Transform digital marketing numbers from different platforms into actionable insights using data analytics that can significantly impact campaign performance.
Should you base digital marketing decisions on gut feeling or marketing data? 2 out of 3 leading marketers(1) feel that data-based decisions beat gut instinct. And why not! Today, advanced data analytics tools can gather data on various parameters (audiences, devices, clicks, etc.) and bring them together logically. A proper tool will help you bring together each puzzle piece and get the complete picture.
We'll discuss how data analytics is crucial for driving the success of your digital marketing activities
1. What is data analytics or digital marketing analytics?
2. Why is data analytics important?
3. 5 Ways in which data analytics can make a big difference
What is data analytics or digital marketing analytics?
As described by HubSpot(2), digital marketing analytics translate customer behavior into actionable business data. The metrics provided by the data analytics tools need to be analyzed to understand the customer behavior and then use it to improve campaigns for better results.
Citing some examples, typical metrics you would follow are – Click-through Rate (CTR), Conversion Rate, Website Visitors, Page Views, Session Duration, Follows, Likes, Shares, Comments, etc. But which metrics you need to focus on will depend on your goal. For example, if your goal is lead generation, focus on Click-through Rate (CTR), Conversion Rate, and Form Submission.
Why is data analytics important?
Data Analytics helps you research and see the trends and reasons for customer behavior. You could miss out on growth opportunities, competitive advantage, and improved ROI by not utilizing this data. Research(3) shows that businesses that employ data-driven marketing deliver 5-8 times the ROI on marketing spend.
Through incoming data and various reports, you can:
- Get a deeper and better understanding of audiences
- Get audience-related data to send personalized communication
- Measure effectiveness of marketing channels used
- Identify new opportunities through keyword analysis
- Gain competitive advantage
- Lastly, find out if your marketing efforts are paying off
For example, suppose you have launched an ad campaign for an advanced surgical device targeted toward doctors. You may have a banner image and blog with CTA on your website, a LinkedIn campaign, and display ads. On a single dashboard, you can see how each one is performing. If you see a LinkedIn ad performing better than others, you could allot more budget to it. A high bounce rate on the website could indicate loading or UI issues of the website. These actionable metrics can go a long way in improving customer experience.
That's the power of data analytics.
5 Ways in which data analytics can make a big difference
The role of data analytics in any digital marketing campaign is quite central to the whole activity. Here is how you can specifically employ data analytics to see your campaign pushed off to an entirely new level.
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Have Actionable Metrics -
Accurate data drives intelligent decisions. For every marketing goal, specific KPIs indicate the achievement of the goal. Data analytics tools help you set the KPIs that you want to follow. KPIs can be impressions, CTR, website visitors, number of form submissions, or something else. With accurate data, learn about the campaign's performance, understand trends, predict behavior and make smart decisions.
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Understanding Audiences -
You can get a considerable amount of audience-related data categorized properly for understanding. This includes – the source from which they are coming to your website, the device they are using, their geography, their engagement with the content, time of the day when they are most active. Build personas around this data and create personalized communication for the audiences. Data analytics lets you be precise rather than make 'one size fits all' campaigns. Tools such as Google Analytics generate reports covering many essential attributes of the audience.
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Meeting Audience Needs with the Right Keywords and Right Content -
Keywords are the key to reaching your audiences. Data analytics tools help you identify relevant keywords. You can also look at the keywords your competitors are using. Track which keywords contribute to conversions and modify campaigns to focus more on these.
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Optimizing Campaigns -
Once you know how your campaign is performing, you can optimize it for better results. For example, if the cost per lead (CPL) is coming out too high, it means you need to optimize. Use better keywords, better ad content, apt CTA, and more captivating landing pages, which will help the content reach more audiences. As the reports show you the campaign's progress, take action and correct the course.
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Showing Concrete ROI -
It all comes down to ROI. 75% of marketers(4)are using reports to showcase how campaigns impact revenue. When metrics are crystal clear and easily comparable to your budget, you can clearly understand the ROI. With the data, you can show how much funding is allocated to each platform and how are the results for that platform. Every digital marketing move can be justified.
Now that we know the significant impact data can have on the campaign's progress let us talk about the tools. Robust data analytics tools for digital marketing include Google Analytics, PowerBI, Tableau, and Qlik Sense. These tools enable you to connect to various data sources and visualize the data coherently and logically.
Data analytics is more than just a number game. See it as an interconnected network of clues that guide you towards accurate decision-making for your digital marketing campaigns.
How can Ethosh help you visualize data for boosting your digital campaigns?
At Ethosh, our digital marketing and domain experts utilize data analytics to chalk out a winning campaign and employ it throughout the campaign duration to bring improvements and boost performance. Partner with us to experience the power of data in transforming customer experiences.
Reference and Citation-
1.https://www.adverity.com/data-driven-marketing
3.https://www.invespcro.com/blog/data-driven-marketing/
4. https://www.hubspot.com/marketing-statistics
