Why Digital Marketing Analytics Are Vital to Business Success

When it comes to marketing, most people stop at logos, visuals, and taglines. Besides, if you have a great story and beautiful images, you're good, right? Wrong. Marketing is no longer about gut-feeling decisions, the colors you like, or a catchy tagline. It's a data-driven science that determines your entire strategy and the success of your business. Stick with us to discover just why digital marketing analytics is the key to your business success.

What Are Marketing Analytics?

Harvard Business School Online defines marketing analytics as “the process of tracking and analyzing data from marketing efforts, often to reach a quantitative goal.” This data can be for any size company at any stage in their life and includes every marketing channel and activity including websites, email, social media, advertising, and more. If you don't understand what's working and what isn't, you can't make informed business decisions that ensure you reach your goals.

Digital marketing analytics provide insight into your customers' desires and behavior and are used to inform and shape marketing and sales decisions. This data collected over time can help determine what social posts are popular, what sales attracted the most people, the efficiency and ease of your website, finding out the ROI of a campaign, the number of visitors this month versus last, how you are doing against your competitors, and more.

Just opened your business a month ago? That’s no problem! You can still look at digital marketing numbers to analyze what's working and what isn't, and to inform your sales and marketing decisions.

Why Review Your Digital Marketing Analytics?

There are many benefits to looking at your digital marketing analytics. It helps you get to know your audience. Seeing what posts or promotions outperformed others gives you a good first glance at what their needs and wants are. This also will give you vital information on what demographics you are reaching: age, location, gender, etc. With this information, you can begin to plan more tailored future posts with reliable data to back them up. This, in turn, makes your business more proactive.

Another benefit that analytics give is personalization. Let’s say you post the same thing across two social media channels: a sale promotion on both Instagram and Facebook. On Facebook, it does well but on Instagram it doesn’t with a staggering difference. You use this information to then post an additional sale post on Facebook, but change it to a new product on Instagram, which ends up performing much better. Being able to personalize your posts on each channel can give you more opportunities to pull in your target audience.

These are just some of the benefits that can come from digital analytics, but it all can stem from your audience’s reaction. Don’t get discouraged if it takes a while to collect analytics, it can take 1-6 months to accrue reliable numbers.

What Marketing Analytics Matter?

Email:

  • Open Rate: The percentage of people who have opened the email.
  • Bounce Rate: Number or percentage of email addresses the email could not be sent to.
  • Click-Through Rate (CTR): Number or percentage of people who have clicked on a link or followed through from an email
  • Unsubscribe Rate: The percentage of people who unsubscribed from the email list.

Social:

  • Shares: How many people have reposted or shared a post.
  • Page Likes or Follows: How many people follow your profile.
  • Engagement Rate: The percentage or number of total likes, comments, shares, and saves on a post.
  • Reach and Impressions: How many people actually saw your post on their feed or from a shared post.

Web:

  • Site Load Speed: The average time it takes for a page to load on your site. The lower the time, the better.
  • Visitors: The number of people who have viewed your website or certain pages.
  • Time Spent on Page: The average time someone spends on a page.
  • Sessions: The activity rate of a user on a page.
  • Traffic: Total page visits from various types of traffic including organic, direct, paid, referral, and social.

Ads:

  • Click-Through Rate (CTR): The number or percentage of people who clicked on an ad they saw.
  • Conversion Rates: The percentage of people who fill out forms or purchase products from your site.
  • Cost Per Click (CPC): The cost an advertiser has to pay when someone clicks on the ad.
  • Revenue: The amount of money brought in from the ad.
  • Return on Ad Spend (ROAS): A way to measure the revenue versus initial ad cost.

Any marketing process is a journey for your business to take. Let data point you in the right direction. According to a study done by PWC, “highly data-driven companies are three times more likely than their less data-driven counterparts to see significant improvements in decision-making.”

So, what are you waiting for? Your marketing analytics are just waiting to be interpreted by a FatRabbit Creative team member to improve your marketing strategy and reach. Call us today!

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