There is nothing glamorous about analytics, but quite simply it allows you to create insights with raw data. Using analytics has been proven as an effective way to measure and utilize the data from your marketing campaign. So the question is, why should you use analytics to drive results for your company?
First, let’s dive deeper into why analytics really matters. A good analytics setup enables you to make business decisions using the facts. Without analytics, human bias can get entered into the equation and you are now operating off of gut instinct. Simply having the data won’t help you though, you need to understand what the data is telling you. Here are three ways to use analytics to improve your business:
Traffic-focused metrics offer valuable insights into the appeal of your marketing campaigns. For example, if you are running a pay-per-click campaign, metrics like click-through-rate or cost-per-click can be very useful for identifying what kind of ad or ad copy resonates with your audience. Or maybe a majority of traffic is coming from social media platforms, such as Facebook or Instagram. This allows you to see which social media platforms are driving the most traffic to your site, allowing you to refine your campaign strategies.
Whether you are using Google Analytics or social media platforms, most offer a variety of useful analytical information that will help you understand who is responding to your ads. More importantly, don’t forget to view your website analytics data. Understanding where your website traffic came from, who they are (interests, demographics, etc.), how long they were on your site and how many pages they viewed are all key metrics that a company can use to gain more customers.
Conversions tell you about the type of traffic you are getting and how it’s affecting those customers. A couple questions that can be answered with conversions tracking include the following:
With conversions comes the term bounce rate. Your bounce rate shows the percentage of viewers who leave the website after only viewing one page. A high bounce rate can signal problems with your website, such as slow loading time, poor usability or not mobile responsive. As a business owner, you want customers who dig deeper into your website to learn about your business, products or services.
If your traffic is converting, such as buying your product, submitting a form, etc., then your landing page and website are a good match for their expectations. However, if hardly any of your traffic is converting, there may be elements on your landing page that are causing customers to leave immediately. This will cause an increase in your bounce rate. If your landing page is relevant and customers are still not converting, then you may not be attracting the right traffic. The wrong traffic will never convert, no matter how optimized your website is.
Traffic and conversion data is always useful, but most importantly as a business owner you want to be able to see if your campaign is profitable or not. The ultimate goal of any marketing campaign is to drive revenue for the company, therefore tracking ads, keywords and other metrics all the way through to the sales they produce which is needed to understand your campaigns effectiveness.
Understanding your campaign’s effectiveness allows you to measure your goals to determine if you met or exceeded them. Tracking these results lets you to refine future marketing campaigns based on what you learned from past campaigns’ analytics.
As analytics capabilities and platforms continue to grow more powerful, it becomes more important for business owners to use them to create meaningful marketing campaigns. If you are interested in learning more about analytics, contact Big Marlin Group today! We are here to provide you with valuable insights on analytics that can have an impact on your business.
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