How do you use data in your digital marketing efforts? Do you interpret the data to make the best marketing decisions for your business? Or do you trust your intuition instead?
Marketing your business online today can provide any business with a wealth of data for them to improve their marketing promotions. That is why it is crucial if you want to build a steady base of business that you understand the best ways to read the data from your digital marketing campaigns.
Below we discuss the five most important aspects for doing this successfully.
5 important facets for understanding your digital marketing data
Read Data across Multiple Devices.
The first thing you need to do is understand how to review data across multiple devices. We live in a mobile society, marketers must be able to understand the data on all of these devices and why they are so important.
Remember that 4 out of 5 consumers now use smartphones to shop for products. Therefore, brick and mortar businesses must be able to integrate their sales channels offline with their digital marketing.
Understanding what devices your customers use is a crucial part of this process. Otherwise, a strategy that worked brilliantly for laptop readers could fall flat with mobile and tablet devices.
Data should help you customize your sales copy.
Next, the copy you create should be relevant towards your target market. This means you take advantage of the data uses to collect information about ads to personalize the information for subsets of your readers.
Companies now spend on average about $92 to bring customers to their website, but only $1 to convert them. That explains partially why conversion rates averaged around 2-3% over the past few years.
The click through rate (CTR) tells marketers where customers are in the conversion process. Without data, they do not know how to choose correctly. Therefore, use the click through rate as a measurement of how a follower progresses to a website visitor becomes a client.
Use that data to start spending wisely on your conversion process, so you do not waste money on traffic to your site.
Once you have the data, then it is time to test to make sure that your corrections worked correctly. Do not just assume that because you made some changes it will all work out right. The more testing you do, the more data you have at your disposal, which in turn leads to more data to test out your assumptions.
The problem is that only 44% of companies now use testing to optimize their conversion rates. This means far too many companies do not even provide the right framework to analyze the data they receive from clients.
Without this information, they do not know if they have the right landing page or message. The fact is that somewhere between data and testing, marketers find the right marketing mix for their message. If they are not testing, they can never find the right mix.
Reduce Visitor Abandonment.
Right now, the biggest issues for websites, specifically retailers is shopping cart abandonment. However, 73% of companies do not even know why their consumers abandon the shopping cart.
Similar to testing, companies need to know why visitors abandon the site. The more information website owners have on abandonment, the more they can prevent that with modern tools and systems.
For example, 46% of visitors now abandon shopping carts because of high shipping charges, while 22% of customers could not find customer support. Imagine if the only thing your company did this year was to reduce shipping prices and add a customer service tab on your shopping cart.
The potential for your business could be immense, because you took small steps to reduce the reasons why customers traditionally leave your site.
What was the ROAS?
The final metric is the return on ad spend (ROAS). That is because at the end of the day, if your ad does not make money than a few things might be wrong with your marketing. Your data should be able to help you identify the sticking points in your sales funnel.
That way you know whether your service is just not needed, or you are marketing the product to the wrong people. Remember, even iPhones do not sell quickly on a Quaker farm.
You need to know your numbers. For example, Google AdWords projects that businesses using their platform generally make an average of $2 in revenue for every $1 spent. If you do not have numbers in mind for what you should be making, you are in essence throwing money away.
Data can sometimes be overwhelming for some businesses. The sheer amount and the progression of the data might be hard to determine. However, if you continually analyze and test the assumptions of that data you start to develop a workable solution to digitally marketing your business.
Successful companies use the data they collected to improve the process for their customers. They put it together and test what works and what does not. Then they measure those results, and continue to improve upon them over time.
It is not easy, but beats wasting money on traffic that will never convert to your website.
If you still need help with understanding the data behind your marketing, then contact our media agency in Melbourne. Shout Web is a results obsessed performance marketing agency who can help you find the nuggets of information in your data driven digital marketing.