If you look around, you will find a huge chunk of data everywhere.
Want to check the success of your marketing strategies? There is a tool to help you out! To be precise, the analytics feature of these tools is what attract the online marketers the most. With so much information and so many numbers around us, it really becomes important to have one.
There was a time when it was all about the Big Data. Today our valuable insights from the data play a big role just like setting up the marketing strategy and what we absorb from the insights helps us to build the strategy.
So now, let us see how you can build up the marketing strategy based on the wealth of metrics.
Important marketing analytics terms to be familiar with
Before you start putting your marketing metrics to work and plan out strategy around it, you must know what you have. It is not possible to come up with evident conversion rates if you don’t know what to measure in the first place. So before we get into the business, we will try to know the various marketing terms in the first place.
When we think about the word analytics the first thing that comes to our mind is Google Analytics or web analytics from different platforms. But let me tell you that it is only a part of the data you need for marketing and they are important too.
- Traffic – Traffic simply mean the visits you get for a particular page. This helps you to understand how effective your marketing strategy was to attract people towards the website.
- Engagement – In simple terms, engagement can be rated as for how people interact on your web page. It includes a number of insight points like pages per session, time on page, bounce rate, etc.
- Open rate – During the marketing process, a number of emails are sent to the people. But how many do really open the email? This data will help to know how catchy and effective the subject lines were and how your subscribers engage with your brand.
- CTR(Click through rate) – Call to action buttons are placed on the marketing ad campaigns as well as within the emails. The CTR helps you to know the number of people who’ve actually clicked the CTAs.
Why do businesses build marketing strategies? No doubt, to drive sales by getting a good number of leads. You are trying to attract your target audience with something that can interest them. You can easily measure the effectiveness of your marketing campaign by calculating the generated number of leads.
The action your visitors take on your website is termed as the conversion rate. To be specific in the marketing slang, it represents the number of people who have seriously bought something from the online store. In order to improve the conversion rate, you can start making an improvement to the CTAs, web design as well as other important elements on the web page which can influence traffic.
All the marketing strategies are carried out in the first place to generate more leads and then increase the chances of sales. Sales growth depicts the number of sales opportunities that you have grabbed compared to the previous year or say the month.
From data to insights
As said earlier, we are surrounded by Big data. This is all about numbers. It helps us to know about the success or the failure of a particular blog post in numbers. But when I say numbers, how does that actually benefit us?
What we get from such data analytics is not simply to measure the value. Such numbers will help you to get better insights as well as learn new things to improve the marketing strategy.
Understanding and contextualizing data
It is very important to understand the meaning of metrics and numbers when it comes to contextualizing data. When we talk about conversion rates, it simply means the conversions you have managed to make against the number of clicks. If the conversion rate is say 4%, this simply means that out of 100 clicks you have managed to gain, around 4 people have bought your product or service. So let’s keep it this way – 4% of the people who visited your website found it compelling enough to buy from there. When we consider the data in the broader context, you have to find answers for a few questions.
What changes have you noticed with the conversion rates in the last few months or weeks? What marketing techniques have you applied during those periods? Knowing the effects of the marketing techniques on the numbers will help you know about the performance of your campaigns. By keeping a close watch on the factors that affected conversions and KPIs, you will be able to take the right decision from time and again. Suppose, if you find an evident rise in sales through your email marketing campaigns, you will understand that this is the point where you can invest your budget and time for better ROI.
Focusing on insights to build strategy
A number of times we have used the data to support our decisions or say arguments. If you really want to put forth an argument, you are sure to find some metrics. Instead of that, if you want to come up with a marketing strategy that is based on the available insights, you will have to follow the data and eventually make decisions.
If you want to build up a strategy, just keep these things in mind.
- Learn from your failed initiatives
- Try to understand the data from other people’s angles
- Test and learn from your tactics
- Try to listen what the data is trying to convey to you
Let analytics plan the marketing strategy
The metrics that you will find today are completely valuable. You can wisely make use of it to generate revenue and grow your business. So try to get strong insights that will help you build effective marketing strategy compared to the ones you had set in the past.