing initiatives contribute to consolidating your operations bases.
So now you know how to start using analytics for your marketing strategy. What are you waiting for? We hope this blog has been beneficial to you to begin implementing data analytics as part of your strategy. If you are an entrepreneur or businessman and do not know how to implement everything, we tell you. In that case, you can write to Contact@chaskis.digital to find out about your Marketing needs and to be able to help you.