Digital Marketing Analytics
Analytics is one of the indispensable tools when it comes to marketing. Similarly, as the digital marketing industry took off the measurement tool known as digital analytics was soon introduced.
It became widely popular between marketers and businesses alike. Since then digital analytics has become an indispensable tool for online business owners and all the website owners.
What is Digital Analytics?
Digital analytics is a tool that is instrumental in discovering conspicuously new opportunities throughout digital marketing. Also, it is a great way to find in which services/products (your business offers) your target customers are interested. Considering the same, you will then easily resolve the right and cost-effective decisions.
Digital analytics has two main goals:
- Find out where you can save
- Find out how you can earn more
Using digital analytics, you can assess PPC campaigns, results of SEO campaigns or website traffic. However, in the meantime, you can pay attention to various other offline activities, for example, TV spots, radio advertising, print advertising and still a lot more.
The tools will help you give a fine understanding of the connection between the individual channels and how they interact in mutual (whether they are concealed or the effect on the target group is improved by the combined action of numerous campaigns).
Why is Digital Analytics important?
In the trendy era of digital marketing, when you invest in campaigns both in online and offline settings, make sure you redistribute your investments flawlessly.
Who would like to invest their time and money in campaigns that would end up good for nothing compared to costs?
No other technique or tool but digital analytics can help you best keep a tab on all campaigns from start to finish. The tool will also provide you with accurate data depending on which you will be readily able to resolve decisions about additional marketing activities.
For example, would you answer: Which activities are most cost-effective for you? Which are not so cost-effective but will fortify your brand? And which one, on the other hand, is not worth it at all?
Digital marketing is not just about posting messages on social networks or passing on information that does not matter to people who research your product or service. You need to know what message to send and who to talk to.
When you think about turning visitors to your site into consumers, you need to create content that makes these people visit your site and find what they are looking for. The marketing inbound operates with a focus on these points, focusing on content marketing.
Having a prior analysis of these issues, it is already possible to evaluate and improve some important aspects for your company’s digital success.
The Importance of Metrics in Digital Marketing
We have already given the overview of the subject at the beginning of the blog, yet now we will discuss some key points in detail.
These points are the cornerstone of your company and the operation of your digital marketing and that depend wholly on a high-quality analysis of metrics.
Understand your customers
Understanding what and who your customers are is considered the first step in any strategy to assess metrics in digital marketing. In other words, it is good to know who you are dealing with or who you want to deal with.
Besides this, using metrics that let you know who your hardcore customers are and the inclusive data about your preferences and purchases, you will also come to know what language they use and how you can communicate with them.
Since the nitty-gritty is to become aware of your target audience to turn around increasing results, you will come to learn what types of calls turn around more conversions, which ad formats attract more customers, which online platforms they are mostly available, which products are turning out more comments and more interest, etc.
The strategy of considering metrics in digital marketing in detail, apart from improving your communication process, can also ensure that you know which products you can continue to invest in or which goods you no longer have in your stocks since they do not generate interest.
Improve resource investment
Everyone is conscious about their investments and wants the same to be as safe and cost-effective as possible. Evaluating metrics in your company’s digital marketing ensures that you will get an understanding of the strategies that will render you with the best results and, consequently, where to continue investing. In addition, with the values applied in campaigns that generate more results, you will have even more resources to apply in these similar strategies.
Even considering the data obtained from the campaigns that are working, you will know how to direct your entire planning to what is exactly working. You can still consider tweaking those campaigns that have not lived up to the mark in delivering the expected result. The hint is to change their configuration to those that can deliver more return.
Which metrics to evaluate?
While you have become aware of the significance of analyzing metrics in digital marketing, it is important to understand what the most salient metrics for analysis are. We will list below the key metrics for you to resolve which ones to apply to your business needs.
ROI or Return on Investment
A company’s goal is to earn the best ROI or Returns on Investment, right? So this metric is essential for robust financial management. It is through it that you will know what you and your partners are investing is paying off.
CAC or customer acquisition cost
The metric’s name says it all. Here you will have an analysis of how much you are spending to convince each and every customer. Here you will analyze how much your company spends on marketing during a certain period and how many effective customers were created from these investments.
Customer retention rate
As important as attracting new customers is retaining those you have already acquired. This metric will help you to know, apart from the numbers if your company’s customer allegiance strategies are working as they should.
There is no point in attracting potential customers to your campaigns, or even to your website if these numbers do not convert into sales or with the ultimate goal of your campaign, whether it is downloading some material or winning a lead. With this metric, you will know how many of your potential customers actually become buyers.
Anyway, the list of metrics to analyze in digital marketing is huge, and each of them can answer an important question. With the right tools in hand, you can check which ones apply, or not, to you and your company.
Tools for analyzing metrics in digital marketing
There are multiple paid tools that do this analysis for you but the good news is that you do not need any of them at the beginning of your strategies. That is because Google offers the best tools for this completely free of charge.
This tool ensures that you will get access to the main metrics you need. Google Analytics offers the analysis of most of the metrics mentioned above, absolutely free.
Apart from the items, we mentioned as the major ones, the tool also offers an unlimited number of metrics that will render you with a very general, accurate and updated view on the results of your tactics in digital marketing. We can affirm, without fear, that virtually everything you need, you will find the same on the Google platform.
Previously known as “Google Ad words”, Google Ads is the platform that enables you to launch your marketing campaigns so that they turn up on Google pages eventually. The system is rather complete and guarantees that the metrics that you are unable to access Google Analytics you will get in it. It is from this tool, for example, that you will surely get the numbers of the conversion rates and the cost of acquiring customers.
Google analytics will surely achieve your needs and you can easily utilize them in your entire future campaigns and strategies. At some point, you can even choose to buy a subscription from a paid system; however, this is implausible to be a real need.
Now that you are aware as to what to analyze and through what tools to do it, just create a fine marketing strategy and start applying and testing.
This blog post was written by one of the content writers at USR Digital, which organizes, streamlines and automates all of your company’s internal processes. If you have any questions regarding the blog, please get in touch with us anytime.