What does it take to be successful in business today? However a leader chooses to answer that question, technology will be a part of it. Data and analytics are increasingly finding their way into the digital marketing mix. If you want to make faster-paced, forward-looking decisions, data and analytics must top the list.
But what does that mean?
According to a McKinsey Global Institute report, data-driven organizations are 23 times more likely to acquire customers, 6 times as likely to retain customers, and 19 times as likely to be profitable.
While getting value from data is top-of-mind, most leaders state two obstacles block their way from using data more effectively: security and managing the sheer volume of data.
With so much data available, how do you find value? Analytics is the answer. This is where you start as a digital marketer to ensure your data and business strategies are aligned.
What Is Data Marketing Analytics?
Before we look at ways to utilize analytics in your marketing, let’s define what it is and how it benefits you. At its core, it’s the practice of analyzing data to analyze and improve your marketing campaigns and strategies.
You collect data from various marketing channels. But are you utilizing the data created in ways that will benefit you? The more you use it, the more insight you’ll gain into customer behavior, campaign performance, and overall marketing effectiveness.
And that’s the goal. Instead of making “gut” decisions, you can base everything you do on data-driven decisions. You optimize every marketing effort you take to further enhance customer experiences and drive business growth.
Benefits of Data Marketing Analytics
Imagine being able to make decisions with data behind them. Data-driven insight lets you look at every campaign or ad you place differently, improving on it as you go. That’s what ultimately starts marketers on an analytics strategy—clearer pictures mean better decisions.
While the bottom line can be motivating, it’s not the only benefit. What if you could gain insight into how your customers think? You could learn their preferences and behaviors. You could use that to speak differently in every marketing tool you create. When customers feel heard, they’re more likely to buy.
Which increases your bottom line. If you use your marketing budget more efficiently, you will select higher-performing activities. You can steer around campaigns that take more time yet don’t show up as increased ROI.
Get good at analytics, and you’ll stay ahead of the competition by leveraging these insights to anticipate market trends and customer needs. Then put it on repeat, and do it again. Because the better you see your customers, the better your digital marketing strategy will be.
Important Digital Marketing Metrics
Every tool or platform you use has the potential for analysis. Most provide metrics in detail, giving you key performance indicators (KPIs) for valuable insight. Yet keep in mind that some metrics can be misleading if they aren’t used in the right context. It’s essential to understand what you’re seeing and what it means.
Website Metrics
Almost every campaign you run will lead viewers back to your website and landing pages. This is the best place to start. The digital metrics available can provide user experience (UX) data and show you their actions as they enter and leave. Things to pay attention to include:
- Site load speed: The time it takes a web page to load for a visitor. Current statistics state desktops should take no longer than 2.5 seconds, while mobile devices stand at 8.6 seconds.
- Visitors: The number of users visiting your site.
- Pageview: Each time a page is loaded or reloaded in a web browser.
- Traffic: The total site or page visits made by a user. This can be further broken down to include organic, direct, paid, referral, and social traffic.
- Time spent on a page: The amount of time a user spends on your website.
- Bounce rate: The percentage of users who landed on your site and did not visit other pages or take action.
Lead Generation Metrics
A business won’t move forward without interested visitors becoming a part of your lists. Once visitors enter information into a lead generation form and opt-in to receive additional information, they are officially a lead. Metrics can help you further establish intention.
- Click-through-rate (CTR): The percentage of total clicks on a call to action compared to total page or site visits.
- Submissions: Total number of users who have entered information and clicked submit.
- Conversions: Number of users who have completed a desired action on your site or landing page.
Content Metrics
Content is at the center of every digital marketing campaign you run. It’s important to create relevant, high-quality content and equally critical to continually learn what your users are doing with the content. This can include content on websites, blogs, and social media platforms.
- Engagement rate: Number of actions on a piece of content compared to the total number of content views.
- Submissions: Number of visitors who entered and submitted information on a page.
- Time spent on a page: The amount of time a visitor spends on a piece of content.
- Bounce rate: Percentage of users who did not take action compared to total number of visitors.
- Shares: Total number of visitors who share a post or page.
- Follows: Total number of followers on your accounts or platforms.
The Future of Digital Marketing Analytics
It can feel as if there is an unlimited supply of tools and resources available to dig deep into your data. Don’t get lost by using so many metrics you aren’t sure how they fit into your plan.
This process will keep changing as data science and machine learning adjust our approach. Artificial intelligence promises to change everything.
The one thing to remember through all of this is to jump in and use it to the best of your ability. Ask questions whenever you can. While you might not have the answers, partnering with someone who does can help you move leaps and bounds above your competition.
It might just be the leading edge you’ve been looking for.
