In our latest digital trends guide 2022, we highlight the many digital channels that consumers have taken to when making a purchasing decision and how to drive your marketing performance to achieve an ROI.
Digital marketing gives us the marketing data we need to trace the customer’s online journey, track where our consumers are coming from, which tactics are working and where we are losing potential customers in the sales funnel. It’s easy to be overwhelmed with marketing data as you are analysing various platforms, from your website to social media, downloads, emailers and online advertising. And it’s your offline journey as well, tracking the number of calls made versus your conversions.
Marketing data overload
With this plethora of data from multiple sources, the biggest challenge marketers face is how to combine the data and analyse it. Research by McKinsey1 shows “companies that invest in big data and analytics yield a five to six percent average increase in profits, which jumps to nine percent for investments spanning five years.”
How to Unpack Your Marketing Data
Here is our basic outline to ensure that you are looking at your marketing data correctly in order to make more informed decisions for your digital marketing strategy:
Step 1: Identify the purpose of analysing your data
Outline the main objectives you would like to derive from analysing your data and identify the platforms you have available to do so.
For example, you would like to track the number of leads generated through a specific marketing campaign. You will use the data collected from your paid media channels and website conversions.
Step 2: Set goals for your marketing data
Have a clear and realistic idea of the results you would like to see in your campaigns, paid media ads or even emailers. These could include metrics like your open rates, click-through rates and conversion ratios.
Step 3: Never stop testing
You can make more informed decisions when analysing the marketing data from your campaigns. Use A/B testing to gauge the impact of your campaigns. Remember when testing to only change one variable at a time. If you test too many variables, you won’t have a clear view of what change made the most impact.
Step 4: Experiment
Once you have hit the goals that you set out to achieve, explore new trends to keep advancing your strategies. Experiment with new technologies and platforms to try and maximise your media strategy for performance.
How to Use Data Platforms
Keep an eye out for our next article where we will tell you how to use technologies and top platforms to analyse your data.