Everything we (or our customers) do online is trackable. Measuring digital marketing analytics is an essential part of running an online business effectively.
Why wouldn’t you take advantage of the information available to you? By tracking the right metrics, you can make sure you’re getting the maximum ROI.
Using digital marketing analytics, you can figure out how well you’re really doing and track progress. You’ll know what marketing pushes are working and what needs a little work. Keeping an eye on the data gives you the edge you need to grow your business quickly.
What Is Digital Marketing Analytics?
With digital marketing analytics, you track your metrics data to determine how well your marketing efforts are working. You can use data analytics to determine the ROI of marketing strategies like blog posts, channel performance, and calls-to-action. This also allows you to figure out where you have some room for improvement.
Tracking and reporting things like business performance data, leading indicator metrics, and diagnostic metrics will give you key information about your business.
It doesn’t matter if you have a well-established and sizable company or if you’re running a scrappy startup.
Digital marketing analytics can help you grow by providing you with valuable information!
The right digital marketing metrics and analytics will allow you to gain a better understanding of big-picture marketing trends. The data will also show you what is and isn’t working – and why.
You’ll be able to clearly see the ROI for each of your marketing campaigns and forecast the results in the future.
5 Tips for Boosting ROI With Digital Marketing Analytics
Increase your ROI (and get the most bang for your buck) by using digital marketing analytics to strategize your marketing.
These five useful tips will help you effectively grow your business.
1. Make a Plan For Tracking Your ROI
There’s a lot of value in quantifying the outcomes you expect from your marketing investments. Measurement takes time to figure out. You’ll need to figure out what to measure, how to do it, and when to do it!
Setting out a process with specific steps you can follow will make your life a lot easier. Honestly, measuring your digital marketing analytics is essential!
When you’re getting started, create an initial outline. Look at all previous data and try to identify trends. Not sure where to start? or think you may be doing it wrong? I have a free metrics workbook that will help you identify and gather the specific metrics needed to grow your business.
How can you add analytics into your current processes?
Measuring your ROI will let you make the most out of your marketing budget. What is your anticipated ROI and how will you reach it?
2. Stay Away From Vanity Metrics
Vanity metrics look really good (or really bad) on paper. But they don’t actually give you any useful information about your big-picture goals.
It’s easy to fall into their trap because having tons of social media followers or website visitors looks great! But is that information actionable? Is it actually serving you and helping you strategize your business marketing?
Figure out what metrics actually translate into ROI. When you start to dig into your metrics, you can hone in on digital marketing analytics that actually serve your goals.
How do each of your specific measurements help your company grow?
With the right data, you can:
- Create useful and actionable customized reports
- Consistently track your customers’ behavior
- Analyze your data throughout every step of a marketing initiative to determine efficacy
3. Use Data to Boost Your Sales
Consumers, now more than ever, have access to all the information they need about your product. They are informed buyers who rely on product reviews, blogs, and social media posts.
You have access to that information, too! The key is translating that data into revenue.
Digital marketing analytics allow you to get a holistic view of your real ROI. You need to understand how your marketing is impacting your sales. That way, you can figure out what marketing programs are profitable (and which are not).
You can use this data to increase your sales in several ways.
Tie analytics to your new marketing strategies, not just to evaluate last year’s budget use. Determine your consumers’ journey that leads them to buy your product. Use data to move forward in a strategic way!
4. Make Better Data-Based Decisions
Gathering digital marketing analytics is one part of the process. Reporting those analytics is a critical next step. Those reports will allow you and your team to make informed decisions.
Set definitive time periods for data collection. Then add action items to your analytics reports to guide the process.
It’s important to be consistent and make digital marketing analytics a priority (and a habit!).
5. Experiment and Use Data To Evaluate What Works Best
When you use data to experiment, you can grow your business while feeling confident in your decisions.
Simple data-driven business experiments are super valuable.
Use the test-and-learn method. Try something new with one targeted group. With another, your control group, keep doing what you’re doing (or don’t do anything!). Compare the results. You’ll get clear outcomes from a simple process.
Don’t be afraid to try new tactics. Is your team currently exploring new ideas? How can you support them?
How about setting some of your budget aside to be used just for experimentation? Or choosing a focus area to keep testing until you’ve got it locked down?
Sometimes your experiments fail. That’s part of the process. Leave your failures behind and keep moving forward.
By using digital marketing analytics, you gain a whole lot of control over your processes.
You can see exactly what is and isn’t working. You’re able to follow your consumers’ trail from discovery to purchase. You can even create more effective marketing approaches to increase your ROI and grow your business! If you’re new to Google Analytics and looking for a crash course to get you started check out our course.
If you’re ready to harness the power of digital marketing analytics, make sure to snag the Traffic Insights Dashboard. Knowing your data and using it are so important, and this tool will help!