Data is at the heart of modern, successful digital marketing campaigns. Using the information that you can gather on your customer, trends and competitors, you can plan reliable and effective outreach strategies. However, you need systems to reliably analyze the data if you want to gain any useful insights from it.
First, you need to collect the data available to you. This can come from sources such as your sales performance, social media engagement, website analytics and more. Additionally, there are numerous tools that will help you analyze your competitors’ marketing. In particular, you can see which search engine keywords they are attracting.
It is also useful to examine market trends. If you are examining where the market as a whole is going, you can make decisions about the future based on realistic predictions. This data can often be sourced from research firms.
Establish Key Performance Indicators
Once you have your data set, you need to begin organizing the metrics into key performance indicators. These can be simple metrics such as conversion rates and bounce rates. You can also delve deeper into determining the cost per acquisition on a per-channel basis.
There’s an almost infinite depth to the potential KPIs when analyzing your marketing performance. The key is to find metrics that reflect real performance. Keep in mind that you don’t have to limit yourself to just a few. However, it is usually easier to analyze a small number. Try creating a scorecard of your KPIs to evaluate the overall health of your strategy.
Analyze Current Performance
Now it is time to start delving deep into the analysis. For example, you could use a campaign optimizer tool to help you analyze your metrics across time. You could also run some A/B tests to determine which possible changes would net the best performance. Again, there is a lot of depth to the potential analyses you can run against your marketing.
You may be surprised how valuable this data analysis can be. There is the potential to glean a lot of information from your prior performance. This will help you to identify some possible changes that could make your marketing efforts significantly more effective. Typically, the key to marketing analysis is to make sense of the immense amount of information you have. With the right tool set, this can be easy.
Once you have run your analysis, it is time to start making changes to your marketing campaigns. For example, you may determine that your click-through rates on your ads are not sufficient. So, you may want to improve your copy to make it more enticing. In many cases, it is best to A/B test these types of changes before you commit to them.
Alternatively, you may identify that you are missing out on a valuable channel such as social media. By implementing new marketing techniques, you can significantly improve your performance. Plus, because these changes are backed by your data and analysis, you can be confident that they will return useful results for your brand.
Continue To Evaluate
After you have made changes, it is important to keep evaluating and analyzing. This is where the KPIs become especially important. When you have a simple and effective scorecard, you can monitor your performance continuously. This will empower you to both ensure the success of your changes and identify when additional adjustments are necessary.
Data is very powerful and can be the source of a great deal of success for your business. However, you need to establish effective pipelines for collecting and analyzing that data. Once you reach the point of continual evaluation, you will be in much better shape to ensure the lasting success of your company.
These strategies will help you get started with analyzing your marketing data. However, there is a lot more you can do. Keep learning and discovering the potential of analytics.