Starting an online store can be a great business. It also has its risks. In this article we discuss 5 tips for overcoming some of the hurdles that most online startups face. For business, it is crucial, in fact, to recognize potential challenges and establish a strategy to solve them before they arise. There are […]
Digital Marketing Analytics in business strategy is not a new tool. It is one of the many strategies that will work magic in your business when used correctly. While it is true that data is everywhere in this digital age, the challenge that businesses face is mostly about choosing which digital marketing data to focus on.
Digital Marketing Analytics helps analyze data and scrutinize them digitally. The result of this process is used for future business optimization and to increase business ROIs.
What is Marketing Analytics Tools?
Marketing Analytics Tools are simply software used by businesses to track their marketing strategies understand target-audience preferences and analyze results to improve marketing efforts. They are the solution for every business by giving insights from the metrics data and channeling better marketing strategies to reach more target clients.
While Marketing Analytics provides a way to evaluate businesses, it is not possible to get data without considering the Key Drivers that are the foundation of Marketing Analysis.
What is Key Driver Analysis (KDA)?
Key driver analysis plays an important role in enforcing Marketing analysis. It looks into overall customer satisfaction, preferences, and interests. Factors considered are their experiences with your business website such as:
- User-Friendly system
- Visually Appealing website
- Effectivity of Customer Support
KDA and Marketing Analytics provides full business potential by reviewing factors that impact business sales conversions and repeat purchases from customers.
Finding the Digital Marketing Analytics that Matters
Collecting data can be easy. However, interpreting them is not. It requires patience and contextual understanding from businesses to master analyzing marketing data. A tool like marketing analytics is very crucial because it ensures your business targets are delivered, strengths are enhanced or utilized, and weaknesses are improved.
To help businesses get great business ideas, it is helpful to narrow down data points to where your focus should channel. There are 3 types of Marketing Analytics:
Business metrics are information that measures if a business is making money or spending money with less to no ROIs. The big picture of Business metrics is they tell you where your business money goes. What costs were used? What was the return of the cost? What ROI my business is getting.
- Conversion Metrics
This is a metric that tells a business if it was able to make people buy their product or service. Conversion will tell the effectiveness of your marketing that turns ‘visitors’ into ‘buyers’.
- Marketing Metrics
Marketing metrics come before any conversion. These are almost everything in your business strategy– from impressions, to click rates, visits, bounces, etc.
So how does Marketing Analytics are used in businesses?
Importance of Digital Marketing Analytics
- Campaign Enhancement
Campaign Enhancement pave way for a study and analysis if a product or service impacts the customers for a possible sales conversion. It includes knowing the ranking of your advertised products or services and providing insights into what factors you can modify to cater to customer wants and interests.
- Understand Client Interest
Through Marketing Analytics, it can tell what are the contents that pull a customer's interest and eventually lead to the purchase of your goods. The analytics serve as the algorithm in understanding what your customers are into in the past days and what campaign strategy sparks their preferences. Using marketing analytics help business predict how and what customers respond to specific campaigns and offers based on the user behavior within a defined segment.
- More Effective Choice of Media Platforms
Marketing Analytics can provide businesses with an overview of what the public is raving about these days. It can also give data on what platforms the target clients are spending their time often. It is a good avenue to strategize and promote business where trends are high– which results to increase business audience and engagements.
Doing Digital Marketing Analytics is as crucial as making sure that your business is running well. If done correctly, it can turn tables for business owners– of course with the right tools and right people.
Here in KLB Solutions, we take pride in being one of the many passionate outsourcing companies that deliver output and services to businesses. We have a team of competent individuals who always strive for excellence in helping your business become a reality.
Let us help you lift your baggage. Schedule a call with us and let’s discuss how to make your