Data has always been crucial to measuring a business’s performance. However, in this era, new marketing tools are being launched and promoted almost every day. It is obvious to wonder if any of these tools work.
Your marketing strategy may involve media channels such as websites, social media, email, blogs, reviews, and many others. You could think that one medium is better for your business and invest efforts into it. However, in most cases, you would be following a very inefficient process that could waste your time and money chasing the wrong strategy.
You wouldn’t face this problem if you simply used appropriate data collection and analytics tools to measure your marketing strategy. Accurate data would help you figure out which channel would be most effective for you without any biases. This information is crucial to measure and optimize your plan to drive revenue for your company.
Marketing analytics tools can extract this data. It can help you achieve growth in your business by optimizing your marketing strategy.
If that doesn’t convince you, here’s some data that would convince you.
According to annalect.fi, about 93 percent of Finnish directors recognize data-driven marketing as a crucial factor for their business.
What does digital marketing analytics do?
Digital marketing analytics can be used to examine your marketing strategy in detail and can help in understanding how your marketing strategy is performing.
Here is a list of purposes that digital marketing analytics can fulfil:
- Extracted data can be used by higher authorities in organizations to make informed decisions about their marketing plans.
- Analytics tools can be used for trial purposes to understand the efficiency of new strategies in comparison to the older ones.
- These tools can predict customer behaviour by observing past patterns. This function can be particularly helpful in optimizing marketing plans to drive more revenue.
Although analytical tools can help you reach your revenue goals, it is important to pick metrics that give precise results.
Metrics that quantify your growth
Accurately measuring your marketing plan involves using proper metrics. Some of these metrics include: –
- ROAS (Return on Ad Spend): It is a metric that describes the return gained on a marketing channel. This numeric is a multiplier that would determine how much value you acquire by investing $1 in marketing.
- ROI (Return on Investment): Return on investment is a metric that checks whether the company is earning any money.
- Source: This technique helps organizations to pinpoint the source of their sales. The profitable revenue source can be focused on to boost sales.
- Bounce rate: This metric determines the percentage of visitors who leave the page shortly after visiting the website.
We know that you are working very hard to ensure your company succeeds. In this technologically charged climate, marketing analytics can make sure you have all the information available to make correct decisions for your company.
So, leverage them now to make a positive impact on your business.
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