In the world of Digital Marketing, data is king. But how do we measure data?
How do we track how the data is being transmitted across the mediums which we implement our marketing strategy?
How do we know how well our marketing strategy is working?
The answer is Analytics.
Analytics is a highly overlooked aspect of digital marketing which when exposed to the usefulness of it, strategists can well understand how valuable it is to measure the performance of a strategy.
Analytics brings to light where the marketing team is lacking and where to improve upon. Where we need to allocate more resources and where we need to stop wasting valuable resources upon and how to optimize our strategy to achieve realistic goals.
The aim of a marketing strategy is to guide the potential leads through the buyer’s journey, which is composed of three stages-Attract, Engage and Delight in order to convert them to customers. For example- when you’re implementing a strategy on a blog site or website, the homepage is the landing page where the leads are first directed to whether from a search engine or a direct URL.
The leads will engage with the content and if impressed by the strategy, will make a conversion by performing an action-whether to find out more about the services offered on your blog site/website or an actual purchase. This conversion is measure on a large scale comprising of various leads through the use of analytics tools such as Google Analytics, Netbase, Sysomos etc, through which the analyst is able to determine which part of the strategy led to the conversion of the lead to a customer, and either improve on it or allocate more resources, such as suitable content and an attractive Call To Action on the site.
In the case where the lead is not impressed with the strategy, the lead will only have visited the homepage and not made any conversions, which will also be reflected when analytics tools are put to use as a failed conversion and measures such as mentioned above will be taken to further improve the strategy.
Another example of how analytics work is when you’re implenting a strategy on social media, for example; Twitter or Facebook, you want to measure your reach, the kind of people who are viewing your content, the number of people who are actually interacting with your content, and most importantly how you’re performing in comparison to competitors so you can know where to improve your social media strategy. Analytics is the key to tracking all these useful metrics in the implementation of marketing strategy.
Another light in which analytics can be viewed is an audit.
An audit is a careful look at all the data generated by all the mediums through which the marketing strategy have been implemented.
Conducting an audit will bring the following things to light:
-Develop marketing strategy to align to growth.
-Discover trends/insights that can be useful to modify strategy.
-Receive valuable insight into customer sentiments and the perception of the brand.
-Provide the executives and the team with a look into what’s working and to manage and justify strategic modifications.
-Determine the best type of content on the right channels at the right time.
-Identify opportunities to better engage with customers.
-Adjust budgets and calculate ROI.
It is very essential to conduct audits like this at specific points at the various stages of a marketing strategy in order to have strong metrics to track progress.