One of the biggest online marketing failures we see organisations make is the lack of importance placed on tracking marketing activities, analysing results and then acting on insights gained.
Do you realise and understand that Analytics data can be your most valuable marketing asset?
In fact, CMOs are well aware they will have to be much more financially accountable in the future. In fact, 63 percent of respondents believe marketing ROI will become the most important measure of success over the next three to five years.” (IBM Global CMO study, 2011).
Through analytics analysis and acting on insights you can gain
- A better understanding of your customers
- Increased results
- Higher ROI
- Smarter systems for decision making
You are likely to be using Analytics to measure the performance your website as standard, but are you also using analytics to measure:
- the effectiveness of your online advertising,
- your mobile platform
- your social platforms (Facebook, YouTube etc) and social marketing
Ongoing Analysis of your Analytics will help you to understand
- What content is most valuable to users – to then develop more valuable content
- How various market segments differ in behaviour – to then tailor the asset / website / marketing to these audiences
- How customers use of multiple channels by customers before purchase (including offline and mobile) – to ensure visibility and encourage conversion through the whole process
- How you can improve conversion and return from your marketing dollar, giving you more to reinvest and grow, as well as ensuring you are providing a great product and service.
- What marketing channels should take priority when budgets are limited – both to achieve growth goals, and ROI metrics
- Customer trends around products and preferences – allowing a faster response to changing needs.
Analytics tools are constantly evolving and providing valuable new insights, which also should be quickly explored and utilised. For Example – are you using Real Time Analytics, Visitor Flows, Multi-channel Funnels, Assisted Conversion Paths?
A Caution… it is possible to drown in data, and Analytics data is absolutely useless unless it is acted on. Appropriate resource (internal or 3rd party) and a process must be put in place where insights from the data is regularly evaluated to influence business decisions, marketing tactics, and development decisions.
A Secret.. We have found that the secret to effective analytics implementation is the planning and requirements capture. Only once you have evaluated your business and marketing goals, objectives and KPIs can you develop an appropriate measurement framework to deliver the intelligence needed. Additionally, a more advanced custom solution may be required to maximise commercial benefit. Then you can be assured your marketing is on a solid foundation and can evolve as quickly as your customers do.
Should you be leveraging your Analytics more? Contact Us – we would love to help!
FIRST is Google’s first trans-tasman Google Analytics Certified Partner. With a smart team of more than 15 Google Analytics Qualified individuals, you can be sure of sound advice, great technical expertise and brilliant actionable insights that will make a positive difference in your marketing strategy.