It could be for the CEO of the company, the area manager, Bahamas Email List the team leader, or peers. And to defend your adopted strategies, you need to know how to analyze data and build effective reports. Support decision making As we said, Marketing Analytics doesn’t just look at the past and present. Bahamas Email List Data analysis is essentially for the future, for the company to make better decisions and create better strategies to achieve its goals. Increase predictability Data analysis is not like a crystal ball to predict the future. But it helps identify patterns and trends that anticipate what’s to come. Thus, predictive analytics allows the company to prepare for the risks and opportunities that are on the horizon. How does Marketing Analytics work? Marketing Analytics is not just about data analysis. Bahamas Email List There are previous steps that define the tracking and data collection processes for the analysis to fulfill its role. So, let’s now look at the three fundamental steps of Marketing Analytics.
Track data The first step in Marketing Analytics is to track the data
As we said, there is a plethora of data out there Bahamas Email List . But you won’t track them all for marketing analytics — just those generated by your marketing channels. Website, social networks, applications and paid media, for example, are channels that focus your digital marketing efforts. Therefore, you need to track data from consumer interactions across these channels to understand how they are reacting to your strategies . Let’s say, for example Bahamas Email List , that you have an e-commerce and you have invested in sponsored links. So, you need to track the path that your store’s shoppers have taken to identify how many came from that ad in the search engine. Thus, you can understand how many customers, how many sales and what revenue that investment generated. To track this data, you need to use tracking parameters in the URLs and install code on your site. We’ll explain further how to do this later. See too: Google Analytics for e-commerce: How to get it right Bahamas Email List Collect data With tracking, you can access a lot of information about the performance of your marketing strategies.
Then in a tool (automatic) or a spreadsheet (manual)
you will collect the data you need to do the analysis. Bahamas Email List But you only need to focus on them to make a productive analysis — or you can get lost in so much data. Therefore, data collection should be guided by strategy KPIs , which are those metrics related to strategic objectives. They are the ones who tell you what data you should collect to do the analysis. Bahamas Email List To help identify these indicators, here are the main metrics you can track: Website or blog metrics: # sessions, # visitors, average session duration, pages per session, traffic sources, bounce rate, conversion rate. Bahamas Email List SEO metrics: organic traffic, SERP position, organic conversion rate, domain authority, page authority. Paid media metrics: clickthrough rate (CTR), paid conversion rate, cost per click (CPC), cost per thousand impressions (CPM), cost per lead (CPL), cost per acquisition (CPA). Social media metrics: reach, engagement, social media traffic, social media Bahamas Email List conversion rate. Email marketing metrics: delivery rate, open rate, clickthrough rate (CTR), conversion rate, unsubscribe.